Paul Tudor Jones Cuts Bitcoin Calls 85.2% While Adding Shares

Woofun AI reports that Paul Tudor Jones' Tudor Investment executed a complex rebalancing of its BlackRock iShares Bitcoin Trust ETF positions, diverging from simple accumulation patterns. The firm simultaneously increased direct share ownership while drastically reducing speculative upside exposure, signaling a nuanced approach to Bitcoin market dynamics.

Share accumulation accelerated significantly, with holdings rising 18.9% by June 30, valued at $22.9 million. Conversely, call option exposure collapsed by 85.2%, dropping from previous levels to just $4.93 million. This divergence highlights a deliberate shift away from leveraged bullish bets despite the underlying asset purchase.

Woofun AI data shows put positions remained largely static, declining marginally from 725,000 to 715,000 units, valued at $23.8 million. Consequently, the put-to-call ratio surged to 4.8 times at June 30, a stark reversal from the 1.4 times ratio observed on March 31. This structural change indicates a heavy weighting toward downside protection relative to upside speculation.

These metrics reflect underlying-share-equivalent entries rather than net exposure or delta-adjusted risk, complicating direct comparisons. The resulting profile suggests a cautious posture, prioritizing capital preservation over aggressive growth in the current market environment.