Oasis Management Co Ltd.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Oasis Management Co Ltd. reported 58 stock positions worth $652.2 million. Its top holding was Vail Resorts (MTN) at 37.7% of the portfolio, followed by Hut 8 (HUT, 16.3%) and Core Scientific (CORZ, 5.9%). Compared with Q3 2025, it opened 11 new positions, sold out of 16, added to 7 and reduced 11. The biggest buy was Hut 8 (HUT, shares +662%) and the biggest sale Applied Digital (APLD, shares −29%).

Most Recent 13F
Q2 2026
Location
GRAND CAYMAN, E9
CIK
0001317904
Portfolio Value
$652.2M (Q4 2025)
SEC Filing
0001317904-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $275.9M Q1 2024 Q2 2024: $294.6M Q2 2024 Q3 2024: $263.7M Q3 2024 Q4 2024: $285.6M Q4 2024 Q1 2025: $291.5M Q1 2025 Q2 2025: $414.3M Q2 2025 Q3 2025: $451.6M Q3 2025 Q4 2025: $652.2M $652.2M Q4 2025 Q1 2026: $727.4M Q1 2026 Q2 2026: $848.3M Q2 2026

Holdings 58 stocks · $652.2M
MTN Vail Resorts Inc. 37.69% 1,851,234 $245.8M Add +81.9%
HUT Hut 8 Corp. 16.25% 2,307,683 $106.0M Add +662.3%
CORZ Core Scientific Inc. 5.90% 2,643,729 $38.5M New
VNET Vnet Group Inc.-ADR 4.47% 3,449,188 $29.2M No change
STRS Stratus Properties Inc. 4.20% 1,134,060 $27.4M Reduce -0.1%
RBA RB Global Inc. 2.89% 183,244 $18.9M No change
APLD Applied Digital Corp. 2.75% 732,817 $18.0M Reduce -29.1%
RLX RLX Technology Inc.-ADR 2.32% 6,497,600 $15.1M Add +2.4%
TBPH Theravance Biopharma Inc. 2.09% 727,161 $13.6M Reduce -35.0%
GCT Gigacloud Technology Inc. Class A 1.89% 312,995 $12.3M No change
ACMR Acm Research Inc. Class A 1.42% 233,988 $9.2M No change
HTHT H World Group Ltd.-ADR 1.33% 184,879 $8.7M No change
EDU New Oriental Educatio-SP ADR 1.31% 155,424 $8.6M No change
ATHM Autohome Inc.-ADR 1.26% 367,978 $8.2M No change
TAL Tal Education Group- ADR 1.15% 686,805 $7.5M No change
AVGO Broadcom Inc. 1.12% 21,180 $7.3M New
KT KT Corp.-SP ADR 1.04% 358,589 $6.8M New
SQNS Sequans Communications-ADR 0.97% 1,411,315 $6.3M No change
QFIN Qfin Holdings Inc.-ADR 0.93% 314,755 $6.1M Add +20.6%
LX Lexinfintech Holdings L-ADR 0.87% 1,744,075 $5.7M Add +56.9%
BZ Kanzhun Ltd. - ADR 0.85% 272,442 $5.6M No change
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.76% 30,000 $4.9M No change
JD Jd.com Inc.-ADR 0.73% 165,160 $4.7M No change
SE Sea Ltd.-ADR 0.72% 37,000 $4.7M No change
IQ Iqiyi Inc.-ADR 0.66% 2,234,402 $4.3M Reduce -4.3%
PERF Perfect Corp. 0.61% 2,200,623 $4.0M No change
CLS Celestica Inc. 0.41% 8,940 $2.6M New
CRON Cronos Group Inc. 0.37% 915,867 $2.4M New
LITE Lumentum Holdings Inc. 0.35% 6,250 $2.3M Reduce -17.8%
BABA Alibaba Group Holding-SP ADR 0.30% 13,500 $2.0M Add +145.4%
GHG Greentree Hospitality GR-ADR 0.28% 1,099,362 $1.9M No change
AMZN Amazon.com Inc. 0.25% 7,000 $1.6M New
TER Teradyne Inc. 0.21% 7,000 $1.4M Reduce -13.6%
AMKR Amkor Technology Inc. 0.19% 30,800 $1.2M New
SOXX iShares Semiconductor ETF 0.14% 3,100 $934K Reduce -43.6%
TSM Taiwan Semiconductor-SP ADR 0.14% 3,000 $912K No change
BIDU Baidu Inc. - Spon ADR 0.12% 6,150 $804K New
ZH Zhihu Inc. - ADR 0.11% 225,000 $738K No change
API Agora Inc.-ADR 0.10% 153,885 $626K No change
CSCO Cisco Systems Inc. 0.09% 7,500 $578K Reduce -50.0%
RERE Atrenew Inc. 0.08% 100,000 $530K No change
NXDR Nextdoor Holdings Inc. 0.08% 250,000 $525K No change
HERE Here Group Ltd. 0.07% 93,753 $479K No change
HTT High Templar Tech Limited 0.07% 127,875 $454K No change
TUYA Tuya Inc. 0.06% 196,841 $415K No change
AVR Anteris Technologies Global 0.06% 75,954 $379K Reduce -32.3%
UXIN Uxin Ltd. - ADR 0.05% 97,629 $329K Add +105.0%
OLPX Olaplex Holdings Inc. 0.04% 196,569 $263K No change
ABX Abacus Global Management Inc. 0.03% 23,000 $197K No change
RIOT Riot Platforms Inc. 0.03% 15,100 $191K Reduce -49.8%
VIOT Viomi Technology Co. Ltd.-ADR 0.03% 100,000 $184K No change
ZKH ZKH Group Ltd. 0.03% 50,000 $184K No change
YSG Yatsen Holding Ltd.-ADR 0.03% 45,000 $175K Reduce -18.2%
AXTI Axt Inc. 0.03% 10,000 $164K New
GRNT Granite Ridge Resources Inc. 0.02% 25,000 $118K No change
ALTI Alti Global Inc. 0.02% 25,000 $116K No change
WEN The Wendy's Co. 0.02% 11,903 $99K New
MGN Megan Holdings Ltd. Class A 0.00% 17,390 $27K New

Options reported separately and not counted above: SPY puts ($375.1M), IWM puts ($246.2M), QQQ puts ($122.9M), BIDU calls ($12.4M), APLD calls ($12.3M).

Other holdings (42): bonds, preferreds, convertibles and warrants · $121.7M (not counted above)
SecurityClassShares / PrincipalValueChange
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 60,000,000$93.2MReduce -7.7%
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal 10,000,000$8.0MReduce -50.0%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 5,000,000$6.1MNew
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal 2,250,000$2.1MAdd +125.0%
DAVEW Dave Inc. -CW27 *W EXP 01/05/202 6,368$1.4MNo change
YDESW YD Bio Ltd. -30 *W EXP 08/28/203 100,000$1.2MNo change
LANWF Lanvin Group Holdings Ltd.-27 *W EXP 01/14/202 581,304$1.2MNo change
AFRIW Forafric Global PLC -CW27 *W EXP 06/09/202 100,000$1.1MNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$808KNo change
BBAI.WS Bigbear.ai Holdings -CW28 *W EXP 12/08/202 100,000$540KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 100,000$530KNo change
PRENW Prenetics Global Ltd. -CW26 *W EXP 05/18/202 33,333$525KNo change
PDYNW Sarcos Technology -CW27 *W EXP 09/24/202 100,000$426KNo change
CNCKW Coincheck Group NV *W EXP 12/11/202 160,430$404KNo change
ANGHW Anghami Inc. -CW27 *W EXP 02/03/202 100,000$377KNo change
STLNW Oncology Institute Inc. CW-22 *W EXP 99/99/999 100,000$356KNo change
RMCOW American Acq Class A -CW26 *W EXP 10/31/202 100,000$309KNo change
AISPW Airship AI Holdings Inc.-CW28 *W EXP 12/21/202 100,000$289KNo change
GGROW Gogoro Inc. -CW27 *W EXP 04/04/202 100,000$274KNo change
SKYH.WS Yellowstone Acquisit A -CW25 *W EXP 01/25/202 29,439$264KNo change
TMCWW TMC the Metals Co. Inc. -CW25I *W EXP 09/09/202 37,700$233KNo change
BNAIW Brand Engagement Netwo -CW27 *W EXP 03/14/202 100,000$232KNo change
SATLW Satellogic Inc.-A -23 *W EXP 01/25/202 100,000$187KNo change
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 100,000$183KNo change
ECXWW Ecarx Holdings Inc. Class A-27 *W EXP 99/99/999 100,000$172KNo change
ABVWF Above Food Ingredients- 29 *W EXP 06/28/202 100,000$163KNo change
GDEV INC *W EXP 99/99/999 10,000$150KNo change
MDAIW Spectral AI -CW27 *W EXP 09/11/202 100,000$142KNo change
SDAWW Suncar Technology Group -28 *W EXP 05/17/202 66,890$135KNo change
ARBEW Arbe Robotics Ltd. -CW26 *W EXP 99/99/999 100,000$118KNo change
PERFF Perfect Corp. *W EXP 10/28/202 50,000$91KNo change
CCGWW Cheche Group Inc. - 28 *W EXP 10/01/203 100,000$83KNo change
VLNWF Valens Semiconductor -CW26 *W EXP 09/30/202 50,000$71KNo change
DFNSW T3 Defense Inc.-CW28 *W EXP 12/22/202 17,500$71KNo change
COCHW Envoy Medical Inc.-CW27 *W EXP 09/29/202 100,000$66KNo change
COOTW Australian Oilseeds Holdi-29 *W EXP 03/22/202 100,000$52KNo change
BILL HOLDINGS INC (BILL 0 04/01/30) NOTE 4/0 · principal 50,000$46KNew
CXAIW Kins Tech Group Class A -CW25 *W EXP 99/99/999 100,000$33KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 18,033$28KNo change
SLXNW Biomotion Sciences-CW29 *W EXP 08/15/202 11,111$21KNo change
CRPWF Carbon Revolution PLC *W EXP 99/99/999 10,000$18KNo change
MLECW Moolec Science SA *W EXP 01/30/202 10,000$3KReduce -90.0%

Total filed on the 13F, all lines: $774.0M.

Portfolio Sells Q3 2025 → Q4 2025
APLD Applied Digital Corp. Reduce -29.1% 2.75% −2.49
TBPH Theravance Biopharma Inc. Reduce -35.0% 2.09% −1.53
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −1.40
STRS Stratus Properties Inc. Reduce -0.1% 4.20% −1.11
FWRD Forward Air Corp. Sold out 0.00% −0.98
IQ Iqiyi Inc.-ADR Reduce -4.3% 0.66% −0.67
AMAT Applied Materials Inc. Sold out 0.00% −0.61
ZK Zeekr Intelligent Techno-ADR Sold out 0.00% −0.51
DQ Daqo New Energy Corp.-ADR Sold out 0.00% −0.24
HUDSON PAC PPTYS INC Sold out 0.00% −0.23
NVDA Nvidia Corp. Sold out 0.00% −0.21
XCAFX Morgan Stanley China A Share Sold out 0.00% −0.21
SOXX iShares Semiconductor ETF Reduce -43.6% 0.14% −0.19
CRDO Credo Technology Group Holdi Sold out 0.00% −0.15
CSCO Cisco Systems Inc. Reduce -50.0% 0.09% −0.14
CMPS Compass Pathways PLC Sold out 0.00% −0.14
LESL Leslie's Inc. Sold out 0.00% −0.13
ALAB Astera Labs Inc. Sold out 0.00% −0.13
RIOT Riot Platforms Inc. Reduce -49.8% 0.03% −0.10
YSG Yatsen Holding Ltd.-ADR Reduce -18.2% 0.03% −0.08
NKE Nike Inc. Class B Sold out 0.00% −0.08
WRD Weride Inc.-ADR Sold out 0.00% −0.07
ZEPP Zepp Health Corp.-ADR Sold out 0.00% −0.06
DECK Deckers Outdoor Corp. Sold out 0.00% −0.05
AVR Anteris Technologies Global Reduce -32.3% 0.06% −0.05
TER Teradyne Inc. Reduce -13.6% 0.21% −0.04
LITE Lumentum Holdings Inc. Reduce -17.8% 0.35% +0.08

Portfolio Buys Q3 2025 → Q4 2025
HUT Hut 8 Corp. Add +662.3% 16.25% +13.92
CORZ Core Scientific Inc. New 5.90% +5.90
MTN Vail Resorts Inc. Add +81.9% 37.69% +3.99
AVGO Broadcom Inc. New 1.12% +1.12
KT KT Corp.-SP ADR New 1.04% +1.04
CLS Celestica Inc. New 0.41% +0.41
CRON Cronos Group Inc. New 0.37% +0.37
AMZN Amazon.com Inc. New 0.25% +0.25
AMKR Amkor Technology Inc. New 0.19% +0.19
BIDU Baidu Inc. - Spon ADR New 0.12% +0.12
BABA Alibaba Group Holding-SP ADR Add +145.4% 0.30% +0.09
AXTI Axt Inc. New 0.03% +0.03
WEN The Wendy's Co. New 0.02% +0.02
UXIN Uxin Ltd. - ADR Add +105.0% 0.05% +0.01
MGN Megan Holdings Ltd. Class A New 0.00% +0.00
LX Lexinfintech Holdings L-ADR Add +56.9% 0.87% −0.44
QFIN Qfin Holdings Inc.-ADR Add +20.6% 0.93% −0.73
RLX RLX Technology Inc.-ADR Add +2.4% 2.32% −1.38

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put New 550,000 $375.1M
IWM iShares Russell 2000 ETF put New 1,000,000 $246.2M
ISHARES TR put Sold out 806,800 $195.2Mbefore exit
QQQ Invesco QQQ Trust Series 1 put New 200,000 $122.9M
VAIL RESORTS INC call Sold out 692,000 $103.5Mbefore exit
INVESCO QQQ TR put Sold out 130,000 $78.0Mbefore exit
IONQ INC put Sold out 700,000 $43.0Mbefore exit
ISHARES INC put Sold out 172,500 $13.8Mbefore exit
HUT 8 CORP call Sold out 393,300 $13.7Mbefore exit
BIDU Baidu Inc. - Spon ADR call New 94,900 $12.4M
APLD Applied Digital Corp. call New 500,000 $12.3M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -7.7% 60,000,000 $93.2M
BEYOND MEAT INC (BYND 0 03/15/27) NOTE 3/1 · principal Reduce -50.0% 10,000,000 $8.0M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal New 5,000,000 $6.1M
NIO INC (NIO 3.875 10/15/29) NOTE 3.875%10/1 · principal Add +125.0% 2,250,000 $2.1M
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 Sold out 8,333 $247Kbefore exit
BILL HOLDINGS INC (BILL 0 04/01/30) NOTE 4/0 · principal New 50,000 $46K
ILLRW Agba Acquisition Ltd. -CW24 *W EXP 11/14/202 Sold out 50,000 $42Kbefore exit
MLECW Moolec Science SA *W EXP 01/30/202 Reduce -90.0% 10,000 $3K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 65$848.3MMTN, APLD, ACMR, HUT, CORZ
Q1 2026 63$727.4MMTN, HUT, VNET, CORZ, STRS
Q4 2025 58$652.2MMTN, HUT, CORZ, VNET, STRS
Q3 2025 63$451.6MMTN, VNET, STRS, APLD, RBA
Q2 2025 54$414.3MMTN, VNET, STRS, SQNS, RBA
Q1 2025 51$291.5MAPLD, VNET, STRS, RBA, NBIS
Q4 2024 46$285.6MAPLD, NBIS, LB, RBA, VNET
Q3 2024 38$263.7MAPLD, STRS, RBA, VNET, ATHM
Q2 2024 35$294.6MHOLI, APLD, STRS, RBA, DOYU
Q1 2024Amended 31$275.9MHOLI, STRS, APLD, RBA, IQ