Ovata Capital Management Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Ovata Capital Management Ltd reported 44 stock positions worth $462.1 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 15.1% of the portfolio, followed by Alibaba Group Holding (baba 0.5 06/01/31) (11.6%) and Taiwan Semiconductor-SP ADR (TSM, 10.4%). Compared with Q1 2025, it opened 18 new positions, sold out of 12, added to 7 and reduced 8. The biggest buy was a new position in Alibaba Group Holding (baba 0.5 06/01/31) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −54%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001724517
- Portfolio Value
- $462.1M (Q2 2025)
- SEC Filing
- 0001724517-25-000005 ↗ filed Aug 6, 2025
Holdings Value
Holdings 44 stocks · $462.1M
| IBIT iShares Bitcoin Trust ETF | 15.10% | 1,142,805 | $69.8M | Add +50.1% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 11.58% | 42,000,000 | $53.5M | New |
| TSM Taiwan Semiconductor-SP ADR | 10.44% | 218,258 | $48.2M | Add +9.4% |
| HDB HDFC Bank Ltd.-ADR | 6.34% | 380,196 | $29.3M | Reduce -53.5% |
| FBTC Fidelity Wise Origin Bitcoin | 6.00% | 295,558 | $27.7M | New |
| BTC Grayscale Bitcoin Mini ETF | 5.87% | 567,872 | $27.1M | New |
| RYAAY Ryanair Holdings PLC-SP ADR | 5.35% | 428,055 | $24.7M | New |
| INFY Infosys Ltd.-SP ADR | 4.69% | 1,160,848 | $21.7M | Add +20.7% |
| BABA Alibaba Group Holding-SP ADR | 3.45% | 142,342 | $15.9M | Add +78.7% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | 2.98% | 13,000,000 | $13.8M | Add +8.3% |
| JD.COM INC (JD 0.25 06/01/29) | 2.71% | 12,000,000 | $12.5M | New |
| WEIBO CORP (WB 1.375 12/01/30) | 2.45% | 10,000,000 | $11.3M | No change |
| AZEK The Azek Co. Inc. | 2.37% | 201,908 | $11.0M | New |
| CAS Simplify China A SP Inc. ETF | 2.35% | 360,000 | $10.9M | New |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | 1.94% | 9,000,000 | $8.9M | Add +38.5% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | 1.85% | 7,700,000 | $8.5M | New |
| RIO Rio Tinto PLC-Spon ADR | 1.68% | 132,471 | $7.8M | Add +34.9% |
| SEA LTD (SEALTD 2.375 12/01/25) | 1.40% | 3,631,000 | $6.4M | New |
| ASX Ase Technology Holding -ADR | 1.35% | 601,130 | $6.3M | Reduce -50.4% |
| NIO INC (NIO 4.625 10/15/30) | 1.32% | 9,500,000 | $6.1M | No change |
| WIT Wipro Ltd.-ADR | 1.15% | 1,719,500 | $5.3M | Reduce -33.9% |
| IBN Icici Bank Ltd.-Spon ADR | 1.05% | 144,100 | $4.9M | No change |
| PKX Posco Holdings Inc. -Spon ADR | 1.00% | 95,000 | $4.6M | No change |
| WAYFAIR INC (W 3.5 11/15/28) | 0.88% | 3,000,000 | $4.1M | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | 0.85% | 4,000,000 | $3.9M | Reduce -50.0% |
| BITB Bitwise Bitcoin ETF | 0.51% | 39,977 | $2.3M | New |
| NIO INC (NIO 3.875 10/15/29) | 0.48% | 3,075,000 | $2.2M | No change |
| PPLI People Inc. filed as IAC INC | 0.45% | 55,098 | $2.1M | New |
| JBS JBS NV-A | 0.38% | 120,409 | $1.8M | New |
| HEI Heico Corp. | 0.28% | 5,000 | $1.3M | New |
| NTES Netease Inc.-ADR | 0.22% | 7,700 | $1.0M | Reduce -56.5% |
| PANW Palo Alto Networks Inc. | 0.22% | 4,900 | $1.0M | New |
| BHP BHP Group Ltd.-Spon ADR | 0.19% | 18,701 | $897K | Reduce -17.3% |
| WDS Woodside Energy Group-ADR | 0.19% | 55,600 | $858K | New |
| TCOM Trip.com Group Ltd.-ADR | 0.14% | 11,493 | $668K | Reduce -58.2% |
| GOOG Alphabet Inc. Class C | 0.14% | 3,600 | $639K | No change |
| CHA Chagee Holdings Ltd.-ADR | 0.13% | 22,500 | $587K | New |
| HOLX Hologic Inc. | 0.11% | 7,894 | $514K | New |
| MA Mastercard Inc. Class A | 0.11% | 900 | $506K | No change |
| BILI Bilibili Inc.-Sponsored ADR | 0.09% | 20,000 | $429K | No change |
| LI Li Auto Inc. - ADR | 0.08% | 14,000 | $382K | Reduce -45.3% |
| NKE Nike Inc. Class B | 0.07% | 4,660 | $331K | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | 0.04% | 2,300,000 | $203K | No change |
| AGEN Agenus Inc. | 0.03% | 32,000 | $146K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $19K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 194,545 | $19K | No change |
Total filed on the 13F, all lines: $462.1M.
Portfolio Sells Q1 2025 → Q2 2025
| HDB HDFC Bank Ltd.-ADR | Reduce -53.5% | 6.34% | −14.40 |
| ASX Ase Technology Holding -ADR | Reduce -50.4% | 1.35% | −2.61 |
| PDD HOLDINGS INC (PDD 0 12/01/25) | Reduce -50.0% | 0.85% | −2.16 |
| WIT Wipro Ltd.-ADR | Reduce -33.9% | 1.15% | −1.85 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −1.60 |
| KGS Kodiak Gas Services Inc. | Sold out | 0.00% | −1.42 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −1.24 |
| SONY Sony Group Corp. - SP ADR | Sold out | 0.00% | −0.90 |
| CUK Carnival PLC-ADR | Sold out | 0.00% | −0.79 |
| LBRDK Liberty Broadband-C | Sold out | 0.00% | −0.63 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -58.2% | 0.14% | −0.52 |
| NTES Netease Inc.-ADR | Reduce -56.5% | 0.22% | −0.46 |
| BWMN Bowman Consulting Group Ltd. | Sold out | 0.00% | −0.33 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −0.26 |
| TTI Tetra Technologies Inc. | Sold out | 0.00% | −0.26 |
| NN Nextnav Inc. | Sold out | 0.00% | −0.23 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -17.3% | 0.19% | −0.22 |
| LI Li Auto Inc. - ADR | Reduce -45.3% | 0.08% | −0.16 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.10 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.08 |
Portfolio Buys Q1 2025 → Q2 2025
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | New | 11.58% | +11.58 |
| FBTC Fidelity Wise Origin Bitcoin | New | 6.00% | +6.00 |
| BTC Grayscale Bitcoin Mini ETF | New | 5.87% | +5.87 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 5.35% | +5.35 |
| JD.COM INC (JD 0.25 06/01/29) | New | 2.71% | +2.71 |
| AZEK The Azek Co. Inc. | New | 2.37% | +2.37 |
| CAS Simplify China A SP Inc. ETF | New | 2.35% | +2.35 |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | New | 1.85% | +1.85 |
| IBIT iShares Bitcoin Trust ETF | Add +50.1% | 15.10% | +1.46 |
| SEA LTD (SEALTD 2.375 12/01/25) | New | 1.40% | +1.40 |
| BITB Bitwise Bitcoin ETF | New | 0.51% | +0.51 |
| PPLI People Inc. | New | 0.45% | +0.45 |
| JBS JBS NV-A | New | 0.38% | +0.38 |
| HEI Heico Corp. | New | 0.28% | +0.28 |
| PANW Palo Alto Networks Inc. | New | 0.22% | +0.22 |
| WDS Woodside Energy Group-ADR | New | 0.19% | +0.19 |
| CHA Chagee Holdings Ltd.-ADR | New | 0.13% | +0.13 |
| HOLX Hologic Inc. | New | 0.11% | +0.11 |
| AGEN Agenus Inc. | New | 0.03% | +0.03 |
| BABA Alibaba Group Holding-SP ADR | Add +78.7% | 3.45% | −0.53 |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | Add +38.5% | 1.94% | −0.55 |
| RIO Rio Tinto PLC-Spon ADR | Add +34.9% | 1.68% | −0.56 |
| TSM Taiwan Semiconductor-SP ADR | Add +9.4% | 10.44% | −1.92 |
| INFY Infosys Ltd.-SP ADR | Add +20.7% | 4.69% | −1.98 |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | Add +8.3% | 2.98% | −2.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $1.3B | SEAGATE HDD CAYMAN (STX 3.5 06/01/28), WEC ENERGY GROUP INC (WEC 4.375 06/01/27), PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), CLOUDFLARE INC (NET 0 08/15/26), HDB |
| Q1 2026 | 36 | $690.5M | JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26), RYAAY, TSM, PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28), HDB |
| Q4 2025Amended | 52 | $823.3M | SPOTIFY USA INC (SPOT 0 03/15/26), RYAAY, TSM, IBIT, IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) |
| Q3 2025 | 40 | $499.8M | IBIT, TSM, ALIBABA GROUP HOLDING (BABA 0.5 06/01/31), UBER TECHNOLOGIES INC (UBER 0 12/15/25), SPOTIFY USA INC (SPOT 0 03/15/26) |
| Q2 2025 | 44 | $462.1M | IBIT, ALIBABA GROUP HOLDING (BABA 0.5 06/01/31), TSM, HDB, FBTC |
| Q1 2025 | 38 | $263.4M | HDB, IBIT, TSM, INFY, H WORLD GROUP LTD (HTHT 3 05/01/26) |
| Q4 2024 | 31 | $261.8M | HDB, FBTC, WUSA, IBIT, BITB |
| Q3 2024 | 31 | $236.2M | FBTC, HDB, IBIT, BITB, GBTC |
| Q2 2024 | 37 | $184.0M | H WORLD GROUP LTD (HTHT 3 05/01/26), FBTC, GBTC, BITB, HDB |
| Q1 2024 | 34 | $192.1M | FBTC, GBTC, BITB, HDB, H WORLD GROUP LTD (HTHT 3 05/01/26) |