On October 17, 2025, hedge fund TB Alternative Assets Ltd. disclosed a new position in Strategy (MSTR 2.12%), formerly known as MicroStrategy, acquiring 126,000 shares for an estimated $40.6 million.
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What happened
According to a filing with the Securities and Exchange Commission dated October 17, 2025, TB Alternative Assets Ltd. disclosed a new position in Strategy during the third quarter ended September 30, 2025. The fund reported owning 126,000 shares worth $40.6 million. The purchase corresponds to an estimated $40.6 million transaction value, calculated using average prices for the reporting period ended September 30, 2025.
What else to know
This new position represents 6.1% of TB Alternative Assets Ltd.’s reportable U.S. equity AUM as of September 30, 2025.
TB Alternative Assets’ top holdings after the filing are:
- META: $76.97 million (11.5% of AUM) as of September 30, 2025
- GOOG: $58.56 million (8.8% of AUM) as of September 30, 2025
- INTC: $51.26 million (7.7% of AUM) as of September 30, 2025
- PDD: $45.72 million (6.8% of AUM) as of September 30, 2025
- MSTR: $40.60 million (6.1% of AUM) as of September 30, 2025
As of October 16, 2025, shares were priced at $283.84, up 34.3% over the past year and outperforming the S&P 500 by 32.8 percentage points during the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $462.32 million |
| Net Income (TTM) | $4.73 billion |
| Price (as of market close October 16, 2025) | $283.84 |
| One-Year Price Change | 34.3% |
Company Snapshot
Strategy provides enterprise analytics solutions, enabling organizations to derive insights from data at scale. The company leverages its robust software platform and specialized services to address complex business intelligence needs for large enterprises.
Strategy offers enterprise analytics software, including a software platform with features such as hyperintelligence, data visualization, reporting, and mobile analytics.
The company generates revenue primarily through software licensing, support services, consulting, and education offerings for enterprise clients. It serves a diversified customer base across industries such as retail, finance, technology, healthcare, and the public sector.
Foolish take
Hedge fund TB Alternative Assets’ investment in Strategy shares is noteworthy for a few reasons. The buy represents an initial position in the stock. Moreover, the hedge fund went big with the purchase, putting Strategy shares into its top five holdings. Lastly, those top holdings are dominated by tech stocks, and although Strategy began as a data analytics software platform, it’s now more of a cryptocurrency play.
Strategy became the first publicly-traded company to buy Bitcoin as part of its capital allocation strategy back in 2020. Since then, it has transformed into “the world’s first and largest Bitcoin Treasury Company,” according to Strategy.
As of July 29, the company holds 3% of all Bitcoin in existence. This brought its Q2 total assets to $64.8 billion with $64.4 billion of that in digital assets. As a result, Strategy’s fortunes rise and fall with the value of the cryptocurrency rather than its software products.
So far, the gamble has paid off. As Bitcoin’s value has risen, so has Strategy’s stock. And now, the company is leveraging its cryptocurrency holdings to offer various Bitcoin-related investment vehicles.
TB Alternative Assets may have found this new direction for the former MicroStrategy a compelling case for investing in the stock. If you’re seeking exposure to Bitcoin, Strategy offers a unique take, and with the stock down from its 52-week high of $543 reached last November, now may be a good time to buy.
Glossary
13F AUM: The total market value of U.S. equity securities reported by an institutional investment manager in quarterly SEC filings.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or fund.
Holding: A security or asset owned by an investor or fund, often listed in portfolio disclosures.
Outperforming: Achieving a higher return compared to a specific benchmark or index over a given period.
Enterprise analytics: Software and tools that help organizations analyze large-scale data to support business decision-making.
Business intelligence: Technologies and strategies used to analyze business data and support better decision-making.
Software licensing: The practice of granting customers the right to use software under specific terms and conditions.
Support services: Assistance provided to customers for software maintenance, troubleshooting, and technical issues.
Consulting: Professional advisory services that help organizations implement and optimize software or business processes.
TTM: The 12-month period ending with the most recent quarterly report.
Reportable U.S. equity AUM: The portion of assets under management invested in U.S. stocks that must be disclosed in regulatory filings.
Robert Izquierdo has positions in Alphabet, Intel, and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Bitcoin, Intel, and Meta Platforms. The Motley Fool recommends the following options: short November 2025 $21 puts on Intel. The Motley Fool has a disclosure policy.