Tudor Investment Raises IBIT Stake 18.9% After Selloff

Tudor Investment added 109,446 IBIT shares in Q2 2026, reversing four straight quarters of selling and lifting its bitcoin ETF stake to $22.9 million.

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Tudor Investment Corp disclosed 688,529 shares of BlackRock's iShares Bitcoin Trust (IBIT), valued at approximately $22.9 million as of June 30, 2026, in its Q2 Form 13F filed with the Securities and Exchange Commission on August 14. The position represents an 18.9% increase from 579,083 shares at the end of March - the first quarterly gain for the Connecticut-based macro hedge fund since the final quarter of 2024, and a clear reversal of a selling streak that had run through every quarter of 2025.

What Did Tudor Investment Do With Its Bitcoin ETF Position?

Tudor added 109,446 IBIT shares during the second quarter of 2026, bringing direct holdings to their highest level in more than a year. Even after the rebuild, the stake equals roughly 0.03% of the firm's total reported 13F securities - a reflection of just how much ground the position still needs to recover relative to its 2024 scale.

Why Had Tudor Been Selling IBIT for a Year?

Tudor first disclosed 869,565 IBIT shares in mid-2024 and rapidly scaled the bitcoin ETF position to 8.05 million shares - worth $427 million - by December 2024, establishing itself as one of the most prominent institutional holders in the fund's early months. The firm then trimmed the stake in each of the four ensuing quarters through the end of 2025, ending the year with approximately 576,523 shares. The reductions coincided with a sustained period of institutional profit-taking after bitcoin prices exceeded $100,000 following the November 2024 U.S. election.

Options Posture: A Shift Toward Committed Longs

Tudor's derivatives activity in Q2 reinforced the directional signal from the direct share increase. Call-equivalent underlying IBIT exposure fell 85.2% to 148,000 underlying shares from 998,000 at the end of March. The put book was nearly unchanged, edging down 1.4% to 715,000 underlying shares from 725,000 a quarter earlier. The sharp drawdown in call exposure alongside rising direct share ownership suggests a rotation away from leveraged, time-limited upside bets toward longer-duration committed exposure - a posture shift that institutional observers typically associate with a more structural rather than tactical view of an asset.

Institutional Context

The Tudor disclosure arrived alongside a cluster of other Q2 13F filings in the digital-asset space. Edelman Financial Engines reported approximately $34 million in spot bitcoin ETF exposure during the same period. Harvard University's endowment-affiliated vehicle held its IBIT position steady in Q2 after cutting it by 43% in the prior quarter. The simultaneous filings from multiple large institutions during the August 13-14 window provided a broad read on how major allocators repositioned their bitcoin ETF exposure through the first half of the year.

Outlook

At $22.9 million, Tudor's IBIT stake remains a fraction of the nearly half-billion-dollar peak reached at end-2024. The Q2 rebuild is the first quarterly increase in five reporting periods, breaking a pattern that had reduced the position by more than 90% from its high. Whether the reversal marks the start of a sustained accumulation campaign or a one-quarter rebalancing will become clearer when the firm files its Q3 13F in mid-November. For now, the halt to selling from a fund whose founder has publicly linked bitcoin to inflation protection represents a shift in posture worth monitoring.