Hidden Lake Asset Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Hidden Lake Asset Management LP reported 25 stock positions worth $101.4 million . Its top holding was Sea Ltd.-ADR (SE) at 14.8% of the portfolio, followed by Snowflake (SNOW, 8.1% ) and Unity Software (U, 7.6% ). Compared with Q4 2024, it opened 11 new positions, sold out of 14, added to 5 and reduced 9. The biggest buy was a new position in Snowflake (SNOW) and the biggest sale an exit from Salesforce (CRM).
Location NEW YORK, NY
CIK 0001750312
Portfolio Value $101.4M (Q1 2025) Holdings 25 stocks · $101.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 SE Sea Ltd.-ADR 114,818 $15.0M Reduce -9.6% SNOW Snowflake Inc. 56,085 $8.2M New U Unity Software Inc. 391,540 $7.7M New RBLX Roblox Corp. Class A 121,853 $7.1M New CFLT Confluent Inc. Class A 295,661 $6.9M Add +229.1% DKNG Draftkings Inc. Class A 179,248 $6.0M New JD Jd.com Inc.-ADR 141,430 $5.8M Reduce -34.0% MU Micron Technology Inc. 59,550 $5.2M New GTLB Gitlab Inc. Class A 105,283 $4.9M Add +31.8% AVBP Arrivent Biopharma Inc. 254,371 $4.7M Add +37.8% CORZ Core Scientific Inc. 538,366 $3.9M Add +24.7% HUT Hut 8 Corp. 282,829 $3.3M Add +6.8% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 307,680 $3.2M New TSM Taiwan Semiconductor-SP ADR 16,540 $2.7M Reduce -39.7% ADI Analog Devices Inc. 12,250 $2.5M New GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD 84,090 $2.1M Reduce -68.1% EQT Eqt Corp. 35,690 $1.9M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 16,550 $1.7M New AFRM Affirm Holdings Inc. 33,080 $1.5M Reduce -34.3% TAL Tal Education Group- ADR 109,960 $1.5M New KPLT Katapult Holdings Inc. 123,566 $1.3M Reduce -2.3% UPST Upstart Holdings Inc. 27,062 $1.2M Reduce -83.3% API Agora Inc.-ADR 307,281 $1.2M New HOOD Robinhood Markets Inc. Class A 26,854 $1.1M Reduce -88.9% WULF Terawulf Inc. 304,549 $831K Reduce -81.0%
Options reported separately and not counted above: QQQ puts ($42.2M), NU calls ($6.7M), BIDU calls ($4.4M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CRM Salesforce Inc. Sold out 0.00% −6.27 UPST Upstart Holdings Inc. Reduce -83.3% 1.23% −5.57 HON Honeywell International Inc. Sold out 0.00% −5.48 WULF Terawulf Inc. Reduce -81.0% 0.82% −5.37 CHWY Chewy Inc. Class A Sold out 0.00% −5.31 HOOD Robinhood Markets Inc. Class A Reduce -88.9% 1.10% −5.07 BEKE Ke Holdings Inc.-ADR Sold out 0.00% −4.47 BTDR Bitdeer Technologies Group-A Sold out 0.00% −3.80 UBER Uber Technologies Inc. Sold out 0.00% −3.59 MDB Mongodb Inc. Sold out 0.00% −2.88 MBLY Mobileye Global Inc. Class A Sold out 0.00% −2.37 GDS GDS Holdings Ltd. - ADR Reduce -68.1% 2.10% −2.17 EDU New Oriental Educatio-SP ADR Sold out 0.00% −1.81 FSLY Fastly Inc. Class A Sold out 0.00% −1.47 OUST Ouster Inc. Sold out 0.00% −1.20 TSM Taiwan Semiconductor-SP ADR Reduce -39.7% 2.71% −0.99 AFRM Affirm Holdings Inc. Reduce -34.3% 1.47% −0.62 LAZRQ Luminar Technologies Inc. Sold out 0.00% −0.56 EOSE Eos Energy Enterprises Inc. Sold out 0.00% −0.51 DLO Dlocal Ltd. Sold out 0.00% −0.20 KPLT Katapult Holdings Inc. Reduce -2.3% 1.25% +0.66 JD Jd.com Inc.-ADR Reduce -34.0% 5.74% +0.67 SE Sea Ltd.-ADR Reduce -9.6% 14.78% +5.57
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ SNOW Snowflake Inc. New 8.08% +8.08 U Unity Software Inc. New 7.56% +7.56 RBLX Roblox Corp. Class A New 7.00% +7.00 DKNG Draftkings Inc. Class A New 5.87% +5.87 CFLT Confluent Inc. Class A Add +229.1% 6.83% +5.12 MU Micron Technology Inc. New 5.10% +5.10 NU Nu Holdings Ltd./Cayman Isl-A New 3.11% +3.11 ADI Analog Devices Inc. New 2.44% +2.44 EQT Eqt Corp. New 1.88% +1.88 GTLB Gitlab Inc. Class A Add +31.8% 4.88% +1.81 FUTU Futu Holdings Ltd.-ADR New 1.67% +1.67 TAL Tal Education Group- ADR New 1.43% +1.43 AVBP Arrivent Biopharma Inc. Add +37.8% 4.64% +1.28 API Agora Inc.-ADR New 1.22% +1.22 CORZ Core Scientific Inc. Add +24.7% 3.84% −0.30 HUT Hut 8 Corp. Add +6.8% 3.24% −0.46
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put Add +12.5% 90,000 $42.2M MTUM iShares MSCI USA Momentum Fa put Sold out 110,000 $22.8Mbefore exit GTLB Gitlab Inc. Class A call Sold out 170,000 $9.6Mbefore exit NU Nu Holdings Ltd./Cayman Isl-A call New 650,000 $6.7M BIDU Baidu Inc. - Spon ADR call New 47,500 $4.4M MBLY Mobileye Global Inc. Class A call Sold out 90,000 $1.8Mbefore exit AUR Aurora Innovation Inc. call Sold out 140,000 $882Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 15 $146.7M AMD, STX, AMAT, SNOW, STM Q1 2026 20 $150.9M W, U, EQIX, AMD, VNET Q4 2025 30 $183.5M AMZN, SE, NVDA, UPST, GRAB Q3 2025 37 $250.3M PDD, CRWV, RBLX, WIX, AAPL Q2 2025 28 $203.5M RDDT, AFRM, SE, CFLT, RBLX Q1 2025 25 $101.4M SE, SNOW, U, RBLX, CFLT Q4 2024 28 $146.5M SE, UPST, CRM, WULF, HOOD Q3 2024 24 $112.6M SE, AFRM, WULF, LVS, TSM Q2 2024 26 $117.3M SE, JD, PYPL, JMIA, MRVL Q1 2024 18 $106.0M SE, NXH, PYPL, MRVL, JD