Quick Read:

Paul Tudor Jones, a pioneer of the modern hedge fund industry, is ready to bet on bitcoin’s price as an inflation hedge.

Jones’ Tudor BVI Global Fund, managed by Tudor Investment Corp., has been authorized to hold as much as “a low single-digit percentage exposure percentage” of its assets in bitcoin futures, according to a note sent to investors this month. The firm manages $38 billion, of which $22 billion is in the flagship BVI fund. Bloomberg News reported the disclosure earlier Thursday.

It is not clear from the letter whether Tudor’s fund has begun buying futures, what kind (physically delivered or cash-settled), on which exchange it would do so or whether it plans to also trade the underlying commodity. Reached by CoinDesk, a spokesperson for Tudor had no immediate comment.