Paul Tudor Jones Made a Big Bitcoin ETF Move. The Options Shift Complicates the Story

Paul Tudor Jones Made a Big Bitcoin ETF Move. The Options Shift Complicates the Story


Paul Tudor Jones, whose investment firm disclosed an increased direct stake in BlackRock’s Bitcoin ETF image By Isaac • August 15, 2026 7:16 am •

Paul Tudor Jones is still holding a meaningful position in BlackRock’s spot Bitcoin ETF—but the latest filing from his investment firm is not the one-note bullish signal it might appear to be at first glance.

Tudor Investment reported 688,529 direct shares of the iShares Bitcoin Trust, or IBIT, as of June 30. That was an increase of 109,446 shares from the 579,083 direct shares disclosed three months earlier.

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At quarter-end, the direct position was valued at approximately $22.9 million.

That is the attention-grabbing part of the filing. The options rows are where the story gets more complicated.

According to a detailed comparison by CryptoSlate, Tudor Investment’s reported IBIT call-equivalent quantity fell from 998,000 shares at the

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