TB Alternative Assets Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 16, 2026), TB Alternative Assets Ltd. reported 50 stock positions worth $610.8 million. Its top holding was Meta Platforms Class A (META) at 18.7% of the portfolio, followed by Alphabet Class C (GOOG, 16.1%) and Intel (INTC, 7.5%). Compared with Q3 2025, it opened 18 new positions, sold out of 16, added to 6 and reduced 12. The biggest buy was Alphabet Class C (GOOG, shares +30%) and the biggest sale an exit from Coinbase Global Class A (COIN).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001483503
- Portfolio Value
- $610.8M (Q4 2025)
- SEC Filing
- 0001193125-26-014749 ↗ filed Jan 16, 2026
Holdings Value
Holdings 50 stocks · $610.8M
| META Meta Platforms Inc. Class A | 18.72% | 173,186 | $114.3M | Add +65.2% |
| GOOG Alphabet Inc. Class C | 16.07% | 312,831 | $98.2M | Add +30.1% |
| INTC Intel Corp. | 7.47% | 1,236,692 | $45.6M | Reduce -19.1% |
| AEM Agnico Eagle Mines Ltd. | 6.37% | 229,630 | $38.9M | Add +34.2% |
| PDD PDD Holdings Inc. | 6.32% | 340,228 | $38.6M | Reduce -1.6% |
| SQQQ Proshares Ultrapro Short QQQ | 5.08% | 453,250 | $31.0M | New |
| FIGR Figure Technology Solut Class A | 4.56% | 681,668 | $27.8M | New |
| Z Zillow Group Inc. Class C | 4.09% | 366,272 | $25.0M | Reduce -10.0% |
| LEU Centrus Energy Corp. Class A | 3.62% | 90,972 | $22.1M | Reduce -3.1% |
| MSTR Strategy Inc. | 3.30% | 132,801 | $20.2M | Add +5.4% |
| DHI D.R. Horton Inc. | 3.27% | 138,614 | $20.0M | Add +103.0% |
| AAPL Apple Inc. | 3.21% | 72,024 | $19.6M | New |
| NVO Novo-Nordisk A/S-Spons ADR | 2.22% | 266,165 | $13.5M | New |
| SNOW Snowflake Inc. | 1.64% | 45,768 | $10.0M | New |
| CEG Constellation Energy | 1.58% | 27,242 | $9.6M | Reduce -60.9% |
| MP MP Materials Corp. | 1.49% | 179,886 | $9.1M | Add +2398.4% |
| SY So-Young International-ADR | 1.29% | 3,067,873 | $7.9M | No change |
| TCOM Trip.com Group Ltd.-ADR | 1.06% | 90,320 | $6.5M | Reduce -9.1% |
| AVGO Broadcom Inc. | 0.91% | 16,120 | $5.6M | New |
| RKLB Rocket Lab Corp. | 0.89% | 78,200 | $5.5M | Reduce -84.9% |
| PSKY Paramount Skydance Class B | 0.85% | 389,191 | $5.2M | No change |
| YMM Full Truck Alliance -SPN ADR | 0.82% | 468,434 | $5.0M | Reduce -9.1% |
| TAL Tal Education Group- ADR | 0.72% | 400,810 | $4.4M | Reduce -9.1% |
| TSLA Tesla Inc. | 0.63% | 8,508 | $3.8M | Reduce -88.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.48% | 9,600 | $2.9M | New |
| U Unity Software Inc. | 0.48% | 65,846 | $2.9M | New |
| SHOP Shopify Inc. Class A | 0.45% | 17,074 | $2.7M | New |
| JEF Jefferies Financial Group Inc. | 0.36% | 35,234 | $2.2M | New |
| TME Tencent Music Entertainm-ADR | 0.27% | 94,650 | $1.7M | Reduce -9.1% |
| MOGU Mogu Inc.-ADR | 0.24% | 689,100 | $1.5M | No change |
| YOUL Youlife Group Inc. -ADR | 0.23% | 1,000,000 | $1.4M | New |
| APP AppLovin Corp. Class A | 0.13% | 1,221 | $823K | Reduce -79.3% |
| CRM Salesforce Inc. | 0.12% | 2,813 | $745K | New |
| MU Micron Technology Inc. | 0.11% | 2,400 | $685K | New |
| DB Deutsche Bank AG-Registered | 0.09% | 14,807 | $571K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.08% | 2,900 | $515K | No change |
| TPL Texas Pacific Land Corp. | 0.08% | 1,650 | $474K | New |
| AMD Advanced Micro Devices | 0.08% | 2,200 | $471K | New |
| ALNY Alnylam Pharmaceuticals Inc. | 0.07% | 1,133 | $451K | No change |
| CNH CNH Industrial NV | 0.07% | 46,709 | $431K | No change |
| SPOT Spotify Technology SA | 0.07% | 720 | $418K | No change |
| BE Bloom Energy Corp. Class A | 0.07% | 4,803 | $417K | New |
| IDXX Idexx Laboratories Inc. | 0.07% | 615 | $416K | No change |
| LB Landbridge Co. LLC-A | 0.07% | 8,141 | $399K | New |
| GS Goldman Sachs Group Inc. | 0.06% | 447 | $393K | No change |
| CLF Cleveland-Cliffs Inc. | 0.06% | 27,358 | $363K | No change |
| BNTX Biontech SE-ADR | 0.03% | 2,104 | $200K | No change |
| ONC Beone Medicines Ltd.-ADR | 0.02% | 487 | $148K | New |
| AZO AutoZone Inc. | 0.01% | 19 | $64K | No change |
| YJ Yunji Inc.-ADR | 0.01% | 32,250 | $38K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −5.76 |
| HOOD Robinhood Markets Inc. Class A | Sold out | 0.00% | −5.18 |
| TSLA Tesla Inc. | Reduce -88.4% | 0.63% | −4.25 |
| RKLB Rocket Lab Corp. | Reduce -84.9% | 0.89% | −2.83 |
| MRNA Moderna Inc. | Sold out | 0.00% | −2.55 |
| CEG Constellation Energy | Reduce -60.9% | 1.58% | −1.85 |
| NBIS Nebius Group NV | Sold out | 0.00% | −1.77 |
| DUOL Duolingo | Sold out | 0.00% | −1.73 |
| SQQQ Proshares TR | Sold out | 0.00% | −1.26 |
| GBTC Grayscale Bitcoin Trust ETF | Sold out | 0.00% | −1.15 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.83 |
| LEU Centrus Energy Corp. Class A | Reduce -3.1% | 3.62% | −0.74 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.73 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.73 |
| SRAD Sportradar Group AG-A | Sold out | 0.00% | −0.61 |
| Z Zillow Group Inc. Class C | Reduce -10.0% | 4.09% | −0.60 |
| PDD PDD Holdings Inc. | Reduce -1.6% | 6.32% | −0.52 |
| APP AppLovin Corp. Class A | Reduce -79.3% | 0.13% | −0.50 |
| NVDL Granitesh 2X LNG Nvda ETF | Sold out | 0.00% | −0.48 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.45 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.42 |
| BILI Bilibili Inc.-Sponsored ADR | Sold out | 0.00% | −0.39 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.23 |
| INTC Intel Corp. | Reduce -19.1% | 7.47% | −0.20 |
| YMM Full Truck Alliance -SPN ADR | Reduce -9.1% | 0.82% | −0.18 |
| TME Tencent Music Entertainm-ADR | Reduce -9.1% | 0.27% | −0.09 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -9.1% | 1.06% | −0.05 |
| TAL Tal Education Group- ADR | Reduce -9.1% | 0.72% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOG Alphabet Inc. Class C | Add +30.1% | 16.07% | +7.31 |
| META Meta Platforms Inc. Class A | Add +65.2% | 18.72% | +7.20 |
| SQQQ Proshares Ultrapro Short QQQ | New | 5.08% | +5.08 |
| FIGR Figure Technology Solut Class A | New | 4.56% | +4.56 |
| AAPL Apple Inc. | New | 3.21% | +3.21 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 2.22% | +2.22 |
| AEM Agnico Eagle Mines Ltd. | Add +34.2% | 6.37% | +2.06 |
| SNOW Snowflake Inc. | New | 1.64% | +1.64 |
| DHI D.R. Horton Inc. | Add +103.0% | 3.27% | +1.54 |
| MP MP Materials Corp. | Add +2398.4% | 1.49% | +1.42 |
| AVGO Broadcom Inc. | New | 0.91% | +0.91 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.48% | +0.48 |
| U Unity Software Inc. | New | 0.48% | +0.48 |
| SHOP Shopify Inc. Class A | New | 0.45% | +0.45 |
| JEF Jefferies Financial Group Inc. | New | 0.36% | +0.36 |
| YOUL Youlife Group Inc. -ADR | New | 0.23% | +0.23 |
| CRM Salesforce Inc. | New | 0.12% | +0.12 |
| MU Micron Technology Inc. | New | 0.11% | +0.11 |
| TPL Texas Pacific Land Corp. | New | 0.08% | +0.08 |
| AMD Advanced Micro Devices | New | 0.08% | +0.08 |
| BE Bloom Energy Corp. Class A | New | 0.07% | +0.07 |
| LB Landbridge Co. LLC-A | New | 0.07% | +0.07 |
| ONC Beone Medicines Ltd.-ADR | New | 0.02% | +0.02 |
| MSTR Strategy Inc. | Add +5.4% | 3.30% | −2.77 |
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 |