Billionaire hedge fund manager Paul Tudor Jones sold his entire direct stake in MicroStrategy, exited his Ethereum ETF position completely, and dumped equity in two Bitcoin miners during the
Billionaire hedge fund manager Paul Tudor Jones sold his entire direct stake in MicroStrategy, exited his Ethereum ETF position completely, and dumped equity in two Bitcoin miners during the first quarter of 2026, according to a 13F filing with the Securities and Exchange Commission (SEC).
The filing, submitted on May 15, covers holdings as of March 31, 2026.
Tudor Investment Corp's total 13F portfolio was valued at $53.87 billion at the end of the quarter, down slightly from $54.03 billion the prior period.
For context, the first quarter of 2026 was rough for crypto.
Bitcoin fell roughly 30% during the quarter, closing near $66,000 on March 31 after starting January around $93,800. The selloff dragged down every crypto-related stock in Tudor's portfolio.
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The biggest move was Strategy Inc., formerly MicroStrategy.
Tudor sold every share of direct equity it held in the company, taking the position to zero. But he did not walk away from the name entirely. He kept $48.6 million in put options (389,300 contracts) and $35.7 million in call options (286,300 contracts).
That means Tudor is no longer betting on MicroStrategy as a stock. He is betting on MicroStrategy as a volatility trade.
The puts pay if the stock drops. The calls pay if it rips. He does not need to pick a direction. He just needs it to move.
Strategy's stock closed at roughly $162.79 on May 26, down from a 52-week high of $457.20. The company holds 762,099 Bitcoin on its balance sheet, worth roughly $51.6 billion, making it the largest corporate holder of Bitcoin in the world.
Tudor also fully exited his position in iShares Ethereum Trust ETF (ETHA). He held call options on the fund in Q4 2025. By the end of Q1 2026, those were gone. No calls, no puts, no equity. A complete exit from Ethereum exposure.
Two Bitcoin miners also got the axe.
Tudor sold all direct equity in CleanSpark (CLSK) and Hut 8 Corp (HUT), though he kept options positions in both.
Tudor's largest crypto position is still BlackRock's iShares Bitcoin Trust ETF (IBIT). He holds $38.3 million in call options (998,000 contracts), $27.9 million in put options (725,000 contracts), and $22.2 million in direct equity (579,083 shares). That is roughly $88.4 million in total IBIT exposure.
IBIT is currently trading around $42.75, well off its 52-week high of $71.82. The fund holds roughly $61 billion in assets under management and is BlackRock's single largest revenue source.
Tudor also kept a sizable position in Coinbase (COIN), though again, heavily hedged.
He holds $56.6 million in puts (324,300 contracts), $46.3 million in calls (264,900 contracts), and just $1.7 million in direct equity (10,000 shares). The options positions dwarf the actual stock holding by a factor of nearly 60.
Coinbase stock has dropped roughly 25% in the year since joining the S&P 500. It is currently trading around $184, down from a high of roughly $259 when it entered the index in May 2025.
Tudor still holds positions in five Bitcoin mining companies, but the pattern is the same across the board: options heavy, equity light.
In MARA Holdings, he holds 126,732 shares worth roughly $1 million in direct equity, plus $1.5 million in puts and $552,000 in calls.
In Riot Platforms, he holds 400,021 shares worth roughly $4.9 million in equity, plus $1.1 million in puts and $149,000 in calls. Riot is his largest direct equity mining position.
In Cipher Digital (CIFR), he holds 176,066 shares worth $2.3 million in equity, plus $3.4 million in calls and $700,000 in puts. JPMorgan recently upgraded Cipher alongside CleanSpark while trimming targets on MARA and Riot.
In CleanSpark, despite exiting the equity, he kept $1.8 million in calls and $331,000 in puts. In Hut 8, he exited equity but kept $1.7 million in puts and added a new $450,000 call position.
Jones first publicly backed Bitcoin in May 2020, saying he had put 1% to 2% of his assets in it. He has since called it "unequivocally the best inflation hedge that there is" and argued that every portfolio should hold some combination of Bitcoin, gold, and stocks.
Bitcoin is trading around $75,700 as of late May, down roughly 20% from where it started the year.
