💰 Where did the money go? Wall Street tycoons liquidated $BTC concept stocks, left the market with a 35% loss, and entered AI with a full position!

Don’t be silly, it’s all wrong. Do you think the big guy left because of the collapse of faith? No, this is just a cruel arithmetic problem, the ultimate choice about “efficiency”.

A document filed with the U.S. Securities and Exchange Commission reveals the undercurrent beneath the surface of the water, like a pebble thrown into a calm lake. An overseas fund led by well-known investor Dan Bin completely emptied all cryptocurrency-related stock holdings in the fourth quarter of last year.

Specifically, the fund sold all 156,900 shares of $Coinbase shares and 185,900 shares of $BitMine shares. The two investments were established in the second and third quarters of last year, respectively. According to the disclosure, $Coinbase shares fell during the quarter when the liquidation was cleared32.99%, the decline of $BitMine has reached47.71%。

At this price, the maximum loss of these two investments is approximately22,048,600 US dollars, overall loss rate35.26%。 Among them, $Coinbase part of the largest loss**$17,442,900**, $BitMine part of the largest loss**$4.605 million**。

This investor is regarded by the market as one of the representatives of value investing because of his long-term heavy position in China’s core assets. He manages about $1.3 billion in overseas funds and has made about $1.3 billion in overseas markets over the past decade**28%**annualized return.

His connection to cryptocurrencies predates this liquidation. As early as 2013, the $BTC price broke through**$400He has begun to pay attention to it. In the years that followed, his social media became an unofficial broadcast station for the market. In 2021, when the first $BTC ETF was born, he publicly stated that $BTC would rise$400,000**“Very likely”, and revealed that the individual has been configured1%$BTC ETF.

However, personal interests and fund operations are two different things. It wasn’t until the second quarter of 2025 that his fund tested the waters for the first time, buying about a value**$55 million**$Coinbase stock. In the third quarter, $BitMine was deployed. The market once speculated whether the banner of value investing was going to shift to the crypto space across the board.

The answer emerged in an interview at the end of last year. He acknowledged that cryptocurrencies have become mainstream after legalization, but then compared them to gold, i.e., “non-interest-bearing assets.” He asked a core question: “Where do you put the same money to be more efficient?” ”

The position change in the fourth quarter gives the final answer. While liquidating crypto stocks, the fund also reduced its holdings in a number of other stocks and highly concentrated the recovered funds in Google, making it the absolute largest position. Almost all of the entire portfolio is focused on core AI giants such as Google, Nvidia, and Microsoft.

This turn is not without a trace. As early as March 2024, he launched a vote: 5 million yuan, should you buy 30 lots of Moutai, 12 $BTC, 10 kilograms of gold, or 1,000 shares of Nvidia? This in itself is a soul torture about asset efficiency.

As of recent data, the values of the above options are: 30 lots of Moutai4.31 millionRMB, 10 kg of gold approx12.43 millionRMB, 12 $BTC approx7.35 millionRMB, while 1,000 shares (adjusted for splitting) Nvidia is worth about 13.3 millionRenminbi.

In his view, artificial intelligence is the current “main channel” with higher certainty and greater imagination. AI giants not only have technical barriers, but also “interest-bearing assets” that can continue to generate cash flow. In contrast, cryptocurrencies, which are highly volatile, are more like a “belief asset” that needs to wait for market consensus. Although he personally said in October last year that “if blockchain technology is not disrupted, $BTC will continue to rise”, he made a more realistic choice for funds that must pursue efficiency.

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