Tudor Investment added nearly 110,000 direct shares of BlackRock's iShares Bitcoin Trust ETF in the second quarter, a roughly 19% increase, while slashing its call options on the fund by more than 85%. The June 30 13F filing, disclosed this week, shows the macro firm owned 688,529 IBIT shares directly, up from 579,083 at the end of March. The direct stake was valued at $22.9 million at quarter's end.
The second-quarter snapshot
The filing also shows Tudor's call equivalents fell from 998,000 to 148,000 between March 31 and June 30, an 85.2% drop. That line was worth $4.93 million at the close of the quarter. Put equivalents slipped just 1.4% to 715,000, carrying a value of $23.8 million.
Options mix flips
The shift reshapes the fund's options posture. At June 30, the put-equivalent row was about 4.8 times the call-equivalent row. Three months earlier, the call row was about 1.4 times the put row. In plain terms, Tudor went from a net-long call bias to a net-long put bias across its IBIT options.
Because 13F filings require options to be reported in terms of the underlying security — IBIT shares — rather than option premiums or fair values, the numbers reflect share-equivalent exposure, not the cost of the contracts.
A defensive tilt, but no clear read
The mix — more direct shares, far fewer calls, almost the same puts — suggests a more cautious posture than the prior quarter. But the filing captures only the snapshot as of June 30; any trades after that date are invisible. Whether Tudor is hedging its growing direct stake, repositioning for a pullback, or simply unwinding an old call position isn't something the 13F can answer.
