Tudor Investment reverses course on BlackRock Bitcoin ETF holdings

The purchase signals a change in direction for the macro fund, which had spent much of 2025 trimming a position that once peaked at over 8 million shares. Despite this latest accumulation, the firm’s exposure remains significantly lower than its 2024 highs. Alongside the increase in direct holdings, Tudor substantially pared back its derivatives exposure, cutting reported call options against the Bitcoin fund by roughly 85% to the equivalent of 148,000 shares.

Institutional interest in spot Bitcoin ETFs remains fragmented. While Tudor and other major players like Morgan Stanley and UBS increased their share counts during the quarter, other institutional holders adopted a more cautious stance. Harvard Management Company, for instance, opted to keep its 3.04 million share position unchanged, halting a streak of divestments. Similarly, Abu Dhabi’s Mubadala Investment Company and the Abu Dhabi Investment Council maintained their existing stakes, signaling a period of consolidation among some of the largest investors in the space.

Paul Tudor Jones, the firm’s founder, has long advocated for Bitcoin as a hedge against inflation and monetary debasement. His investment thesis centers on the asset's fixed supply, which he has frequently compared to gold as a store of value. Although the 13F filing provides a snapshot of the firm's long positions, it offers only a partial view of its broader crypto-related strategy, as it excludes non-listed assets and specific hedging arrangements.