Tudor Investment, the macro hedge fund founded by billionaire Paul Tudor Jones, has increased its position in BlackRock's iShares Bitcoin Trust (IBIT) during the second quarter, according to a recent SEC filing. The firm added 109,446 shares, bringing its total to 688,529 shares valued at approximately $22.9 million as of June 30. This marks an 18.9% increase from the 579,083 shares held at the end of March.

The purchase reverses a year-long trend of reductions that had trimmed Tudor's IBIT holdings from a peak of more than 8 million shares at the end of 2024, worth roughly $427 million. Despite the latest addition, the current stake remains more than 90% below that peak and represents only a small fraction of Tudor's $100 billion-plus portfolio.

Alongside the share purchase, Tudor significantly reduced its reported call options on IBIT, cutting them by about 85% to the equivalent of 148,000 underlying shares from 998,000 at the end of March. The put position remained roughly unchanged. The filing does not disclose strike prices, expiry dates, or whether the reduction resulted from sales, expirations, or other strategic changes.

The 13F filing provides only a quarter-end snapshot of certain U.S.-listed securities and does not reveal directly held cryptocurrencies, complete hedges, cost bases, or trades opened and closed within the quarter. As such, it confirms the increase in direct IBIT shares but offers only a partial view of Tudor's total Bitcoin-related exposure.

Tudor's move comes amid a busy round of second-quarter institutional filings involving BlackRock's Bitcoin product. Morgan Stanley reported a 23% increase in its IBIT stake, adding about 3.04 million shares to reach 16.5 million, though the value fell to $549 million due to declining Bitcoin prices. UBS also boosted its position by roughly 355% over six months, holding about 2.5 million shares valued at nearly $90 million.

Not all large holders increased their allocations. Harvard Management Company kept its 3.04 million IBIT shares unchanged, ending two consecutive quarters of reductions. Abu Dhabi's Mubadala Investment Company and Abu Dhabi Investment Council also left their share counts steady, holding 14.72 million and 8.22 million shares respectively.

Paul Tudor Jones has long supported Bitcoin as an inflation hedge, first outlining his investment case in 2020. In a June 2025 Bloomberg interview, he said Bitcoin, gold, and equities could form part of an inflation-protection portfolio, with allocations adjusted for Bitcoin's higher volatility. He previously suggested a 1% to 2% allocation but did not provide a new percentage in that interview.

The disclosure follows a period of net inflows into U.S. spot Bitcoin ETFs, which attracted about $853.5 million over five consecutive trading days from Aug. 3 through Aug. 7, with BlackRock's IBIT accounting for roughly $694 million of that total. The fund carries a 0.25% sponsor fee and reported a net asset value of $35.58 per share as of Aug. 14.