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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 $610,764,629 across 50 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-01-16. Its ten largest share positions make up 75.6% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-26-014749

Period
2025-12-31
Reported value
$611M
Holdings
50
Top 10 weight
75.6%
New
18
Sold out
16

Largest buys vs the previous quarter

SecurityShares changeApprox. value
METAadded+68,380$45.1M
SQQQnew+453,250$31M
FIGRnew+681,668$27.8M
GOOGadded+72,400$22.7M
AAPLnew+72,024$19.6M

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
COINexited-114,051-$38.5M
HOODexited-241,680-$34.6M
RKLBreduced-441,035-$30.8M
TSLAreduced-64,809-$29.1M
MRNAexited-658,881-$17M

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, Q4 2025

Share positions as resolved from 13F-HR 0001193125-26-014749, largest first. % of portfolio is the value over $610,764,629, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,027 shares; 2024Q4: not reported; 2025Q1: 60,563 shares; 2025Q2: 54,103 shares; 2025Q3: 104,806 shares; 2025Q4: 173,186 shares 173,186$114M18.72%+68,380Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,223 shares; 2024Q4: 96,387 shares; 2025Q1: 195,965 shares; 2025Q2: 302,032 shares; 2025Q3: 240,431 shares; 2025Q4: 312,831 shares 312,831$98.2M16.07%+72,400Timeline
INTCINTEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,005,706 shares; 2025Q3: 1,527,898 shares; 2025Q4: 1,236,692 shares 1,236,692$45.6M7.47%-291,206Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 244,398 shares; 2025Q1: not reported; 2025Q2: 341,617 shares; 2025Q3: 171,140 shares; 2025Q4: 229,630 shares 229,630$38.9M6.37%+58,490Timeline
PDDPDD HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,148 shares; 2024Q4: 173,148 shares; 2025Q1: 199,887 shares; 2025Q2: 212,888 shares; 2025Q3: 345,888 shares; 2025Q4: 340,228 shares 340,228$38.6M6.32%-5,660Timeline
SQQQPROSHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 453,250 shares 453,250$31M5.08%newTimeline
FIGRFIGURE TECHNOLOGY SOLUTIOQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 681,668 shares 681,668$27.8M4.56%newTimeline
ZZILLOW GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 429,190 shares; 2024Q4: 383,242 shares; 2025Q1: 570,913 shares; 2025Q2: 715,951 shares; 2025Q3: 407,118 shares; 2025Q4: 366,272 shares 366,272$25M4.09%-40,846Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 118,703 shares; 2025Q1: 144,874 shares; 2025Q2: 41,707 shares; 2025Q3: 93,888 shares; 2025Q4: 90,972 shares 90,972$22.1M3.62%-2,916Timeline
MSTRSTRATEGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,935 shares; 2024Q4: 14,085 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 126,000 shares; 2025Q4: 132,801 shares 132,801$20.2M3.3%+6,801Timeline
DHID R HORTON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 68,300 shares; 2025Q4: 138,614 shares 138,614$20M3.27%+70,314Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 16,650 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 72,024 shares 72,024$19.6M3.21%newTimeline
NVONOVO-NORDISK A SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 266,165 shares 266,165$13.5M2.22%newTimeline
SNOWSNOWFLAKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,767 shares; 2025Q1: 35,659 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 45,768 shares 45,768$10M1.64%newTimeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,643 shares; 2024Q4: 48,329 shares; 2025Q1: 192,097 shares; 2025Q2: 163,949 shares; 2025Q3: 69,606 shares; 2025Q4: 27,242 shares 27,242$9.62M1.58%-42,364Timeline
MPMP MATERIALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 7,200 shares; 2025Q4: 179,886 shares 179,886$9.09M1.49%+172,686Timeline
SYSO YOUNG INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,067,873 shares 3,067,873$7.85M1.29%0Timeline
TCOMTRIP COM GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 99,310 shares; 2025Q4: 90,320 shares 90,320$6.49M1.06%-8,990Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 16,120 shares 16,120$5.58M0.91%newTimeline
RKLBROCKET LAB CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 519,235 shares; 2025Q4: 78,200 shares 78,200$5.46M0.89%-441,035Timeline
SKYDPARAMOUNT SKYDANCE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 389,191 shares; 2025Q4: 389,191 shares 389,191$5.22M0.85%0Timeline
YMMFULL TRUCK ALLIANCE CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 479,466 shares; 2024Q4: 403,766 shares; 2025Q1: 530,454 shares; 2025Q2: 530,454 shares; 2025Q3: 515,054 shares; 2025Q4: 468,434 shares 468,434$5.03M0.82%-46,620Timeline
TALTAL ED GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 422,782 shares; 2024Q4: 422,782 shares; 2025Q1: not reported; 2025Q2: 454,800 shares; 2025Q3: 440,700 shares; 2025Q4: 400,810 shares 400,810$4.37M0.72%-39,890Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,638 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 73,317 shares; 2025Q4: 8,508 shares 8,508$3.83M0.63%-64,809Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 88,708 shares; 2024Q4: not reported; 2025Q1: 39,098 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 9,600 shares 9,600$2.92M0.48%newTimeline
UUNITY SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 65,846 shares 65,846$2.91M0.48%newTimeline
SHOPSHOPIFY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 17,074 shares 17,074$2.75M0.45%newTimeline
JEFJEFFERIES FINANCIAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 35,234 shares 35,234$2.18M0.36%newTimeline
TMETENCENT MUSIC ENTMT GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,500 shares; 2024Q4: 107,500 shares; 2025Q1: 107,500 shares; 2025Q2: 107,500 shares; 2025Q3: 104,100 shares; 2025Q4: 94,650 shares 94,650$1.66M0.27%-9,450Timeline
MOGUMOGU INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 689,100 shares; 2024Q4: 689,100 shares; 2025Q1: 689,100 shares; 2025Q2: 689,100 shares; 2025Q3: 689,100 shares; 2025Q4: 689,100 shares 689,100$1.47M0.24%0Timeline
YOULYOULIFE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,000,000 shares 1,000,000$1.43M0.23%newTimeline
APPAPPLOVIN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 6,418 shares; 2025Q2: not reported; 2025Q3: 5,900 shares; 2025Q4: 1,221 shares 1,221$823K0.13%-4,679Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,813 shares 2,813$745K0.12%newTimeline
MUMICRON TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 18,500 shares; 2025Q1: 79,788 shares; 2025Q2: 39,894 shares; 2025Q3: not reported; 2025Q4: 2,400 shares 2,400$685K0.11%newTimeline
DBDEUTSCHE BK AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,807 shares; 2025Q4: 14,807 shares 14,807$571K0.09%0Timeline
PLTRPALANTIR TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,900 shares; 2025Q4: 2,900 shares 2,900$515K0.08%0Timeline
TPLTEXAS PACIFIC LAND CORPORATIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,650 shares 1,650$474K0.08%newTimeline
AMDADVANCED MICRO DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 117,325 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,200 shares 2,200$471K0.08%newTimeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 9,168 shares; 2025Q2: 1,259 shares; 2025Q3: 1,133 shares; 2025Q4: 1,133 shares 1,133$451K0.07%0Timeline
CNHCNH INDL N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 103,798 shares; 2025Q2: 51,899 shares; 2025Q3: 46,709 shares; 2025Q4: 46,709 shares 46,709$431K0.07%0Timeline
SPOTSPOTIFY TECHNOLOGY S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 800 shares; 2025Q2: 800 shares; 2025Q3: 720 shares; 2025Q4: 720 shares 720$418K0.07%0Timeline
BEBLOOM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,803 shares 4,803$417K0.07%newTimeline
IDXXIDEXX LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 615 shares; 2025Q4: 615 shares 615$416K0.07%0Timeline
LBLANDBRIDGE COMPANY LLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 8,141 shares 8,141$399K0.07%newTimeline
GSGOLDMAN SACHS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,000 shares; 2025Q3: 447 shares; 2025Q4: 447 shares 447$393K0.06%0Timeline
CLFCLEVELAND-CLIFFS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 333,887 shares; 2025Q3: 27,358 shares; 2025Q4: 27,358 shares 27,358$363K0.06%0Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 38,996 shares; 2025Q2: 28,917 shares; 2025Q3: 2,104 shares; 2025Q4: 2,104 shares 2,104$200K0.03%0Timeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 487 shares 487$148K0.02%newTimeline
AZOAUTOZONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 19 shares; 2025Q4: 19 shares 19$64.4K0.01%0Timeline
YJYUNJI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,250 shares; 2024Q4: 32,250 shares; 2025Q1: 32,250 shares; 2025Q2: 32,250 shares; 2025Q3: 32,250 shares; 2025Q4: 32,250 shares 32,250$38.1K0.01%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
COINCOINBASE GLOBAL INC114,051$38.5Mshares
HOODROBINHOOD MKTS INC241,680$34.6Mshares
MRNAMODERNA INC658,881$17Mshares
NBISNEBIUS GROUP N.V.105,505$11.8Mshares
DUOLDUOLINGO INC35,961$11.6Mshares
SQQQProShares UltraPro Short QQQ551,130$8.39Mshares
GBTCGRAYSCALE BITCOIN TRUST ETF85,657$7.69Mshares
ORCLORACLE CORP19,616$5.52Mshares
ZTOZTO EXPRESS CAYMAN INC254,948$4.9Mshares
REGNREGENERON PHARMACEUTICALS8,652$4.86Mshares
SRADSPORTRADAR GROUP AG152,682$4.11Mshares
NVDLGRANITESHARES ETF TR34,000$3.18Mshares
NTESNETEASE COM INC19,895$3.02Mshares
UNHUNITEDHEALTH GROUP INC8,163$2.82Mshares
BILIBILIBILI INC92,683$2.6Mshares
EBAYEBAY INC.16,776$1.53Mshares

How Q4 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 0001193125-26-014749 base2026-01-16acceptance time not in the bulk data set