Breaking down the stocks Chase Coleman (Tiger Global) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Tiger Global's 13F filed on August 14, 2025.
Who are Chase Coleman and Tiger Global?
Chase Coleman is the founder and managing partner of Tiger Global Management LLC (commonly referred to as Tiger Global). The fund is known for its concentrated public equity portfolio, typically consisting of 40-50 stocks, with the top 5 holdings comprising over 40% of assets, and variable cash holdings deployed aggressively when high-conviction opportunities arise across public and private markets. His investment strategy is a growth-oriented crossover approach inspired by Julian Robertson's Tiger Management, emphasizing investments across company lifecycles from private ventures to public equities in pursuit of asymmetric upside from technological disruption. Coleman focuses on undervalued or high-potential companies in sectors like internet, software, e-commerce, consumer, and financial technology that can scale globally, with strong qualitative factors like network effects, high margins, rapid user adoption, deep moats, optionality, business model innovation, and alignment with secular trends such as AI and digital transformation.
Tigerglobal.com
Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MSFT | Microsoft | 12.4% | Added (+5%) | $3.26B |
| SE | Sea | 9.7% | $2.57B | |
| AMZN | Amazon | 8.9% | Added (+62%) | $2.34B |
| GOOGL | Alphabet | 7.1% | Added (+3%) | $1.87B |
| NVDA | Nvidia | 7.0% | Added (+7%) | $1.85B |
| TTWO | Take-Two Interactive | 5.4% | $1.42B | |
| LLY | Eli Lilly | 4.5% | Added (+13%) | $1.18B |
| TSM | Taiwan Semiconductor | 3.9% | Added (+8%) | $1.04B |
| SPOT | Spotify | 3.7% | $967.97M | |
| RDDT | 3.5% | Added (+89%) | $925.85M | |
| APO | Apollo Global | 3.3% | $880.94M | |
| AVGO | Broadcom | 2.8% | Added (+19%) | $745.14M |
| APP | AppLovin | 2.7% | Added (+20%) | $701.21M |
| VEEV | Veeva | 2.6% | $697.06M | |
| LRCX | Lam Research | 1.9% | Added (+19%) | $512.04M |
| CPAY | Corpay | 1.9% | Added (+20%) | $498.28M |
| GRAB | Grab | 1.8% | $467.41M | |
| Z | Zillow Group | 1.7% | Added (+19%) | $436.35M |
| CHYM | Chime Financial | 1.6% | NEW | $430.37M |
| SHW | Sherwin Williams | 1.6% | $413.47M | |
| CPNG | Coupang | 1.5% | Added (+2%) | $407.02M |
| NOW | ServiceNow | 1.2% | Trimmed (-48%) | $308.42M |
| FWONK | Liberty Media | 1.1% | $280.27M | |
| XYZ | Block | 1.0% | Added (+109%) | $267.95M |
| CSGP | CoStar | 1.0% | $260.91M | |
| CRWD | CrowdStrike Holdings | 1.0% | Trimmed (-44%) | $254.66M |
| WDAY | Workday | 0.9% | Trimmed (-47%) | $240M |
| AMAT | Applied Materials | 0.6% | $163.88M | |
| PCOR | Procore Technologies | 0.6% | $160.07M | |
| NU | Nu Holdings | 0.6% | $151.37M | |
| ESTC | Elastic | 0.5% | $142.58M | |
| BULL | Webull | 0.5% | NEW | $140.22M |
| UNH | UnitedHealth | 0.5% | $136.89M | |
| NVO | Novo Nordisk | 0.3% | $87.59M | |
| RERE | ATRenew | 0.1% | Trimmed (-14%) | $32.54M |
| HNGE | Hinge Health | 0.1% | NEW | $28.57M |
| ZKH | ZKH | 0.1% | Trimmed (-2%) | $24.55M |
| CRCL | Circle | 0.1% | NEW | $22.66M |
| UBER | Uber | 0.1% | $14.1M | |
| JD | JD.com | 0.0% | $11.24M | |
| DASH | DoorDash | 0.0% | Trimmed (-99%) | $6.25M |
| ETOR | eToro | 0.0% | NEW | $5.33M |
| PONY | Pony AI | 0.0% | $4.88M | |
| TFIN | Triumph Financial | 0.0% | NEW | $2.41M |
| MNTN | MNTN | 0.0% | NEW | $437.4K |
| PDD | PDD Holdings | 0.0% | Exited | $-522.6M |
| TTAN | ServiceTitan | 0.0% | Exited | $-123.78M |
Current Investment Strategy
Chase Coleman's Tiger Global Management maintained its concentrated growth-at-scale strategy in Q2 2025, deploying its $34.1 billion public equity portfolio into AI infrastructure leaders including Nvidia, Microsoft, Amazon, and Meta Platforms while initiating positions in newly public fintech companies Chime Financial, Webull, Circle, eToro, and Hinge Health to capitalize on digital financial transformation. The fund demonstrated disciplined risk management by completely exiting PDD Holdings amid U.S.-China trade tensions and ServiceTitan, while trimming enterprise software positions including ServiceNow, Workday, and CrowdStrike, reallocating capital toward its highest-conviction internet, consumer technology, and semiconductor holdings including Sea, Spotify, Take-Two Interactive, and Lam Research.
New Investments
Chime Financial CHYM
Chase Coleman bought $430.37M of Chime Financial in Q2 2025. Chime Financial delivered a strong quarter with earnings that exceeded consensus expectations and accelerated strategic initiatives including the ChimeCore migration, driving an investor-welcomed 7.36% stock surge in aftermarket trading. The company achieved an EPS of -$0.15, beating the consensus estimate of -$0.25 by 40%, while expanding its active user base to 9.1 million members, up 21% year-over-year. With raised full-year guidance to $2.163-$2.173 billion in revenue and the announcement of a $200 million share repurchase program, management is signaling confidence in the company's trajectory toward profitability.
- EPS beat consensus by 40%, reporting -$0.15 versus estimated -$0.25; revenue of $543.52 million exceeded consensus estimate by 2.53%.
- Active members surged 21% year-over-year to 9.1 million and adjusted EBITDA margin improved by 9 percentage points.
- Company announced $200 million share repurchase program and raised full-year revenue guidance to $2.163-$2.173 billion, with gross margins expected to reach close to 90% in Q4.
Webull BULL
Chase Coleman bought $140.22M of Webull in Q2 2025. The company demonstrated exceptional operational momentum in Q2 2025, delivering 46% revenue growth to $131.5 million and expanding customer assets 64% to all-time highs, with trading revenue surging 63% year-over-year. However, the stock has significantly underperformed, declining 16.11% over the past 12 months and reaching 52-week lows at $9.38, creating a notable disconnect between strong fundamentals and depressed valuation. Recent analyst initiations with Buy ratings and average price targets of $18.50 (representing 92% upside) suggest institutional recognition of this opportunity, particularly as the company expands its crypto futures offerings through a Coinbase partnership and approaches Q3 earnings on November 20.
- Q2 2025 revenues grew 46% year-over-year to $131.5 million with trading revenue up 63% and customer assets increasing 64% to all-time highs.
- Stock has declined 16.11% over 12 months while trading at 52-week low of $9.38, with PEG ratio of 0.61 suggesting significant undervaluation relative to growth prospects.
- Analysts rate stock Strong Buy with average $18.50 price target providing 92% upside potential from current oversold conditions.
Hinge Health HNGE
Chase Coleman bought $28.57M of Hinge Health in Q2 2025. Hinge Health demonstrated strong momentum in Q3 2025 with 53% year-over-year revenue growth to $154.2 million, driven by expansion of its AI-powered musculoskeletal care platform to over 1.5 million lifetime members. The company achieved a critical inflection point operationally, with non-GAAP operating income of $30.4 million compared to a $3.7 million loss in Q3 2024, while maintaining healthy gross margins at 82-83%. The exceptional free cash flow generation of $81.3 million—nearly triple the prior year quarter—combined with a robust cash position of $496.9 million and deferred revenue of $299.7 million, positions the company for sustained growth and reinforces its path toward profitability.
- Revenue surged 53% year-over-year to $154.2 million in Q3 2025, with gross margins expanding to 82% versus 79% in Q3 2024.
- Free cash flow tripled to $81.3 million from $27.5 million in Q3 2024, while non-GAAP operating income swung to positive $30.4 million from a loss.
- Lifetime members exceeded 1.5 million with operating cash flow of $82.4 million in Q3 2025, more than 2.9x the prior year period.
Circle CRCL
Chase Coleman bought $22.66M of Circle in Q2 2025. Circle is showing modest revenue growth trajectory with Q3 2025 revenue forecasted at $699.6M compared to Q2's $658.1M actual results, reflecting resilience in its stablecoin and blockchain infrastructure business. However, the company remains unprofitable on a trailing-twelve-month basis with net losses of $399.2M and an EPS of -$5.81, indicating the path to profitability remains a key challenge. Despite current losses, analyst price targets suggest approximately 59% upside potential, reflecting optimism about the company's market positioning in the growing digital asset ecosystem.
- Revenue growth of 6.3% from Q2 to Q3 forecasted results ($658.1M to $699.6M).
- Net losses of $399.2M on a trailing-twelve-month basis with -$5.81 EPS.
- Analyst price target of $161.83 implies 59% upside from current levels.
eToro ETOR
Chase Coleman bought $5.33M of eToro in Q2 2025. eToro has significantly underperformed since its May 2025 IPO at $52, declining 29% to current levels despite strong absolute financials with $13.13B in trailing revenue and $187.82M in net income. The stock has markedly underperformed comparable peers like Robinhood, whose shares have more than doubled over the same period, reflecting market concerns about eToro's complex financial structure with cryptocurrency accounting for over 90% of revenues. Heading into Q3 earnings on November 10, investor sentiment remains cautious, though the company maintains a favorable 5.58x P/E ratio with 12 analysts maintaining "Buy" ratings and a $68.17 price target implying 69.37% upside.
- Stock down 29% from May IPO price with trailing P/E ratio of 5.58x and market cap of $3.1B.
- Trailing revenue of $13.13B with earnings expected to grow at 17.2% annually, though analyst forecasts show revenue declining 94.2% in coming years.
- Analyst price target of $68.17 represents 69.37% upside from current levels with consensus "Buy" rating from 12 analysts.
Triumph Financial TFIN
Chase Coleman bought $2.41M of Triumph Financial in Q2 2025. Triumph Financial has demonstrated strong cost management with a 58.33% EPS beat in Q3 2025, though it missed revenue expectations by 1.55%, reflecting ongoing challenges in the freight market. Management is targeting margin expansion while projecting 20% annual transportation revenue growth through technology investments and operational efficiency initiatives aimed at holding expenses flat. Despite operational improvements, the stock has significantly underperformed, declining 46.8% year-to-date compared to the S&P 500's 13% gain, suggesting market concerns about top-line growth sustainability and execution risks.
- Q3 2025 EPS beat of 58.33% ($0.19 vs $0.12 estimate) with two consecutive quarters of EPS outperformance ($0.15 beat in Q2) demonstrates strong cost management.
- Stock down 46.8% year-to-date versus S&P 500 up 13%, indicating significant underperformance despite positive earnings surprises.
- Management targeting 20% annual transportation revenue growth supported by technology investments and efficiency initiatives through 2026, though Q3 revenue growth of 3% suggests execution challenges.
MNTN MNTN
Chase Coleman bought $437.4K of MNTN in Q2 2025. MNTN demonstrated strong momentum in Q3 2025 with 31% year-over-year revenue growth to $70.0 million, representing record quarterly results driven by surging demand for performance TV and 4x growth in agency-led accounts. The company has sustained this robust trajectory with 27.95% revenue growth in 2024 to $225.57 million while significantly improving profitability, with losses narrowing by 38.29% year-over-year. Analyst consensus of "Strong Buy" with a 95.72% upside target to $27.89 reflects confidence in the company's positioning within the high-growth performance TV advertising market.
- Q3 2025 revenue accelerated to 31% year-over-year growth reaching $70.0 million, establishing record quarterly performance.
- Agency-led accounts expanded 4x in 2025, demonstrating strong market adoption and revenue diversification.
- 9 analysts rate the company "Strong Buy" with 95.72% upside to $27.89 12-month price target.
Added, Trimmed, and Exited
Added
Tiger Global significantly increased its exposure to AI infrastructure and mega-cap technology, adding substantial positions across the semiconductor supply chain including Broadcom (AVGO) (+432K shares, now $745M), Nvidia (NVDA) (+742K shares, now $1.85B), Taiwan Semiconductor (TSM) (+337K shares, now $1.04B), and Lam Research (LRCX) (+836K shares, now $512M). The firm also aggressively scaled its internet platform holdings, most notably Amazon (AMZN) (+4.1M shares, now $2.34B), Reddit (RDDT) (+2.9M shares, now $926M), and Block (XYZ) (+2.1M shares, now $268M), while adding to major tech positions in Microsoft (MSFT) (+311K shares, now $3.26B) and Alphabet (GOOGL) (+323K shares, now $1.87B).
What it means: Chase Coleman is making a decisive bet on AI infrastructure consolidation and the monetization phase of AI adoption. The concentrated additions to semiconductor leaders suggest conviction that the AI capital expenditure cycle has further to run, while the scaling of consumer internet positions like Reddit and Amazon indicates belief in AI-driven margin expansion opportunities. The synchronous increase across Broadcom, Nvidia, TSM, and Lam Research suggests Tiger Global is positioning for the entire semiconductor value chain rather than picking winners, reflecting confidence in sustained infrastructure demand but hedging against single-company execution risk.
Trimmed
Tiger Global executed substantial reductions across enterprise software and delivery platforms, nearly exiting DoorDash (DASH) (down 99% to just $6.2M from $401M) while materially trimming Workday (WDAY) (reduced $199M to $240M), ServiceNow (NOW) (reduced $153M to $308M), and CrowdStrike Holdings (CRWD) (reduced $63M to $255M). Smaller reductions were made to ATRenew (RERE), ZKH (ZKH), and other positions.
What it means: Coleman appears to be rotating away from high-valuation enterprise software plays that face margin compression and elongated sales cycles in favor of AI infrastructure and scaled consumer platforms. The near-complete exit from DoorDash is particularly telling, suggesting concerns about the profitability trajectory in on-demand delivery as competitive dynamics intensify and consumer spending moderates. The trimming of premium enterprise software names like Workday and ServiceNow—despite their strong market positions—indicates a preference for companies directly benefiting from AI infrastructure spending rather than those merely implementing AI features. This represents a clear shift from software consumption models to the "picks and shovels" of the AI revolution.
Exited
Tiger Global completely liquidated its positions in PDD Holdings (PDD) ($522.6M position) and ServiceTitan (TTAN) ($123.8M position).
What it means: The exit from PDD Holdings marks a notable retreat from Chinese e-commerce exposure despite the company's strong fundamentals, likely reflecting concerns about regulatory uncertainty, geopolitical tensions, or competitive pressures from rivals like Alibaba and JD.com in the value-focused segment. The ServiceTitan exit, combined with the broader reduction in enterprise software exposure, reinforces the narrative that Tiger Global is deprioritizing vertical SaaS plays that may face longer payback periods and valuation compression. Together, these exits freed up approximately $646M in capital that was redeployed primarily into AI infrastructure and scaled internet platforms, representing a clear strategic pivot toward perceived secular winners in the AI era.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
