Tekne Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Tekne Capital Management, LLC reported 6 stock positions worth $262.3 million. Its top holding was GDS Holdings Ltd. - ADR (GDS) at 56.6% of the portfolio, followed by Kanzhun Ltd. - ADR (BZ, 21.4%) and Pagseguro Digital Class A (PAGS, 8.8%). Compared with Q4 2024, it sold out of 1 and reduced 6. The biggest sale was Nebius (NBIS, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001558971
- Portfolio Value
- $262.3M (Q1 2025)
- SEC Filing
- 0000919574-25-002923 ↗ filed May 14, 2025
Holdings Value
Holdings 6 stocks · $262.3M
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 56.59% | 5,860,211 | $148.4M | Reduce -5.4% |
| BZ Kanzhun Ltd. - ADR | 21.41% | 2,930,000 | $56.2M | Reduce -8.4% |
| PAGS Pagseguro Digital Ltd. Class A | 8.84% | 3,040,000 | $23.2M | Reduce -16.3% |
| HEPS D-Market Electronic Serv-ADR | 6.36% | 5,855,103 | $16.7M | Reduce -5.6% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 3.77% | 106,500 | $9.9M | Reduce -52.6% |
| NBIS Nebius Group NV | 3.02% | 375,000 | $7.9M | Reduce -59.5% |
Portfolio Sells Q4 2024 → Q1 2025
| NBIS Nebius Group NV | Reduce -59.5% | 3.02% | −6.05 |
| KSPI JSC Kaspi.kz ADR | Reduce -52.6% | 3.77% | −3.75 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −1.00 |
| HEPS D-Market Electronic Serv-ADR | Reduce -5.6% | 6.36% | −0.29 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -16.3% | 8.84% | +0.79 |
| GDS GDS Holdings Ltd. - ADR | Reduce -5.4% | 56.59% | +4.51 |
| BZ Kanzhun Ltd. - ADR | Reduce -8.4% | 21.41% | +5.79 |
Portfolio Buys Q4 2024 → Q1 2025
| None this quarter. | |||
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 6 | $305.6M | GDS, ACMR, BTDR, BIDU, PAACU |
| Q1 2026 | 3 | $236.7M | GDS, ACMR, PAACU |
| Q4 2025 | 4 | $280.2M | GDS, BZ, ECHO, ACMR |
| Q3 2025 | 5 | $354.2M | GDS, BZ, STNE, HEPS, TONX |
| Q2 2025 | 4 | $287.4M | GDS, BZ, STNE, HEPS |
| Q1 2025 | 6 | $262.3M | GDS, BZ, PAGS, HEPS, KSPI |
| Q4 2024 | 7 | $282.6M | GDS, BZ, NBIS, PAGS, KSPI |
| Q3 2024 | 5 | $246.7M | GDS, BZ, PAGS, KSPI, SE |
| Q2 2024 | 5 | $190.3M | GDS, BZ, PAGS, KSPI, SE |
| Q1 2024 | 11 | $349.8M | PAGS, SE, BZ, KSPI, KWEB |