If billionaire investor Paul Tudor Jones is to be believed, inflation is here to stay. That’s what the hedge fund legend said in an interview last month, and it's part of why he's long been an outspoken Bitcoin bull. 

And Tudor Jones walks the walk, too: His hedge fund has massively upped its exposure to “digital gold” via the largest Bitcoin ETF in the United States. 

A new 13F filing with the Securities and Exchange Commission (SEC) from last week shows that Tudor Investment Corporation held over 4.4 million shares in BlackRock’s iShares Bitcoin Trust exchange-traded fund (ETF), as of September 30.

That stash was worth about $160 million at the time, but is now valued at $230 million at the current price. Back in June, the hedge fund held just 869,565 shares of the ETF, which trades under the ticker IBIT.

BlackRock, the world’s biggest asset manager, now allows more traditional investors to get exposure to Bitcoin via its iShares Bitcoin Trust ETF. 

An ETF is a popular investment vehicle allowing people to buy shares that track an underlying asset—which could be anything from foreign currency and gold to U.S. equities or copper.

The SEC in January approved Bitcoin ETFs, allowing them to trade on stock exchanges and opening the doors to a new class of crypto investors. BlackRock’s ETF has received the biggest inflows and day-to-day trading action. 

Jones, who has spoken about Bitcoin for years, earlier this month said that he thought the biggest and oldest cryptocurrency was a good bet because of increasing U.S. federal debt. He added that gold and commodities were also what he’s favored for his portfolio as of late.

“I think all roads lead to inflation,” he said in a CNBC interview. “I’m long gold, I’m long Bitcoin. I think commodities are so ridiculously underowned—so I’m long commodities.”

Edited by Andrew Hayward