Tudor Investment, the macro hedge fund founded by billionaire Paul Tudor Jones, has reversed course on its BlackRock iShares Bitcoin Trust (IBIT) position. According to the firm’s latest 13F filing covering the second quarter, Tudor raised its direct holdings by 18.9% to 688,529 shares, valued at approximately $22.9 million as of June 30.

The increase marks the first notable buying after four consecutive quarters of reductions throughout 2025. Tudor had built a much larger position in 2024, peaking at more than 8 million shares worth hundreds of millions of dollars, before steadily cutting exposure as Bitcoin reached its prior cycle highs. The latest addition, while modest relative to the firm’s overall portfolio, signals a shift from net seller to net buyer.

Alongside the share increase, Tudor sharply reduced its reported call-option exposure linked to IBIT while maintaining a sizable put position. The net effect is a more straightforward long exposure through the physical shares rather than leveraged derivatives.

Jones has long framed Bitcoin as a hedge against monetary debasement and inflation—an argument he has repeated in public comments over several years. The timing of the renewed buying, occurring while Bitcoin trades near $63,000 and well below its previous peak, has drawn attention from market participants who watch large macro managers for signals of shifting conviction.

IBIT itself remains the dominant U.S. spot Bitcoin ETF by assets. Institutional flows into the product continue to serve as a key barometer of traditional-finance interest. Tudor’s move is small in absolute terms yet symbolically notable because of the manager’s reputation for reading macro turns.

Other large institutions have also adjusted Bitcoin-related exposure in recent filings, suggesting the second-quarter window reflected a broader reassessment rather than an isolated decision. Whether Tudor continues accumulating in subsequent quarters will be closely watched. For now, the filing provides evidence that at least one prominent macro voice sees value at current levels after previously taking profits higher.