Tudor Adds 109,446 BlackRock Bitcoin ETF Shares; Calls Cut 85%

Tudor Investment, the firm founded by Paul Tudor Jones, reported holding 688,529 direct shares of BlackRock’s iShares Bitcoin Trust (IBIT) at June 30, up from 579,083 on March 31. The firm’s Form 13F was filed on Aug. 14 and reflects positions as of June 30.

The filing shows call-equivalent holdings of 148,000 at June 30, down 85.2% from 998,000 three months earlier. Put-equivalent holdings were listed at 715,000, compared with 725,000 at March 31. The filing valued the direct IBIT shares at about $22.9 million, the call-equivalent line at about $4.93 million and the put-equivalent line at about $23.8 million.

Form 13F requires option positions to be reported in terms of underlying-share-equivalents rather than option premiums or contract market value. Each option row in the filing is labeled as a Put or Call and shows the underlying value and quantity. The filing does not disclose strike prices, expiration dates, option premiums or the manager’s intended use of the positions. SEC guidance also excludes certain positions from 13F reporting, including written options and short equity holdings.

At June 30 the put-equivalent entry was about 4.8 times the call-equivalent entry; at March 31 the call-equivalent row exceeded the put row by about 1.4 times. The filing reports underlying-share-equivalents without contract-level details or delta adjustments, and it does not disclose Tudor’s net Bitcoin exposure or the specific trading strategy.

Across the two quarter-ends, Tudor reported more direct IBIT shares, far fewer call equivalents and nearly unchanged put equivalents. The Form 13F provides a snapshot of holdings at quarter end and does not include any trades executed after June 30.