Paul Tudor Jones’ Fund Buys Back into BlackRock Bitcoin ETF

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.