Jones’ Firm Shifts to Direct Bitcoin Exposure
Jones' firm increases direct Bitcoin ETF stake by 18.9% while cutting call options by 85%, signaling strategic shift
The update
Paul Tudor Jones’ investment firm increased its stake in BlackRock’s Bitcoin ETF by 18.9% in Q2 2026, reversing a year-long selling trend. The firm now holds 688,529 shares worth approximately $22.9 million, according to recent 13F filings. Tudor Investment simultaneously cut its call options tied to the ETF by about 85%, while keeping put positions relatively stable.
Why it matters
The shift from leveraged options to direct spot exposure represents a strategic change in how one of Wall Street’s most closely watched traders approaches Bitcoin. This move suggests a more confident long-term view on Bitcoin’s price action, though the stake remains far below its late-2024 peak of over 8 million shares. Tudor Jones has long championed Bitcoin as an inflation hedge, which may be influencing this strategic pivot.
What to watch
Will other institutional investors follow this shift toward direct spot exposure? How will Tudor’s Bitcoin position evolve in upcoming quarters, given the stake remains far below its late-2024 peak? What impact might this have on broader institutional adoption of Bitcoin spot ETFs, particularly as renewed institutional ETF interest emerges?
Sources
- decrypt.co — details on stake increase and options reduction
- coindesk.com — confirmation of stake percentage and options data
