Billionaire hedge fund manager Paul Tudor Jones has significantly expanded his stake in Bitcoin BTC/USD-linked financial instruments, highlighting his continued confidence in the cryptocurrency's potential.
What Happened: According to a Nov. 14 filing with the Securities and Exchange Commission (SEC), Tudor Investment Group held $159.9 million worth of BlackRock's iShares Bitcoin Trust IBIT shares as of Sep. 30.
This marks a notable 400% increase from the 869,565 shares reported in the firm's Q2 filing on Jun. 30, bringing its total to 4,428,230 shares.
Tudor's Bitcoin allocation now ranks as the third-largest non-options position in his portfolio, valued behind SPDR S&P 500 ETF Trust (SPY) at $208 million and Nvidia (NVDA) at $166 million.
However, analysts at MacroScope suggest Bitcoin could have overtaken these positions, making it the "largest reportable non-options position" in Tudor's extensive portfolio.
This sharp increase occurred during Bitcoin's stable trading range over the summer, a period when many institutional investors were reportedly accumulating the cryptocurrency.
MacroScope also emphasized the significance of Tudor's investment decisions, noting that hedge funds and asset managers closely follow his moves due to his history of strategic market timing.
Also Read: Bitcoin Could Hit $200,000 Within 260 Days If This Technical Indicator Is Correct
Why It Matters: His latest allocation is part of a broader trend of institutional investors increasingly recognizing Bitcoin as a viable and essential component of diversified portfolios.
Paul Tudor Jones has long been vocal about his support for Bitcoin.
In May 2023, he highlighted its fixed supply as a unique attribute, stating, "It's the only thing humans can't adjust the supply in, so I'm sticking with it."
More recently, in October 2024, he reiterated his bullish stance on Bitcoin, alongside gold and commodities, calling them "ridiculously under-owned."
His expanded position could inspire other hedge funds and institutional players to follow suit, further solidifying Bitcoin's role in mainstream finance.
Tudor's investment comes amid growing institutional interest in digital assets.
Wall Street giant Goldman Sachs recently expanded its digital asset exposure to over $700 million, investing heavily in spot Bitcoin ETFs and other blockchain-backed financial products.
These moves align with the increasing adoption of Bitcoin among respected financial institutions.
What’s Next: The timing of this revelation coincides with Benzinga's Future of Digital Assets event on Nov. 19, where the focus will be on Bitcoin's role in institutional portfolios, regulatory clarity, and the evolving crypto market landscape.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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