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Crypto US Stocks

Paul Tudor Jones’ Fund Buys Back into BlackRock Bitcoin ETF

Paul Tudor Jones’ macro fund increased its stake in BlackRock’s iShares Bitcoin Trust by 18.9% to 688,529 shares worth $22.9 million in Q2, reversing a year of selling. The fund also sharply cut its call options, shifting from leveraged bets to direct spot exposure.

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AI take

The notable shift here is structural rather than directional: a macro fund that spent a year reducing exposure has rotated from call options into the spot ETF itself, replacing leverage with direct, unleveraged holdings. That distinction matters because options positions can be tactical and short-dated, while a rebuilt spot stake implies a longer holding horizon. It also lands on a BlackRock vehicle, reinforcing how concentrated institutional bitcoin access has become around a handful of large issuers. Whether other macro funds follow the same spot-over-options pattern this quarter is the open question.

Generated by AI for reference only.

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