Corporate disclosures show that the macro hedge fund created by billionaire investor Paul Dudor Jones, Tudor Investment, increased the Bitcoin cash ETF-IBIT in Beled last quarter, ending a year-long decline. Despite this modest increase, the market was seen as a sign of concern in the context of renewed institutional attention to Bitcoin ETF.

It's over and down.

According to the latest 13F file, Tudor Investment returned the IBIT hold. However, this position remains low compared to the overall management size of the Fund and is significantly below the high point at the end of 2024. At that time, the Fund held more than 8 million shares of IBIT, with a market value of approximately $427 million, which was followed by a steady reduction in warehousing in 2025.

This means that, although the Fund is re-purchased, there is still a significant gap from its previous large-scale configuration.

There's a significant contraction in the position.

The document also shows that the fund synchronized the holding of bitcoin ETF. The value of its scalding position linked to IBIT was reduced by about 85 per cent, and the corresponding number of shares fell from 99.98 million to about 148,000; the scalding position was roughly the same.

  • See an increase in the number of options: approximately 99.98 million shares down to 148,000 shares
  • See-down options: little change overall
  • IBIT remains an important vehicle for its bitcoin-related openings.

This change suggests that the Fund may be working to reduce leverage-based stakes to more direct spot ETF holding. However, the 13F document will not disclose the right to the enforcement price and the due date, and therefore the outside world is still not in a position to judge its specific transaction arrangements in their entirety.

Re-inflow of institutional funds

Paul Dour Jones has long regarded Bitcoin as a counter-inflation tool. As early as 2020, he made this public, and since then has described bitcoin as a distributional option to counter currency devaluation and, in part, as a hedge asset when geo-risk rises.

At the time of this increase, the United States' Bitcoin spot ETF is on its way to a new round of institutional interest. It was mentioned that, as the market was expected to cool down the interest rate hike, the associated fund had attracted hundreds of millions of dollars in inflows over five consecutive trading days. IBIT continues to be one of the largest products in the United States of America's real bitcoin ETF, accounting for approximately 49 per cent of total assets in this category.

Additional information:The 13F document reflects the United States stock holding position of the agency at the end of the quarter and does not normally disclose the specific purchase price, nor does it display the option execution price and maturity date.