Paul Tudor Jones’ Fund Returns to Bitcoin Following Year-Long Retreat

Macro Fund Resumes Bitcoin Accumulation

Paul Tudor Jones’ investment firm has reversed course on Bitcoin after spending over a year trimming its positions. According to a Securities and Exchange Commission filing released Aug. 14, Tudor Investment increased its stake in BlackRock’s iShares Bitcoin Trust during the second quarter. The firm now holds 688,529 shares valued at approximately $22.9 million as of June 30, representing an 18.9% increase from the prior quarter’s holdings of 579,083 shares.

The accumulation, though modest relative to Tudor Investment’s roughly $100 billion in assets under management, marks a meaningful reversal after the fund had systematically wound down its Bitcoin exposure throughout 2025. At its peak in late 2024, the firm controlled more than 8 million IBIT shares—then valued near $427 million—which it proceeded to liquidate over the following months.

Strategic Shift Toward Direct Exposure

Beyond the headline increase in share count, the firm’s recent moves reveal a deeper repositioning of its Bitcoin strategy. Tudor Investment significantly reduced its options-based positions, cutting reported IBIT call options by roughly 85%, from 998,000 equivalent shares to 148,000, while maintaining its put position near flat. This rebalancing suggests a deliberate move away from leveraged derivative positions and toward acquiring direct spot exposure to Bitcoin through the ETF.

The shift aligns with Paul Tudor Jones’ longstanding thesis on Bitcoin as an inflation hedge. The legendary macro trader articulated this investment case in a 2020 market note and has maintained the perspective since, viewing Bitcoin as a bet against currency erosion and, periodically, as protection against geopolitical uncertainty.

Institutional Momentum Building

The timing of Tudor’s renewed buying coincides with a broader resurgence of institutional interest in Bitcoin ETFs. Recent inflows into the category have been substantial, with spot Bitcoin ETF vehicles collectively drawing hundreds of millions in fresh capital over a single five-day period as interest-rate expectations shifted. BlackRock’s IBIT continues to command the lion’s share of U.S. spot Bitcoin ETF assets, representing roughly 49% of the category’s total holdings. The return of a major macro trader to Bitcoin positions signals growing institutional confidence in digital assets as a core holding.

Source: SEC, via Decrypt. Not financial advice.