Tudor Investment increased its stake in BlackRock’s IBIT to 688,529 shares, worth about $22.9 million, as of June 30, according to its latest 13F filing. The position was up 18.9% from the prior quarter and marked a reversal after a year of selling.

The macro hedge fund founded by billionaire Paul Tudor Jones reported holding 688,529 shares of the iShares Bitcoin Trust, or IBIT, in a filing submitted to the Securities and Exchange Commission on Aug. 14. That compares with 579,083 shares at the end of March, a net addition of 109,446 shares. 13F filings, which institutional managers must submit within 45 days of each quarter’s end, list U.S.-listed equity and exchange-traded-product holdings as of a single date, making them a delayed but concrete quarterly read on how large investors are positioned.

The increase is small relative to Tudor’s roughly $100 billion-plus in assets and amounts to a fraction of a percent of its reported 13F holdings. Even so, the position remains well below the firm’s late-2024 peak of more than 8 million IBIT shares, which were then valued at around $427 million and were reduced through 2025.

The filing also showed a shift in how Tudor is expressing its Bitcoin exposure. The firm cut its reported IBIT call options by about 85%, to the equivalent of 148,000 underlying shares from 998,000, while its put position stayed roughly flat. The move from options toward direct shares suggests a transition away from leveraged positioning and toward straightforward spot exposure, although 13F filings do not disclose strike prices or expirations, leaving the full strategy unclear.

Jones has long described Bitcoin as a hedge against inflation, a thesis he first outlined in a May 2020 market note that likened Bitcoin’s potential role to gold’s in the 1970s, and has repeated since. He has framed the asset as a bet against currency debasement and, at times, as an option on geopolitical instability.

The buying came as institutional interest in spot Bitcoin ETFs has picked up again. Spot Bitcoin ETFs began trading in the U.S. in January 2024, giving institutions a regulated vehicle that tracks the token through a standard brokerage account rather than direct custody of the underlying coins. The funds took in hundreds of millions of dollars over a recent five-day stretch as expectations for interest-rate hikes cooled. IBIT continues to lead the category, accounting for roughly 49% of U.S. spot Bitcoin ETF assets. Tudor’s next quarterly snapshot, covering holdings through Sept. 30, is due by mid-November under the SEC’s 45-day deadline and will show whether the re-accumulation continued.