Tudor Investment disclosed a mixed shift in its BlackRock iShares Bitcoin Trust ETF position at June 30, reporting 688,529 direct IBIT shares, up 18.9% from 579,083 three months earlier, a gain of 109,446 shares. Its call-equivalent quantity fell 85.2% to 148,000, while its put-equivalent quantity slipped 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. Because SEC Form 13F reports options in underlying-share terms rather than premiums or delta-adjusted exposure, the disclosure shows a less clearly bullish mix than the direct share increase alone suggests and leaves Tudor Investment's overall directional stance unresolved.