Tudor Investment disclosed a mixed shift in its BlackRock iShares Bitcoin Trust ETF position as of June 30, increasing direct IBIT holdings by 109,446 shares to 688,529 from 579,083 three months earlier, while sharply reducing call-equivalent exposure by 85.2% to 148,000 and trimming put-equivalent exposure by 1.4% to 715,000. The filing valued the direct shares at $22.9 million, the call line at $4.93 million and the put line at $23.8 million. The change suggests a move away from a call-heavy options structure toward more direct ETF ownership, but because SEC Form 13F reports options in underlying-share terms rather than premiums or delta-adjusted exposure, Tudor Investment's overall directional Bitcoin stance remains unresolved.