Tudor Investment increased its holding in BlackRock's iShares Bitcoin Trust by 18.9% in the second quarter to 688,529 shares, valued at about $22.9 million as of June 30, according to a 13F filing submitted on Aug. 14. The move reversed a year-long period of selling, although the position remains more than 90% below the firm's late-2024 peak of more than 8 million IBIT shares, then worth roughly $427 million. The filing also showed a shift in positioning: Tudor cut reported IBIT call options by about 85% to the equivalent of roughly 148,000 underlying shares from 998,000, while keeping put options roughly steady. That points to a move away from options-based upside exposure and toward direct holdings, though 13F disclosures do not show strike prices, expirations, short positions or complete hedges. Tudor's update came during a broader round of second-quarter institutional disclosures for IBIT, including Morgan Stanley and UBS increasing their reported stakes, while Harvard Management Company, Mubadala Investment Company and Abu Dhabi Investment Council left their share counts unchanged. Paul Tudor Jones has long viewed Bitcoin as an inflation hedge, and BlackRock says IBIT offers Bitcoin exposure without the custody and operational demands of holding the asset directly.