# Paul Tudor Jones Exits MicroStrategy Equity in Crypto Portfolio Shift

**Published:** 2026-07-04T19:55:16.101Z  
**Topic:** Microstrategy Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/e8ef2e82-fe7c-4071-87fe-8cebe768fb09

Billionaire Paul Tudor Jones dumped his entire MicroStrategy equity stake in Q1 2026. See how the hedge fund manager is rebalancing his $53.87B portfolio.

Billionaire hedge fund manager Paul Tudor Jones liquidated his entire direct equity stake in MicroStrategy during the first quarter of 2026, signaling a major shift in how one of Wall Street’s most prominent Bitcoin proponents manages crypto-linked volatility [1]. The move, revealed in a May 15 SEC filing, coincides with a broader retreat from direct mining stocks as the fund pivots toward a strategy dominated by options-based hedging [1].

| At a glance | |
|---|---|
| MSTR Equity Position | 0% (Full Exit) |
| Q1 2026 Bitcoin Price Change | -30% |
| Tudor Portfolio Value | $53.87 Billion |
| Primary Crypto Strategy | Options-heavy hedging |

## A pivot to volatility
Tudor’s exit from MicroStrategy equity does not represent a total departure from the company, which remains the world’s largest corporate Bitcoin holder with 762,099 tokens [1]. Instead, the firm replaced its direct stock holdings with $48.6 million in put options and $35.7 million in call options [1]. By holding both, the fund is no longer betting on the direction of the stock, but rather on its price volatility [1]. This transition occurred as MicroStrategy’s stock struggled, closing at roughly $162.79 on May 26, well below its 52-week high of $457.20 [1].

The firm’s broader crypto portfolio underwent a similar transformation during the first quarter. Tudor fully exited his position in the iShares Ethereum Trust (ETHA) and dumped direct equity in Bitcoin miners CleanSpark and Hut 8 [1]. While the fund maintains exposure to five other mining companies, including MARA Holdings and Riot Platforms, its direct equity stakes are dwarfed by its options positions [1]. For instance, in Coinbase, the firm holds $56.6 million in puts and $46.3 million in calls, compared to only $1.7 million in direct equity [1].

## Remaining Bitcoin exposure
Despite the aggressive shedding of direct equity, Tudor remains heavily invested in Bitcoin through BlackRock’s iShares Bitcoin Trust (IBIT). The fund holds approximately $88.4 million in total IBIT exposure, split between direct shares and a mix of call and put options [1]. This reflects a cautious stance following a difficult first quarter for the asset class, during which Bitcoin fell roughly 30% to close at $66,000 on March 31 [1]. As of late May, Bitcoin was trading near $75,700, still down roughly 20% from its start-of-year levels [1].

## What to watch
*   **MicroStrategy Volatility:** Monitor whether the stock price breaks below its recent $162.79 level or recovers toward its 52-week high of $457.20, which would trigger the fund's put or call options, respectively [1].
*   **Miner Performance:** Watch for further shifts in mining equity, particularly as firms like Cipher Digital and CleanSpark face varying analyst targets and market pressure [1].
*   **IBIT Flows:** Track the $61 billion iShares Bitcoin Trust, as it remains the fund's largest crypto-related holding and a primary indicator of institutional sentiment [1].

The hedge fund’s move to favor options over direct ownership suggests a market environment where institutional investors are prioritizing protection against sharp price swings over long-term equity accumulation. Whether this hedging strategy provides a buffer against further crypto-market instability remains the central question for the fund's performance in the coming quarters.

## Sources
1. TheStreet.com — [Billionaire hedge fund manager dumps MicroStrategy stock entirely](https://www.thestreet.com/crypto/markets/billionaire-hedge-fund-manager-dumps-microstrategy-stock-entirely)
2. TheStreet.com — [MicroStrategy, Robinhood surge as Bitcoin nears $73K](https://www.thestreet.com/crypto/markets/microstrategy-robinhood-surge-as-bitcoin-nears-73k)

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Cite as: TrendWatcher, "Paul Tudor Jones Exits MicroStrategy Equity in Crypto Portfolio Shift", https://www.trendwatcher.in/article/e8ef2e82-fe7c-4071-87fe-8cebe768fb09