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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 $668,394,275 across 48 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-17. Its ten largest share positions make up 65.72% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-25-241924

Period
2025-09-30
Reported value
$668M
Holdings
48
Top 10 weight
65.72%
New
17
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MSTRnew+126,000$40.6M
METAadded+50,703$37.2M
HOODnew+241,680$34.6M
TSLAnew+73,317$32.6M
RKLBnew+519,235$24.9M

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
CEGreduced-94,343-$31M
ASMLexited-36,244-$29M
AEMreduced-170,477-$28.7M
Zreduced-308,833-$23.8M
INTCreduced-477,808-$16M

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, Q3 2025

Share positions as resolved from 13F-HR 0001193125-25-241924, largest first. % of portfolio is the value over $668,394,275, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,027 shares; 2024Q4: not reported; 2025Q1: 60,563 shares; 2025Q2: 54,103 shares; 2025Q3: 104,806 shares 104,806$77M11.52%+50,703Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,223 shares; 2024Q4: 96,387 shares; 2025Q1: 195,965 shares; 2025Q2: 302,032 shares; 2025Q3: 240,431 shares 240,431$58.6M8.76%-61,601Timeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,005,706 shares; 2025Q3: 1,527,898 shares 1,527,898$51.3M7.67%-477,808Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,148 shares; 2024Q4: 173,148 shares; 2025Q1: 199,887 shares; 2025Q2: 212,888 shares; 2025Q3: 345,888 shares 345,888$45.7M6.84%+133,000Timeline
MSTRSTRATEGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,935 shares; 2024Q4: 14,085 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 126,000 shares 126,000$40.6M6.07%newTimeline
COINCOINBASE GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 116,986 shares; 2025Q3: 114,051 shares 114,051$38.5M5.76%-2,935Timeline
HOODROBINHOOD MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 774,166 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 241,680 shares 241,680$34.6M5.18%newTimeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,638 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 73,317 shares 73,317$32.6M4.88%newTimeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 429,190 shares; 2024Q4: 383,242 shares; 2025Q1: 570,913 shares; 2025Q2: 715,951 shares; 2025Q3: 407,118 shares 407,118$31.4M4.69%-308,833Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,703 shares; 2025Q1: 144,874 shares; 2025Q2: 41,707 shares; 2025Q3: 93,888 shares 93,888$29.1M4.36%+52,181Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 244,398 shares; 2025Q1: not reported; 2025Q2: 341,617 shares; 2025Q3: 171,140 shares 171,140$28.8M4.32%-170,477Timeline
RKLBROCKET LAB CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 519,235 shares 519,235$24.9M3.72%newTimeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,643 shares; 2024Q4: 48,329 shares; 2025Q1: 192,097 shares; 2025Q2: 163,949 shares; 2025Q3: 69,606 shares 69,606$22.9M3.43%-94,343Timeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 652,373 shares; 2025Q2: 1,260,953 shares; 2025Q3: 658,881 shares 658,881$17M2.55%-602,072Timeline
SYSO YOUNG INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,067,873 shares 3,067,873$11.9M1.78%0Timeline
NBISNEBIUS GROUP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 140,090 shares; 2025Q2: 4,270 shares; 2025Q3: 105,505 shares 105,505$11.8M1.77%+101,235Timeline
DHID R HORTON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 68,300 shares 68,300$11.6M1.73%newTimeline
DUOLDUOLINGO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 35,961 shares 35,961$11.6M1.73%newTimeline
SQQQProShares UltraPro Short QQQQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 551,130 shares 551,130$8.39M1.26%newTimeline
GBTCGRAYSCALE BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 27,841 shares; 2025Q1: 290,203 shares; 2025Q2: 234,675 shares; 2025Q3: 85,657 shares 85,657$7.69M1.15%-149,018Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 99,310 shares 99,310$7.47M1.12%newTimeline
SKYDPARAMOUNT SKYDANCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 389,191 shares 389,191$7.36M1.1%newTimeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 479,466 shares; 2024Q4: 403,766 shares; 2025Q1: 530,454 shares; 2025Q2: 530,454 shares; 2025Q3: 515,054 shares 515,054$6.68M1%-15,400Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 19,616 shares 19,616$5.52M0.83%newTimeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 422,782 shares; 2024Q4: 422,782 shares; 2025Q1: not reported; 2025Q2: 454,800 shares; 2025Q3: 440,700 shares 440,700$4.94M0.74%-14,100Timeline
ZTOZTO EXPRESS CAYMAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,648 shares; 2025Q2: 82,648 shares; 2025Q3: 254,948 shares 254,948$4.9M0.73%+172,300Timeline
REGNREGENERON PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,158 shares; 2025Q2: 3,158 shares; 2025Q3: 8,652 shares 8,652$4.86M0.73%+5,494Timeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,418 shares; 2025Q2: not reported; 2025Q3: 5,900 shares 5,900$4.24M0.63%newTimeline
SRADSPORTRADAR GROUP AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 280,769 shares; 2025Q3: 152,682 shares 152,682$4.11M0.61%-128,087Timeline
NVDLGRANITESHARES ETF TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 34,000 shares 34,000$3.18M0.48%newTimeline
NTESNETEASE COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,930 shares; 2024Q4: 20,595 shares; 2025Q1: 20,595 shares; 2025Q2: 20,595 shares; 2025Q3: 19,895 shares 19,895$3.02M0.45%-700Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 16,859 shares; 2025Q3: 8,163 shares 8,163$2.82M0.42%-8,696Timeline
BILIBILIBILI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 121,107 shares; 2024Q4: 95,683 shares; 2025Q1: 95,683 shares; 2025Q2: 95,683 shares; 2025Q3: 92,683 shares 92,683$2.6M0.39%-3,000Timeline
TMETENCENT MUSIC ENTMT GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,500 shares; 2024Q4: 107,500 shares; 2025Q1: 107,500 shares; 2025Q2: 107,500 shares; 2025Q3: 104,100 shares 104,100$2.43M0.36%-3,400Timeline
MOGUMOGU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 689,100 shares; 2024Q4: 689,100 shares; 2025Q1: 689,100 shares; 2025Q2: 689,100 shares; 2025Q3: 689,100 shares 689,100$2.36M0.35%0Timeline
EBAYEBAY INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 63,703 shares; 2025Q2: 184,169 shares; 2025Q3: 16,776 shares 16,776$1.53M0.23%-167,393Timeline
PLTRPALANTIR TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,900 shares 2,900$529K0.08%newTimeline
DBDEUTSCHE BK AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,807 shares 14,807$524K0.08%newTimeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 9,168 shares; 2025Q2: 1,259 shares; 2025Q3: 1,133 shares 1,133$517K0.08%-126Timeline
CNHCNH INDL N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 103,798 shares; 2025Q2: 51,899 shares; 2025Q3: 46,709 shares 46,709$507K0.08%-5,190Timeline
SPOTSPOTIFY TECHNOLOGY S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 800 shares; 2025Q2: 800 shares; 2025Q3: 720 shares 720$503K0.08%-80Timeline
MPMP MATERIALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 7,200 shares 7,200$483K0.07%newTimeline
IDXXIDEXX LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 615 shares 615$393K0.06%newTimeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000 shares; 2025Q3: 447 shares 447$356K0.05%-1,553Timeline
CLFCLEVELAND-CLIFFS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 333,887 shares; 2025Q3: 27,358 shares 27,358$334K0.05%-306,529Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 38,996 shares; 2025Q2: 28,917 shares; 2025Q3: 2,104 shares 2,104$207K0.03%-26,813Timeline
AZOAUTOZONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 19 shares 19$81.5K0.01%newTimeline
YJYUNJI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,250 shares; 2024Q4: 32,250 shares; 2025Q1: 32,250 shares; 2025Q2: 32,250 shares; 2025Q3: 32,250 shares 32,250$63.5K0.01%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ASMLASML HLDG NV36,244$29Mshares
AMZNAMAZON COM INC64,885$14.2Mshares
YINNDIREXION SHARES ETF TRUST123,359$5.06Mshares
MUMICRON TECHNOLOGY INC39,894$4.92Mshares
BEKEKE HLDGS INC265,711$4.71Mshares
SMRNUSCALE PWR CORP80,237$3.17Mshares
BABOEING CO8,550$1.79Mshares
DEDEERE & CO1,384$704Kshares
LLYELI LILLY & CO590$460Kshares
CRCLCIRCLE INTERNET GROUP INC2,000$363Kshares

How Q3 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 0001193125-25-241924 base2025-10-17acceptance time not in the bulk data set