But Bin's funds fully liquidated Coinbase and BitMine in the fourth quarter, with Google replacing Nvidia as the top holding

The official website of the U.S. SEC disclosed the U.S. stock holdings data for the overseas fund under Dongfang Hongwan, led by Dan Bin, for the fourth quarter of 2025. The data shows that by the end of 2025, Dongfang Hongwan held a total of 10 U.S. stock positions, with a total market value of $1.316 billion, equivalent to over 9.1 billion yuan, slightly up from about $1.292 billion at the end of the third quarter of 2025. In the fourth quarter of 2025, Dongfang Hongwan made some adjustments to its U.S. stock portfolio, focusing more on the tech giants in the U.S. market.

In the fourth quarter, Dongfang Hongwan completely sold off its positions in Coinbase, Netflix, AsteraLabs, BitMine, Broadcom, and TSMC. Additionally, a significant change was that Google replaced NVIDIA as Dongfang Hongwan's largest holding.

In several previous quarters, Dongfang Hongwan's largest holding was NVIDIA. In the fourth quarter of 2025, Dongfang Hongwan increased its stake in Google by approximately 40.55%, combined with the stock's nearly 29% increase in the fourth quarter, resulting in a significant rise in Google's holding proportion, far exceeding that of NVIDIA. By the end of 2025, Dongfang Hongwan's market value in Google was approximately $406 million, accounting for about 31% of its U.S. stock holdings.