Hedge Fund’s Strategic Move: A Bitcoin-Backed Bet on MSTR?

On October 17, 2025, the hedge fund TB Alternative Assets Ltd. unveiled a new position in Strategy (MSTR), a transaction that shimmered with the glint of 126,000 shares, their value a calculated $40.6 million, as if the numbers themselves were a cipher to be decoded.

IMAGE SOURCE: GETTY IMAGES.

What happened

A filing with the Securities and Exchange Commission, that most bureaucratic of institutions, revealed TB Alternative Assets Ltd.’s new position in Strategy during the third quarter ended September 30, 2025. The fund, with its portfolio as meticulously curated as a philatelist’s collection, reported owning 126,000 shares, a sum that glimmers with the sheen of $40.6 million. The purchase, a transaction of estimated value, was computed using the average prices of the reporting period, a method as precise as a watchmaker’s hand.

What else to know

This new position, a notable slice of 6.1% of TB Alternative Assets Ltd.’s reportable U.S. equity AUM as of September 30, 2025, suggests a calculated gamble. The fund’s top holdings, a constellation of tech titans, now include MSTR as a star in its celestial map:

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 of MSTR, now a synonym for volatility, traded at $283.84, a figure that has ascended 34.3% over the past year, outpacing the S&P 500 by a margin of 32.8 percentage points-a feat as improbable as a sonnet penned in a language of smoke.

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, once a mere purveyor of enterprise analytics solutions, now dances on the edge of a digital abyss. Its software, a labyrinth of hyperintelligence and data visualization, is but a prelude to its current role: a custodian of the world’s first and largest Bitcoin Treasury. The company, in its metamorphosis, has become a parable of modernity-a tale of data turned to digital gold.

Its revenue, derived from software licensing, support services, and consulting, is a mosaic of traditional and crypto-driven streams. The clientele, a tapestry of retail, finance, and healthcare, now includes those who trade in the shadows of blockchain.

Foolish take

The hedge fund TB Alternative Assets’ investment in Strategy shares is a riddle wrapped in a enigma, cloaked in the garb of financial acumen. An initial position, yes, but one that ascends to the top five holdings-a testament to the fund’s audacity. The portfolio, a menagerie of tech stocks, mirrors the company’s own evolution: from data analytics to digital alchemy.

Strategy, once MicroStrategy, became the first publicly-traded company to embrace Bitcoin, a move as bold as a poet’s first line. By 2020, it had transformed into “the world’s first and largest Bitcoin Treasury Company,” a moniker that hums with the cadence of a modern fable. As of July 29, it held 3% of all Bitcoin in existence, a trove of digital gold that swelled its Q2 total assets to $64.8 billion, with $64.4 billion in digital assets-a figure that dances on the precipice of speculation.

The gamble, thus far, has paid dividends. As Bitcoin’s value ascended, so too did Strategy’s stock, a symbiotic dance of fortune. Now, the company, with its cryptocurrency holdings, offers Bitcoin-related investment vehicles, a labyrinth of opportunities for the daring.

Perhaps TB Alternative Assets, with its discerning eye, saw in Strategy a phoenix rising from the ashes of traditional software. If one seeks exposure to Bitcoin, the stock offers a peculiar, yet potent, avenue. And with the stock’s price, though down from its 52-week high of $543, now a mere whisper of its former self, the moment may be ripe for a calculated leap.

Glossary

13F AUM: The total market value of U.S. equity securities reported by an institutional investment manager in quarterly SEC filings, a ritual of transparency as old as the stock market itself.
Position: The amount of a particular security or asset held by an investor or fund, a delicate balance of risk and reward.
Stake: The ownership interest or share held in a company by an investor or fund, a silent partner in the grand theater of finance.
Holding: A security or asset owned by an investor or fund, often listed in portfolio disclosures, a ledger of aspirations.
Outperforming: Achieving a higher return compared to a specific benchmark or index over a given period, a feat as elusive as a mirage.
Enterprise analytics: Software and tools that help organizations analyze large-scale data to support business decision-making, a modern-day oracle.
Business intelligence: Technologies and strategies used to analyze business data and support better decision-making, a compass in the fog of uncertainty.
Software licensing: The practice of granting customers the right to use software under specific terms and conditions, a contract of trust.
Support services: Assistance provided to customers for software maintenance, troubleshooting, and technical issues, a lifeline in the digital age.
Consulting: Professional advisory services that help organizations implement and optimize software or business processes, a guide through the labyrinth.
TTM: The 12-month period ending with the most recent quarterly report, a snapshot of the present.
Reportable U.S. equity AUM: The portion of assets under management invested in U.S. stocks that must be disclosed in regulatory filings, a window into the unseen.

2025-10-19 05:38