Tudor Investment reported 18.9% more direct shares in BlackRock's iShares Bitcoin Trust ETF at June 30 than it held three months earlier, even as its reported call-equivalent quantity fell 85.2%. Together, those moves complicate a straightforward reading that the manager simply increased its Bitcoin ETF exposure.
Tudor Investment listed 688,529 direct IBIT shares in its latest SEC holdings table, up from 579,083 in its first-quarter table. The difference was 109,446 shares.
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| Disclosed IBIT line | March 31 | June 30 | Change |
|---|---|---|---|
| Direct shares | 579,083 | 688,529 | +18.9% |
| Call equivalents | 998,000 | 148,000 | -85.2% |
| Put equivalents | 725,000 | 715,000 | -1.4% |
The put-equivalent quantity barely moved, edging down to 715,000 from 725,000. At June 30, 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.
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How Form 13F reports options
Those call and put dollar figures are underlying-security values rather than option premiums or fair values. Form 13F's instructions require reported option values and quantities to be stated in terms of the underlying security. Here, the common reference is IBIT shares and their quarter-end market value.
The reported put-equivalent row was about 4.8 times the call-equivalent row at June 30. Three months earlier, the call row was about 1.4 times the put row. These ratios compare underlying-share-equivalent entries in the filing; they are not net exposure or delta-adjusted risk.
That makes the June 30 disclosure far less call-heavy than the March 31 snapshot. The pattern is compatible with a more cautious posture, but the table leaves Tudor Investment's strategy unresolved.
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Each option row carries a Put or Call label alongside the underlying value and quantity. Strikes, expiration dates, premiums and position purpose sit outside the disclosure. SEC guidance also excludes written options and short equity positions. Adding and subtracting the three rows would therefore produce an unreliable measure of directional Bitcoin exposure.
The Aug. 14 submission captures holdings as of June 30, and any later transactions fall outside the snapshot. Across the two quarter-ends, Tudor Investment reported more direct IBIT shares, far fewer call equivalents and almost the same put equivalents. The filing reveals that change in the disclosed mix while leaving the strategy behind it unknown.
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