Ovata Capital Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 21, 2025), Ovata Capital Management Ltd reported 40 stock positions worth $499.8 million. Its top holding was iShares Bitcoin Trust ETF (IBIT) at 14.8% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 11.9%) and Alibaba Group Holding (baba 0.5 06/01/31) (11.4%). Compared with Q2 2025, it opened 13 new positions, sold out of 17, added to 12 and reduced 7. The biggest buy was a new position in Uber Technologies Inc. (uber 0 12/15/25) and the biggest sale an exit from HDFC Bank Ltd.-ADR (HDB).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001724517
- Portfolio Value
- $499.8M (Q3 2025)
- SEC Filing
- 0001724517-25-000009 ↗ filed Nov 21, 2025
Holdings Value
Holdings 40 stocks · $499.8M
| IBIT iShares Bitcoin Trust ETF | 14.80% | 1,142,805 | $74.0M | No change |
| TSM Taiwan Semiconductor-SP ADR | 11.87% | 218,258 | $59.3M | No change |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | 11.40% | 31,000,000 | $57.0M | Reduce -26.2% |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | 7.45% | 30,530,000 | $37.3M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | 6.99% | 25,500,000 | $34.9M | New |
| FBTC Fidelity Wise Origin Bitcoin | 5.88% | 295,558 | $29.4M | No change |
| BABA Alibaba Group Holding-SP ADR | 5.24% | 143,855 | $26.2M | Add +1.1% |
| FORD MOTOR COMPANY (F 0 03/15/26) filed as FORD MTR CO | 4.06% | 20,000,000 | $20.3M | New |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | 3.56% | 16,000,000 | $17.8M | Add +23.1% |
| RYAAY Ryanair Holdings PLC-SP ADR | 3.25% | 270,592 | $16.2M | Reduce -36.8% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | 3.24% | 14,605,000 | $16.2M | New |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | 2.55% | 10,000,000 | $12.8M | Add +29.9% |
| CAS Simplify China A SP Inc. ETF | 2.54% | 360,000 | $12.7M | No change |
| ASX Ase Technology Holding -ADR | 2.08% | 946,821 | $10.4M | Add +57.5% |
| RIO Rio Tinto PLC-Spon ADR | 1.86% | 140,771 | $9.3M | Add +6.3% |
| NIO INC (NIO 4.625 10/15/30) | 1.79% | 8,500,000 | $9.0M | Reduce -10.5% |
| UAA Under Armour Inc. Class A | 1.40% | 1,398,745 | $7.0M | New |
| FOX Fox Corp. Class B | 1.28% | 111,555 | $6.4M | New |
| TCOM Trip.com Group Ltd.-ADR | 1.26% | 82,318 | $6.3M | Add +616.2% |
| WEIBO CORP (WB 1.375 12/01/30) | 1.17% | 4,500,000 | $5.8M | Reduce -55.0% |
| BEP Brookfield Renewable Partner | 0.90% | 174,926 | $4.5M | New |
| NTES Netease Inc.-ADR | 0.77% | 25,300 | $3.9M | Add +228.6% |
| PDD HOLDINGS INC (PDD 0 12/01/25) | 0.60% | 3,000,000 | $3.0M | Reduce -25.0% |
| BITB Bitwise Bitcoin ETF | 0.50% | 39,977 | $2.5M | No change |
| PPLI People Inc. filed as IAC INC | 0.48% | 70,098 | $2.4M | Add +27.2% |
| INFY Infosys Ltd.-SP ADR | 0.47% | 145,069 | $2.4M | Reduce -87.5% |
| MIR Mirion Technologies Inc. | 0.47% | 100,000 | $2.3M | New |
| GOOG Alphabet Inc. Class C | 0.45% | 9,300 | $2.3M | Add +158.3% |
| BHP BHP Group Ltd.-Spon ADR | 0.26% | 22,687 | $1.3M | Add +21.3% |
| HEI Heico Corp. | 0.25% | 5,000 | $1.3M | No change |
| ARM Arm Holdings PLC-ADR | 0.22% | 7,605 | $1.1M | New |
| SONY Sony Group Corp. - SP ADR | 0.16% | 27,000 | $777K | New |
| LI Li Auto Inc. - ADR | 0.15% | 29,000 | $756K | Add +107.1% |
| BIDU Baidu Inc. - Spon ADR | 0.14% | 5,000 | $685K | New |
| HOLX Hologic Inc. | 0.11% | 7,894 | $533K | No change |
| BEYOND MEAT INC (BYND 0 03/15/27) | 0.09% | 2,300,000 | $457K | No change |
| CHA Chagee Holdings Ltd.-ADR | 0.09% | 27,500 | $455K | Add +22.2% |
| HMC Honda Motor Co. Ltd.-Spons ADR | 0.09% | 14,062 | $436K | New |
| JBS JBS NV-A | 0.08% | 27,408 | $409K | Reduce -77.2% |
| SANA Sana Biotechnology Inc. | 0.07% | 100,000 | $355K | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $13K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NOTEW Fiscalnote Holdings Inc.-CW25 | *W EXP 07/29/202 | 194,545 | $13K | No change |
Total filed on the 13F, all lines: $499.8M.
Portfolio Sells Q2 2025 → Q3 2025
| HDB HDFC Bank Ltd.-ADR | Sold out | 0.00% | −6.34 |
| BTC Grayscale Bitcoin Mini ETF | Sold out | 0.00% | −5.87 |
| INFY Infosys Ltd.-SP ADR | Reduce -87.5% | 0.47% | −4.22 |
| JD.COM INC (JD 0.25 06/01/29) | Sold out | 0.00% | −2.71 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −2.37 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -36.8% | 3.25% | −2.10 |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | Sold out | 0.00% | −1.94 |
| SEA LTD (SEALTD 2.375 12/01/25) | Sold out | 0.00% | −1.40 |
| WEIBO CORP (WB 1.375 12/01/30) | Reduce -55.0% | 1.17% | −1.28 |
| WIT Wipro Ltd.-ADR | Sold out | 0.00% | −1.15 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −1.05 |
| PKX Posco Holdings Inc. -Spon ADR | Sold out | 0.00% | −1.00 |
| WAYFAIR INC (W 3.5 11/15/28) | Sold out | 0.00% | −0.88 |
| NIO INC (NIO 3.875 10/15/29) | Sold out | 0.00% | −0.48 |
| JBS JBS NV-A | Reduce -77.2% | 0.08% | −0.30 |
| PDD HOLDINGS INC (PDD 0 12/01/25) | Reduce -25.0% | 0.60% | −0.25 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.22 |
| WDS Woodside Energy Group-ADR | Sold out | 0.00% | −0.19 |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | Reduce -26.2% | 11.40% | −0.18 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.11 |
| BILI Bilibili Inc.-Sponsored ADR | Sold out | 0.00% | −0.09 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −0.07 |
| AGEN Agenus Inc. | Sold out | 0.00% | −0.03 |
| NIO INC (NIO 4.625 10/15/30) | Reduce -10.5% | 1.79% | +0.47 |
Portfolio Buys Q2 2025 → Q3 2025
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | New | 7.45% | +7.45 |
| SPOTIFY USA INC (SPOT 0 03/15/26) | New | 6.99% | +6.99 |
| FORD MOTOR COMPANY (F 0 03/15/26) | New | 4.06% | +4.06 |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | New | 3.24% | +3.24 |
| BABA Alibaba Group Holding-SP ADR | Add +1.1% | 5.24% | +1.79 |
| UAA Under Armour Inc. Class A | New | 1.40% | +1.40 |
| FOX Fox Corp. Class B | New | 1.28% | +1.28 |
| TCOM Trip.com Group Ltd.-ADR | Add +616.2% | 1.26% | +1.12 |
| BEP Brookfield Renewable Partner | New | 0.90% | +0.90 |
| ASX Ase Technology Holding -ADR | Add +57.5% | 2.08% | +0.72 |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | Add +29.9% | 2.55% | +0.70 |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | Add +23.1% | 3.56% | +0.58 |
| NTES Netease Inc.-ADR | Add +228.6% | 0.77% | +0.55 |
| MIR Mirion Technologies Inc. | New | 0.47% | +0.47 |
| GOOG Alphabet Inc. Class C | Add +158.3% | 0.45% | +0.32 |
| ARM Arm Holdings PLC-ADR | New | 0.22% | +0.22 |
| RIO Rio Tinto PLC-Spon ADR | Add +6.3% | 1.86% | +0.18 |
| SONY Sony Group Corp. - SP ADR | New | 0.16% | +0.16 |
| BIDU Baidu Inc. - Spon ADR | New | 0.14% | +0.14 |
| HMC Honda Motor Co. Ltd.-Spons ADR | New | 0.09% | +0.09 |
| SANA Sana Biotechnology Inc. | New | 0.07% | +0.07 |
| LI Li Auto Inc. - ADR | Add +107.1% | 0.15% | +0.07 |
| BHP BHP Group Ltd.-Spon ADR | Add +21.3% | 0.26% | +0.06 |
| PPLI People Inc. | Add +27.2% | 0.48% | +0.03 |
| CHA Chagee Holdings Ltd.-ADR | Add +22.2% | 0.09% | −0.04 |
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) |