Paul Tudor Jones’ macro hedge fund is buying Bitcoin again. According to reporting by Decrypt, Tudor Investment increased its stake in BlackRock’s iShares Bitcoin Trust (IBIT) to 688,529 shares worth roughly $22.9 million as of June 30—an 18.9% jump from the prior quarter and the first meaningful accumulation after a year of steady reductions.
The move signals renewed confidence in spot Bitcoin exposure from one of Wall Street’s most influential traders, even as the fund remains far from its late-2024 peak of over 8 million IBIT shares.
A Strategic Shift From Leverage to Spot Exposure
The mechanics of Tudor’s buying reveal an important tactical adjustment. The Connecticut-based firm simultaneously slashed its IBIT call options by roughly 85%—from 998,000 to 148,000 underlying share equivalents—while keeping puts flat. This reshuffling suggests a deliberate de-leveraging away from bullish derivative bets and toward direct spot ownership, a cleaner expression of Bitcoin upside without the complexity of option strikes or expiration dates.
The shift is measured but deliberate. At roughly $100 billion in total assets under management, the $22.9 million position represents a fraction of Tudor’s 13F holdings. Yet the reversal of a year-long selling trend carries outsized symbolic weight. Jones has publicly championed Bitcoin as an inflation hedge since a 2020 market note, positioning the asset as protection against currency debasement and, at times, a bet on geopolitical instability.
Institutional Momentum Returns to Bitcoin ETFs
The timing of Tudor’s accumulation aligns with a broader resurgence in institutional Bitcoin ETF demand. BlackRock’s IBIT continues to dominate the spot Bitcoin ETF category, commanding approximately 49% of all U.S. spot Bitcoin ETF assets. Over the past five trading days alone, the funds drew hundreds of millions in inflows as market participants repositioned ahead of potential interest-rate cuts.
For a macro trader like Jones—whose thesis has long centered on real assets and currency debasement—the recent pullback in Fed rate-hike expectations may have rekindled Bitcoin’s appeal as both a tactical hedge and a conviction position. The buying, modest as it is in absolute terms, represents a willingness to lean back into an asset class he never fully abandoned.