TB Alternative Assets Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 16, 2025), TB Alternative Assets Ltd. reported 41 stock positions worth $540.0 million. Its top holding was Alphabet Class C (GOOG) at 9.9% of the portfolio, followed by Constellation Energy (CEG, 9.8%) and Zillow Class C (Z, 9.3%). Compared with Q1 2025, it opened 9 new positions, sold out of 12, added to 5 and reduced 14. The biggest buy was a new position in Intel (INTC) and the biggest sale Boeing (BA, shares −95%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001483503
- Portfolio Value
- $540.0M (Q2 2025)
- SEC Filing
- 0000950123-25-006409 ↗ filed Jul 16, 2025
Holdings Value
Holdings 41 stocks · $540.0M
| GOOG Alphabet Inc. Class C | 9.92% | 302,032 | $53.6M | Add +54.1% |
| CEG Constellation Energy | 9.80% | 163,949 | $52.9M | Reduce -14.7% |
| Z Zillow Group Inc. Class C | 9.29% | 715,951 | $50.2M | Add +25.4% |
| INTC Intel Corp. | 8.32% | 2,005,706 | $44.9M | New |
| COIN Coinbase Global Inc. Class A | 7.59% | 116,986 | $41.0M | New |
| AEM Agnico Eagle Mines Ltd. | 7.52% | 341,617 | $40.6M | New |
| META Meta Platforms Inc. Class A | 7.39% | 54,103 | $39.9M | Reduce -10.7% |
| MRNA Moderna Inc. | 6.44% | 1,260,953 | $34.8M | Add +93.3% |
| ASML ASML Holding NV-NY Reg SHS | 5.38% | 36,244 | $29.0M | Reduce -13.7% |
| PDD PDD Holdings Inc. | 4.13% | 212,888 | $22.3M | Add +6.5% |
| GBTC Grayscale Bitcoin Trust ETF | 3.69% | 234,675 | $19.9M | Reduce -19.1% |
| AMZN Amazon.com Inc. | 2.64% | 64,885 | $14.2M | No change |
| EBAY eBay Inc. | 2.54% | 184,169 | $13.7M | Add +189.1% |
| SY So-Young International-ADR | 1.76% | 3,067,873 | $9.5M | No change |
| SRAD Sportradar Group AG-A | 1.46% | 280,769 | $7.9M | New |
| LEU Centrus Energy Corp. Class A | 1.41% | 41,707 | $7.6M | Reduce -71.2% |
| YMM Full Truck Alliance -SPN ADR | 1.16% | 530,454 | $6.3M | No change |
| UNH Unitedhealth Group Inc. | 0.97% | 16,859 | $5.3M | New |
| YINN Direxion DLY Ftse CH BL3X-Ui | 0.94% | 123,359 | $5.1M | Reduce -23.1% |
| MU Micron Technology Inc. | 0.91% | 39,894 | $4.9M | Reduce -50.0% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.87% | 265,711 | $4.7M | No change |
| TAL Tal Education Group- ADR | 0.86% | 454,800 | $4.6M | New |
| SMR Nuscale Power Corp. | 0.59% | 80,237 | $3.2M | Reduce -80.9% |
| BNTX Biontech SE-ADR | 0.57% | 28,917 | $3.1M | Reduce -25.9% |
| NTES Netease Inc.-ADR | 0.51% | 20,595 | $2.8M | No change |
| CLF Cleveland-Cliffs Inc. | 0.47% | 333,887 | $2.5M | New |
| TME Tencent Music Entertainm-ADR | 0.39% | 107,500 | $2.1M | No change |
| BILI Bilibili Inc.-Sponsored ADR | 0.38% | 95,683 | $2.1M | No change |
| BA The Boeing Co. | 0.33% | 8,550 | $1.8M | Reduce -95.2% |
| REGN Regeneron Pharmaceuticals | 0.31% | 3,158 | $1.7M | No change |
| ZTO Zto Express Cayman Inc.-ADR | 0.27% | 82,648 | $1.5M | No change |
| MOGU Mogu Inc.-ADR | 0.27% | 689,100 | $1.5M | No change |
| GS Goldman Sachs Group Inc. | 0.26% | 2,000 | $1.4M | New |
| DE Deere & Co. | 0.13% | 1,384 | $704K | Reduce -50.0% |
| CNH CNH Industrial NV | 0.12% | 51,899 | $673K | Reduce -50.0% |
| SPOT Spotify Technology SA | 0.11% | 800 | $614K | No change |
| LLY Eli Lilly & Co. | 0.09% | 590 | $460K | No change |
| ALNY Alnylam Pharmaceuticals Inc. | 0.08% | 1,259 | $411K | Reduce -86.3% |
| CRCL Circle Internet Group Inc. | 0.07% | 2,000 | $363K | New |
| NBIS Nebius Group NV | 0.04% | 4,270 | $236K | Reduce -97.0% |
| YJ Yunji Inc.-ADR | 0.01% | 32,250 | $66K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| BA The Boeing Co. | Reduce -95.2% | 0.33% | −6.78 |
| TQQQ Proshares Ultrapro QQQ | Sold out | 0.00% | −6.16 |
| SNAP Snap Inc. Class A | Sold out | 0.00% | −2.07 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −2.03 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −1.95 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −1.51 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −1.44 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −1.21 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −1.16 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -13.7% | 5.38% | −1.09 |
| TNA Dir Dai SML Ca Bul 3X Et-Usd | Sold out | 0.00% | −0.88 |
| SMR Nuscale Power Corp. | Reduce -80.9% | 0.59% | −0.79 |
| META Meta Platforms Inc. Class A | Reduce -10.7% | 7.39% | −0.71 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -19.1% | 3.69% | −0.71 |
| MU Micron Technology Inc. | Reduce -50.0% | 0.91% | −0.70 |
| LEU Centrus Energy Corp. Class A | Reduce -71.2% | 1.41% | −0.68 |
| NBIS Nebius Group NV | Reduce -97.0% | 0.04% | −0.64 |
| YINN Direxion DLY Ftse CH BL3X-Ui | Reduce -23.1% | 0.94% | −0.61 |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | Sold out | 0.00% | −0.51 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -86.3% | 0.08% | −0.50 |
| APP AppLovin Corp. Class A | Sold out | 0.00% | −0.40 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.33 |
| BNTX Biontech SE-ADR | Reduce -25.9% | 0.57% | −0.25 |
| CNH CNH Industrial NV | Reduce -50.0% | 0.12% | −0.17 |
| DE Deere & Co. | Reduce -50.0% | 0.13% | −0.17 |
| CEG Constellation Energy | Reduce -14.7% | 9.80% | +0.80 |
Portfolio Buys Q1 2025 → Q2 2025
| INTC Intel Corp. | New | 8.32% | +8.32 |
| COIN Coinbase Global Inc. Class A | New | 7.59% | +7.59 |
| AEM Agnico Eagle Mines Ltd. | New | 7.52% | +7.52 |
| GOOG Alphabet Inc. Class C | Add +54.1% | 9.92% | +2.81 |
| MRNA Moderna Inc. | Add +93.3% | 6.44% | +2.15 |
| EBAY eBay Inc. | Add +189.1% | 2.54% | +1.54 |
| SRAD Sportradar Group AG-A | New | 1.46% | +1.46 |
| UNH Unitedhealth Group Inc. | New | 0.97% | +0.97 |
| TAL Tal Education Group- ADR | New | 0.86% | +0.86 |
| CLF Cleveland-Cliffs Inc. | New | 0.47% | +0.47 |
| GS Goldman Sachs Group Inc. | New | 0.26% | +0.26 |
| Z Zillow Group Inc. Class C | Add +25.4% | 9.29% | +0.19 |
| CRCL Circle Internet Group Inc. | New | 0.07% | +0.07 |
| PDD PDD Holdings Inc. | Add +6.5% | 4.13% | −1.37 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 34 | $623.1M | INTC, MRVL, TSM, SNDK, META |
| Q1 2026 | 36 | $481.1M | META, UGL, PDD, FIGR, OXY |
| Q4 2025 | 50 | $610.8M | META, GOOG, INTC, AEM, PDD |
| Q3 2025 | 48 | $668.4M | META, GOOG, INTC, PDD, MSTR |
| Q2 2025 | 41 | $540.0M | GOOG, CEG, Z, INTC, COIN |
| Q1 2025 | 44 | $430.4M | Z, CEG, META, GOOG, BA |
| Q4 2024 | 43 | $388.4M | BA, SNAP, Z, YINN, AEM |
| Q3 2024 | 40 | $421.4M | SNAP, Z, META, DIS, ABNB |
| Q2 2024 | 37 | $429.5M | SNAP, ABNB, Z, META, DIS |
| Q1 2024 | 40 | $399.4M | SNAP, ABNB, Z, DIS, HOOD |