Chase Coleman's Trades and Holdings in Q3 2025

Breaking down the stocks Chase Coleman (Tiger Global) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Tiger Global's 13F filed on November 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
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Chase Coleman's Tiger Global Management maintained its concentrated, growth-oriented crossover strategy in Q3 2025, with top holdings Microsoft, Sea, Alphabet, Nvidia, and Take-Two Interactive reflecting continued conviction in internet, software, and artificial intelligence leaders capable of scaling globally. The fund's quarterly activity showed selective portfolio refinement, exiting healthcare names Eli Lilly and Novo Nordisk alongside cybersecurity play CrowdStrike, while initiating positions in high-growth technology companies including Netflix, MongoDB, and private fintech ventures Klarna and Figure Technology, underscoring Coleman's focus on backing category-defining platforms with strong network effects and exposure to secular trends in digital transformation.

New Investments

Netflix NFLX

Chase Coleman bought $242.06M of Netflix in Q3 2025. Netflix is declining in profitability despite revenue stability, as Q3 2025 EPS of $5.87 missed forecasts by 15.66% due to a $600+ million Brazilian tax charge and operating costs rising faster than revenue. However, the company is gaining traction in high-margin segments, with advertising revenue on track to double in 2025 and strong international growth offsetting U.S. market slowdown. Over the past 12 months, the stock has delivered impressive 55.34% returns and is trading near its $1,341.15 52-week high, suggesting investor confidence in long-term growth prospects despite near-term earnings headwinds.

• EPS declined to $5.87 from expected $6.96, missing by 15.66%, while operating margin compressed to 28%.
• Revenue grew 17% YoY to $11.51 billion and advertising segment is on track to double revenue in 2025.
• Stock delivered 55.34% returns over 12 months and 21.4% over 6 months, trading near 52-week high.

MongoDB MDB

Chase Coleman bought $105.84M of MongoDB in Q3 2025. The company delivered strong third quarter 2025 results with revenue of $529.4M, growing 22% year-over-year and beating analyst expectations by 6.8%. Adjusted EPS reached $1.16, surpassing consensus estimates by 68%, driven by robust Atlas platform performance with 26% revenue growth and improved operational efficiency. Management raised full-year fiscal 2025 guidance, projecting EPS of $3.01-$3.03 and revenue between $1.973-$1.977 billion, representing material upward revisions from previous forecasts.

• Q3 2025 revenue reached $529.4M, representing 22% year-over-year growth and exceeding analyst expectations by 6.8%.
• Adjusted EPS of $1.16 exceeded estimates by 68%, with non-GAAP gross margins stable at 77%.
• Atlas platform revenue grew 26% year-over-year, now comprising 68% of total company revenue, reflecting strong market demand.

Netskope NTSK

Chase Coleman bought $11.37M of Netskope in Q3 2025. Netskope completed a blockbuster IPO on November 13, 2025, opening at $23 (up 21% from the $19 IPO price) as investors recognized the strength of its AI-native cybersecurity platform addressing the high-growth cloud security market. The company demonstrates compelling growth metrics with 19.3% annual revenue growth and $615.51M in trailing twelve-month revenue, though it remains unprofitable with -$317.32M net income as it scales operations. With a consensus Strong Buy rating and an average analyst price target of $26.85 (representing 34% upside from current levels), the market is positioning Netskope as a key player in the enterprise CASB and SASE security solutions market.

• Revenue growing at 19.3% annually, significantly outpacing the US market average of 10.5%.
• Stock surged 21% post-IPO from $19 offering price, trading around $22.32 as of early November.
• Analyst price target of $26.85 implies 34% upside potential from current trading levels.

Figure Technology FIGR

Chase Coleman bought $7.27M of Figure Technology in Q3 2025. Figure Technology Solutions demonstrated strong performance in Q3 2025, beating earnings expectations amid a significant stock price surge of 24.11% on November 14, 2025. The company maintains a robust balance sheet with assets valued at over $1.27 billion, working capital of $226 million, and a controlled debt position of approximately $174 million. With a 14.72% return on invested capital, the company is effectively managing resources and optimizing operations to drive both near and long-term shareholder value.

• Q3 2025 earnings beat expectations; stock surged 24.11% on November 14, 2025.
• Strong balance sheet with $1.27 billion in assets and $226 million in working capital.
• Return on invested capital of 14.72% demonstrates efficient operational management.

Klarna KLAR

Chase Coleman bought $6.41M of Klarna in Q3 2025. Klarna, following its September 2025 NYSE listing, is positioned for strong near-term growth with 26% year-over-year revenue growth projected in Q3 2025 to $889 million, driven by resilient consumer spending and expanding merchant adoption. The company is successfully diversifying revenue streams with interest income surging 51% to $263 million as it leans into higher-margin lending products amid intensifying competition from Affirm and Block's Afterpay. User engagement metrics remain robust with active users expected to grow 30% to 114 million and gross merchandise value increasing 21% to $31.7 billion, signaling strong market demand for its pay-later offerings.

• Q3 2025 revenue projected at $889 million, representing 26% YoY growth driven by transaction volume expansion and lending momentum.
• Interest income forecast to surge 51% to $263 million, reflecting higher lending volumes and improved monetization of pay-later loans.
• Active users expected to reach 114 million, up 30% YoY, with 'Pay Later' segment GMV projected to grow 22% to $25 billion.

Bullish BLSH

Chase Coleman bought $6.36M of Bullish in Q3 2025. Bullish has demonstrated strong operational momentum with Q3 2025 Adjusted Revenue guidance of $69.0-$76.0 million (21-33% sequential growth over Q2) and Adjusted EBITDA guidance tripling to $25.0-$28.0 million from Q2's $8.1 million, yet shares have declined approximately 40% over the past three months due to broader crypto market weakness and macro concerns. The company's recent regulatory achievements, including the New York BitLicense approval enabling U.S. market entry in Q4 2025, combined with robust operational metrics including 35% year-over-year trading volume growth and 27.4% growth in Subscription Services revenue, have prompted analyst upgrades despite current market headwinds. At current valuation multiples, Wall Street maintains a Moderate Buy consensus with average price target of $60.42, suggesting the recent sell-off presents an attractive entry point for long-term institutional investors.

• Q3 2025 Adjusted Revenue guidance of $69.0-$76.0 million represents 21-33% sequential growth from Q2's $57.0 million, with Adjusted EBITDA guidance of $25.0-$28.0 million increasing 210-246% quarter-over-quarter.
• Q2 2025 net income of $108.3 million ($0.93 EPS) reversed prior year loss of $116.4 million, with trading volume up 35% year-over-year to $179.6 billion.
• Stock declined 39.7% over the past three months and 30% in the past month, yet consensus maintains Moderate Buy rating with average price target of $60.42 representing 55% upside potential.

Figma FIG

Chase Coleman bought $3.11M of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.

• Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
• EPS of $0.10 exceeded expectations in Q3 2025.
• Stock price increased 4.5% on November 6 following earnings announcement.

Gemini GEMI

Chase Coleman bought $1.68M of Gemini in Q3 2025. Gemini experienced strong revenue growth in Q3 2025, with net revenue surging 52% to $49.8 million and trading volumes jumping 45%, but this growth was overshadowed by a significant widening of net losses to $159.5 million from $90.2 million in Q3 2024, driven by IPO-related costs and operating expenses doubling to $171.4 million. The exchange's post-IPO performance has disappointed investors, with shares declining over 50% from IPO levels, extending 6% declines following the quarterly earnings release, reflecting skepticism about the path to profitability. However, strategic diversification initiatives—including the credit card program which generated over $350 million in quarterly spending with 100,000+ accounts and services revenue representing ~40% of total revenue—suggest management is positioning for long-term growth despite near-term losses.

• Q3 net revenue surged 52% to $49.8M with trading volume up 45% and credit card transactions up 100%.
• Net losses widened to $159.5M in Q3 2025 from $90.2M in Q3 2024, with operating expenses doubling to $171.4M year-over-year.
• Stock declined 6% following earnings release, extending a post-IPO decline that has halved the stock's value since September listing.

Accelerant ARX

Chase Coleman bought $1.12M of Accelerant in Q3 2025. Accelerant Holdings has delivered strong top-line growth with revenue expanding 18% sequentially from $690M in Q2 to $814M in Q3 2025, beating analyst expectations, yet this has been severely offset by a sharp profitability deterioration as Q3 reported a $1.37 billion net loss and EPS loss of $6.99 per diluted share versus $0.04 earnings in the prior year quarter. The divergence between strong premium growth—with exchange written premium up 17% year-over-year to $1.043 billion—and mounting losses suggests operational headwinds likely from one-time charges or underwriting challenges. Despite near-term profitability pressures, institutional conviction remains intact with 13 institutional investors increasing positions in Q3 and all 5 covering analysts maintaining buy ratings with a median price target of $18.75.

• Revenue reached $814M in Q3, up 18% sequentially from Q2 and achieving a 74% year-over-year increase, surpassing analyst expectations.
• Q3 EPS deteriorated to a $6.99 loss per diluted share from $0.04 earnings year-over-year, with net loss of $1.37 billion indicating significant profitability compression.
• Exchange written premium grew 17% year-over-year and 39% sequentially, demonstrating strong business momentum despite negative earnings; return on equity stands at -198.41% versus insurance industry average of 8.02%.

Via VIA

Chase Coleman bought $721.2K of Via in Q3 2025. Via Transportation delivered robust Q3 2025 results with 32% year-over-year platform revenue growth to $439M ARR, while expanding its customer base to 713 and demonstrating strong market traction in the transit technology space. The company is showing clear operational improvement, with its adjusted EBITDA margin narrowing to -8% from -17% in the prior period, signaling progress toward profitability as it scales. These fundamentals have resonated with analysts, who maintain a Buy consensus with an average $57 price target (implying 8.12% upside), underpinned by the recent strategic partnership with Waymo and guidance projecting 30% platform growth for FY2025.

• 32% year-over-year platform revenue growth in Q3 2025 drove $439M annual run-rate with 713 customers.
• Adjusted EBITDA margin improved 9 percentage points to -8%, demonstrating operational leverage and path to profitability.
• Analyst consensus rates a Buy with $57 average price target, offering 8.12% upside from current trading levels.

Added, Trimmed, and Exited

Added

Chase Coleman increased positions in Coupang (CPNG) by 2.25M shares, Block (XYZ) by 479K shares, Amazon (AMZN) by 358K shares, Corpay (CPAY) by 270K shares, Broadcom (AVGO) by 186K shares, Flutter Entertainment (FLUT) by 205K shares, and GE Vernova (GEV) by 57K shares.
What it means: These additions reveal Tiger Global's conviction in three intersecting themes: e-commerce infrastructure (Coupang, Amazon), fintech payment rails (Block, Corpay), and AI-enabling hardware (Broadcom). The build-up in Coupang and Amazon suggests Coleman sees sustained growth in digital commerce despite economic uncertainty, while the Block and Corpay additions signal confidence in payment digitization across consumer and B2B segments. The Broadcom increase aligns with the fund's thesis on AI infrastructure buildout, while GE Vernova reflects opportunistic positioning in the power generation and grid modernization wave driven by data center electricity demand.

Trimmed

Chase Coleman dramatically reduced Meta (META) by 4.71M shares (63% of the position), Sherwin Williams (SHW) by 875K shares (73% cut), Reddit (RDDT) by 1.48M shares, and both Zillow Group (Z) and Zillow (ZG) by a combined 1.4M shares.
What it means: The massive Meta reduction is the quarter's most significant portfolio action, suggesting Tiger Global is taking profits after the stock's AI-driven rally or rotating capital due to concerns about Reality Labs losses and diminishing ROIC from AI infrastructure spending. The Sherwin Williams near-exit likely reflects pessimism about housing market cyclicality and margin pressure, while the Zillow trims amplify this cautious housing thesis. The Reddit reduction, despite positive returns, may represent profit-taking after the successful IPO pop, with Coleman rebalancing exposure as the stock matured from a high-conviction private-to-public crossover play into a more established public holding.

Exited

Chase Coleman completely liquidated four positions: Eli Lilly (LLY) worth $1.18B, CrowdStrike Holdings (CRWD) worth $254.7M, Novo Nordisk (NVO) worth $87.6M, and ZKH worth $24.6M.
What it means: The simultaneous exits from Eli Lilly and Novo Nordisk—representing $1.27B in combined healthcare exposure—signal a decisive sector rotation away from GLP-1 obesity drug manufacturers, likely driven by increasing competition, pricing pressure, and valuation concerns after the massive 2023-2024 rally. The CrowdStrike exit following the catastrophic July 2024 Windows outage suggests Coleman lost confidence in the company's competitive positioning and enterprise customer retention despite its cybersecurity market leadership. These exits freed up approximately $1.55B in capital that was redeployed into new technology positions including Netflix, MongoDB, and emerging fintech opportunities, reflecting Tiger Global's willingness to make bold sector rotations when conviction shifts.

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.