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TB Alternative Assets Ltd.

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13F filer, CIK 1483503, HONG KONG, Hong Kong

TB Alternative Assets Ltd. reported $540,035,934 across 41 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-07-16. Its ten largest share positions make up 75.78% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000950123-25-006409

Period
2025-06-30
Reported value
$540M
Holdings
41
Top 10 weight
75.78%
New
9
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
INTCnew+2,005,706$44.9M
COINnew+116,986$41M
AEMnew+341,617$40.6M
GOOGadded+106,067$18.8M
MRNAadded+608,580$16.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BAreduced-170,889-$35.8M
TQQQexited-462,387-$26.5M
LEUreduced-103,167-$18.9M
SMRreduced-339,126-$13.4M
CEGreduced-28,148-$9.09M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0000950123-25-006409, largest first. % of portfolio is the value over $540,035,934, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,223 shares; 2024Q4: 96,387 shares; 2025Q1: 195,965 shares; 2025Q2: 302,032 shares 302,032$53.6M9.92%+106,067Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,643 shares; 2024Q4: 48,329 shares; 2025Q1: 192,097 shares; 2025Q2: 163,949 shares 163,949$52.9M9.8%-28,148Timeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 429,190 shares; 2024Q4: 383,242 shares; 2025Q1: 570,913 shares; 2025Q2: 715,951 shares 715,951$50.2M9.29%+145,038Timeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,005,706 shares 2,005,706$44.9M8.32%newTimeline
COINCOINBASE GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 116,986 shares 116,986$41M7.59%newTimeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 244,398 shares; 2025Q1: not reported; 2025Q2: 341,617 shares 341,617$40.6M7.52%newTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,027 shares; 2024Q4: not reported; 2025Q1: 60,563 shares; 2025Q2: 54,103 shares 54,103$39.9M7.39%-6,460Timeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 652,373 shares; 2025Q2: 1,260,953 shares 1,260,953$34.8M6.44%+608,580Timeline
ASMLASML HLDG NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 21,642 shares; 2025Q1: 42,009 shares; 2025Q2: 36,244 shares 36,244$29M5.38%-5,765Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,148 shares; 2024Q4: 173,148 shares; 2025Q1: 199,887 shares; 2025Q2: 212,888 shares 212,888$22.3M4.13%+13,001Timeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 27,841 shares; 2025Q1: 290,203 shares; 2025Q2: 234,675 shares 234,675$19.9M3.69%-55,528Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,098 shares; 2024Q4: 19,567 shares; 2025Q1: 64,885 shares; 2025Q2: 64,885 shares 64,885$14.2M2.64%0Timeline
EBAYEBAY INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 63,703 shares; 2025Q2: 184,169 shares 184,169$13.7M2.54%+120,466Timeline
SYSO YOUNG INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,067,873 shares; 2024Q4: 3,067,873 shares; 2025Q1: 3,067,873 shares; 2025Q2: 3,067,873 shares 3,067,873$9.51M1.76%0Timeline
SRADSPORTRADAR GROUP AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 280,769 shares 280,769$7.88M1.46%newTimeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,703 shares; 2025Q1: 144,874 shares; 2025Q2: 41,707 shares 41,707$7.64M1.41%-103,167Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 479,466 shares; 2024Q4: 403,766 shares; 2025Q1: 530,454 shares; 2025Q2: 530,454 shares 530,454$6.26M1.16%0Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 16,859 shares 16,859$5.26M0.97%newTimeline
YINNDIREXION SHARES ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 685,812 shares; 2025Q1: 160,418 shares; 2025Q2: 123,359 shares 123,359$5.06M0.94%-37,059Timeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 18,500 shares; 2025Q1: 79,788 shares; 2025Q2: 39,894 shares 39,894$4.92M0.91%-39,894Timeline
BEKEKE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 630,219 shares; 2024Q4: 506,884 shares; 2025Q1: 265,711 shares; 2025Q2: 265,711 shares 265,711$4.71M0.87%0Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 422,782 shares; 2024Q4: 422,782 shares; 2025Q1: not reported; 2025Q2: 454,800 shares 454,800$4.65M0.86%newTimeline
SMRNUSCALE PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 419,363 shares; 2025Q2: 80,237 shares 80,237$3.17M0.59%-339,126Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 38,996 shares; 2025Q2: 28,917 shares 28,917$3.08M0.57%-10,079Timeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,930 shares; 2024Q4: 20,595 shares; 2025Q1: 20,595 shares; 2025Q2: 20,595 shares 20,595$2.77M0.51%0Timeline
CLFCLEVELAND-CLIFFS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 333,887 shares 333,887$2.54M0.47%newTimeline
TMETENCENT MUSIC ENTMT GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,500 shares; 2024Q4: 107,500 shares; 2025Q1: 107,500 shares; 2025Q2: 107,500 shares 107,500$2.1M0.39%0Timeline
BILIBILIBILI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,107 shares; 2024Q4: 95,683 shares; 2025Q1: 95,683 shares; 2025Q2: 95,683 shares 95,683$2.05M0.38%0Timeline
BABOEING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 384,284 shares; 2025Q1: 179,439 shares; 2025Q2: 8,550 shares 8,550$1.79M0.33%-170,889Timeline
REGNREGENERON PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,158 shares; 2025Q2: 3,158 shares 3,158$1.66M0.31%0Timeline
ZTOZTO EXPRESS CAYMAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,648 shares; 2025Q2: 82,648 shares 82,648$1.47M0.27%0Timeline
MOGUMOGU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 689,100 shares; 2024Q4: 689,100 shares; 2025Q1: 689,100 shares; 2025Q2: 689,100 shares 689,100$1.47M0.27%0Timeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000 shares 2,000$1.42M0.26%newTimeline
DEDEERE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,768 shares; 2025Q2: 1,384 shares 1,384$704K0.13%-1,384Timeline
CNHCNH INDL N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 103,798 shares; 2025Q2: 51,899 shares 51,899$673K0.12%-51,899Timeline
SPOTSPOTIFY TECHNOLOGY S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 800 shares; 2025Q2: 800 shares 800$614K0.11%0Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 590 shares; 2025Q2: 590 shares 590$460K0.09%0Timeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 9,168 shares; 2025Q2: 1,259 shares 1,259$411K0.08%-7,909Timeline
CRCLCIRCLE INTERNET GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000 shares 2,000$363K0.07%newTimeline
NBISNEBIUS GROUP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 140,090 shares; 2025Q2: 4,270 shares 4,270$236K0.04%-135,820Timeline
YJYUNJI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,250 shares; 2024Q4: 32,250 shares; 2025Q1: 32,250 shares; 2025Q2: 32,250 shares 32,250$66.4K0.01%0Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TQQQPROSHARES TR462,387$26.5Mshares
SNAPSNAP INC1,023,649$8.92Mshares
SMCISUPER MICRO COMPUTER INC254,862$8.73Mshares
NVDANVIDIA CORPORATION77,381$8.39Mshares
TSMTAIWAN SEMICONDUCTOR MANUFAC39,098$6.49Mshares
DISDISNEY WALT CO62,728$6.19Mshares
SNOWSNOWFLAKE INC35,659$5.21Mshares
TTDTHE TRADE DESK INC91,203$4.99Mshares
TNADIREXION SHARES ETF TRUST129,106$3.78Mshares
TSLLDIREXION SHARES ETF TRUST230,762$2.2Mshares
APPAPPLOVIN CORP6,418$1.7Mshares
CLSCELESTICA INC17,808$1.4Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000950123-25-006409 base2025-07-16acceptance time not in the bulk data set