TB Alternative Assets Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), TB Alternative Assets Ltd. reported 48 stock positions worth $668.4 million. Its top holding was Meta Platforms Class A (META) at 11.5% of the portfolio, followed by Alphabet Class C (GOOG, 8.8%) and Intel (INTC, 7.7%). Compared with Q2 2025, it opened 17 new positions, sold out of 10, added to 6 and reduced 22. The biggest buy was a new position in Strategy (MSTR) and the biggest sale Constellation Energy (CEG, shares −58%).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001483503
- Portfolio Value
- $668.4M (Q3 2025)
- SEC Filing
- 0001193125-25-241924 ↗ filed Oct 17, 2025
Holdings Value
Holdings 48 stocks · $668.4M
| META Meta Platforms Inc. Class A | 11.52% | 104,806 | $77.0M | Add +93.7% |
| GOOG Alphabet Inc. Class C | 8.76% | 240,431 | $58.6M | Reduce -20.4% |
| INTC Intel Corp. | 7.67% | 1,527,898 | $51.3M | Reduce -23.8% |
| PDD PDD Holdings Inc. | 6.84% | 345,888 | $45.7M | Add +62.5% |
| MSTR Strategy Inc. | 6.07% | 126,000 | $40.6M | New |
| COIN Coinbase Global Inc. Class A | 5.76% | 114,051 | $38.5M | Reduce -2.5% |
| HOOD Robinhood Markets Inc. Class A | 5.18% | 241,680 | $34.6M | New |
| TSLA Tesla Inc. | 4.88% | 73,317 | $32.6M | New |
| Z Zillow Group Inc. Class C | 4.69% | 407,118 | $31.4M | Reduce -43.1% |
| LEU Centrus Energy Corp. Class A | 4.36% | 93,888 | $29.1M | Add +125.1% |
| AEM Agnico Eagle Mines Ltd. | 4.32% | 171,140 | $28.8M | Reduce -49.9% |
| RKLB Rocket Lab Corp. | 3.72% | 519,235 | $24.9M | New |
| CEG Constellation Energy | 3.43% | 69,606 | $22.9M | Reduce -57.5% |
| MRNA Moderna Inc. | 2.55% | 658,881 | $17.0M | Reduce -47.8% |
| SY So-Young International-ADR | 1.78% | 3,067,873 | $11.9M | No change |
| NBIS Nebius Group NV | 1.77% | 105,505 | $11.8M | Add +2370.8% |
| DHI D.R. Horton Inc. | 1.73% | 68,300 | $11.6M | New |
| DUOL Duolingo | 1.73% | 35,961 | $11.6M | New |
| SQQQ Proshares TR | 1.26% | 551,130 | $8.4M | New |
| GBTC Grayscale Bitcoin Trust ETF | 1.15% | 85,657 | $7.7M | Reduce -63.5% |
| TCOM Trip.com Group Ltd.-ADR | 1.12% | 99,310 | $7.5M | New |
| PSKY Paramount Skydance Class B | 1.10% | 389,191 | $7.4M | New |
| YMM Full Truck Alliance -SPN ADR | 1.00% | 515,054 | $6.7M | Reduce -2.9% |
| ORCL Oracle Corp. | 0.83% | 19,616 | $5.5M | New |
| TAL Tal Education Group- ADR | 0.74% | 440,700 | $4.9M | Reduce -3.1% |
| ZTO Zto Express Cayman Inc.-ADR | 0.73% | 254,948 | $4.9M | Add +208.5% |
| REGN Regeneron Pharmaceuticals | 0.73% | 8,652 | $4.9M | Add +174.0% |
| APP AppLovin Corp. Class A | 0.63% | 5,900 | $4.2M | New |
| SRAD Sportradar Group AG-A | 0.61% | 152,682 | $4.1M | Reduce -45.6% |
| NVDL Granitesh 2X LNG Nvda ETF | 0.48% | 34,000 | $3.2M | New |
| NTES Netease Inc.-ADR | 0.45% | 19,895 | $3.0M | Reduce -3.4% |
| UNH Unitedhealth Group Inc. | 0.42% | 8,163 | $2.8M | Reduce -51.6% |
| BILI Bilibili Inc.-Sponsored ADR | 0.39% | 92,683 | $2.6M | Reduce -3.1% |
| TME Tencent Music Entertainm-ADR | 0.36% | 104,100 | $2.4M | Reduce -3.2% |
| MOGU Mogu Inc.-ADR | 0.35% | 689,100 | $2.4M | No change |
| EBAY eBay Inc. | 0.23% | 16,776 | $1.5M | Reduce -90.9% |
| PLTR Palantir Technologies Inc. Class A | 0.08% | 2,900 | $529K | New |
| DB Deutsche Bank AG-Registered | 0.08% | 14,807 | $524K | New |
| ALNY Alnylam Pharmaceuticals Inc. | 0.08% | 1,133 | $517K | Reduce -10.0% |
| CNH CNH Industrial NV | 0.08% | 46,709 | $507K | Reduce -10.0% |
| SPOT Spotify Technology SA | 0.08% | 720 | $503K | Reduce -10.0% |
| MP MP Materials Corp. | 0.07% | 7,200 | $483K | New |
| IDXX Idexx Laboratories Inc. | 0.06% | 615 | $393K | New |
| GS Goldman Sachs Group Inc. | 0.05% | 447 | $356K | Reduce -77.7% |
| CLF Cleveland-Cliffs Inc. | 0.05% | 27,358 | $334K | Reduce -91.8% |
| BNTX Biontech SE-ADR | 0.03% | 2,104 | $207K | Reduce -92.7% |
| AZO AutoZone Inc. | 0.01% | 19 | $82K | New |
| YJ Yunji Inc.-ADR | 0.01% | 32,250 | $64K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CEG Constellation Energy | Reduce -57.5% | 3.43% | −6.37 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −5.38 |
| Z Zillow Group Inc. Class C | Reduce -43.1% | 4.69% | −4.59 |
| MRNA Moderna Inc. | Reduce -47.8% | 2.55% | −3.90 |
| AEM Agnico Eagle Mines Ltd. | Reduce -49.9% | 4.32% | −3.21 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −2.64 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -63.5% | 1.15% | −2.54 |
| EBAY eBay Inc. | Reduce -90.9% | 0.23% | −2.31 |
| COIN Coinbase Global Inc. Class A | Reduce -2.5% | 5.76% | −1.83 |
| GOOG Alphabet Inc. Class C | Reduce -20.4% | 8.76% | −1.16 |
| YINN Direxion DLY Ftse CH BL3X-Ui | Sold out | 0.00% | −0.94 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.91 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.87 |
| SRAD Sportradar Group AG-A | Reduce -45.6% | 0.61% | −0.85 |
| INTC Intel Corp. | Reduce -23.8% | 7.67% | −0.65 |
| SMR Nuscale Power Corp. | Sold out | 0.00% | −0.59 |
| UNH Unitedhealth Group Inc. | Reduce -51.6% | 0.42% | −0.55 |
| BNTX Biontech SE-ADR | Reduce -92.7% | 0.03% | −0.54 |
| CLF Cleveland-Cliffs Inc. | Reduce -91.8% | 0.05% | −0.42 |
| BA The Boeing Co. | Sold out | 0.00% | −0.33 |
| GS Goldman Sachs Group Inc. | Reduce -77.7% | 0.05% | −0.21 |
| YMM Full Truck Alliance -SPN ADR | Reduce -2.9% | 1.00% | −0.16 |
| DE Deere & Co. | Sold out | 0.00% | −0.13 |
| TAL Tal Education Group- ADR | Reduce -3.1% | 0.74% | −0.12 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.09 |
| CRCL Circle Internet Group Inc. | Sold out | 0.00% | −0.07 |
| NTES Netease Inc.-ADR | Reduce -3.4% | 0.45% | −0.06 |
| CNH CNH Industrial NV | Reduce -10.0% | 0.08% | −0.05 |
| SPOT Spotify Technology SA | Reduce -10.0% | 0.08% | −0.04 |
| TME Tencent Music Entertainm-ADR | Reduce -3.2% | 0.36% | −0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -10.0% | 0.08% | +0.00 |
| BILI Bilibili Inc.-Sponsored ADR | Reduce -3.1% | 0.39% | +0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| MSTR Strategy Inc. | New | 6.07% | +6.07 |
| HOOD Robinhood Markets Inc. Class A | New | 5.18% | +5.18 |
| TSLA Tesla Inc. | New | 4.88% | +4.88 |
| META Meta Platforms Inc. Class A | Add +93.7% | 11.52% | +4.12 |
| RKLB Rocket Lab Corp. | New | 3.72% | +3.72 |
| LEU Centrus Energy Corp. Class A | Add +125.1% | 4.36% | +2.94 |
| PDD PDD Holdings Inc. | Add +62.5% | 6.84% | +2.71 |
| DHI D.R. Horton Inc. | New | 1.73% | +1.73 |
| DUOL Duolingo | New | 1.73% | +1.73 |
| NBIS Nebius Group NV | Add +2370.8% | 1.77% | +1.73 |
| SQQQ Proshares TR | New | 1.26% | +1.26 |
| TCOM Trip.com Group Ltd.-ADR | New | 1.12% | +1.12 |
| PSKY Paramount Skydance Class B | New | 1.10% | +1.10 |
| ORCL Oracle Corp. | New | 0.83% | +0.83 |
| APP AppLovin Corp. Class A | New | 0.63% | +0.63 |
| NVDL Granitesh 2X LNG Nvda ETF | New | 0.48% | +0.48 |
| ZTO Zto Express Cayman Inc.-ADR | Add +208.5% | 0.73% | +0.46 |
| REGN Regeneron Pharmaceuticals | Add +174.0% | 0.73% | +0.42 |
| PLTR Palantir Technologies Inc. Class A | New | 0.08% | +0.08 |
| DB Deutsche Bank AG-Registered | New | 0.08% | +0.08 |
| MP MP Materials Corp. | New | 0.07% | +0.07 |
| IDXX Idexx Laboratories Inc. | New | 0.06% | +0.06 |
| AZO AutoZone Inc. | New | 0.01% | +0.01 |
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 |