Duan Yongping's $20B reveal and the institutional crypto exit

Today's filings pivot away from the 13F deadline flood — and into Form 4 insider buys, 13D/G ownership disclosures, and a handful of notable late filers. The headline read: a China-based value investor finally showed his hand on AI, while three of the largest institutional players quietly walked away from altcoin ETFs in the same quarter.

Flash summary

Filer	Type	Target	Action	Size
H&H International (Duan Yongping)	13F late	NVDA, PDD, TSLA, CRCL	8 new positions; +91% NVDA	$20B portfolio
Goldman Sachs	13F/Q1	XRP ETFs (4 products)	Full exit	~$154M
Jane Street	13F/Q1	BlackRock IBIT	Cut −71%	~$225M remaining
Harvard Endowment	13F/Q1	BlackRock ETHA	Full exit	~$86.8M
Mubadala (Abu Dhabi)	13F/Q1	Bitcoin (BTC)	Increased	Amount unconfirmed
Bakkt (BKKT) Director Alfred	Form 4	BKKT	Bought 585K shares	~$4.85M
Upstart CEO Girouard	Form 4	UPST	Open-market buy	~$1.4M
Shake Shack Director Meyer	Form 4	SHAK	Open-market buy	~$1.99M
TKO Group Director Kraft + CEO + CFO	Form 4	TKO	Cluster buy	~$988K (Kraft alone)
QIA (Qatar)	13D/A + 13G/A	FLNC	Sold 2.87M shares at $21	$60.2M in proceeds

Duan Yongping's $20B hand: NVDA doubled, Alibaba gone, Circle initiated

Duan Yongping — nicknamed "China's Buffett" for early calls on NetEase, Apple, and PDD — filed his Q1 2026 13F on May 19, the latest among tracked superinvestors. 1 The portfolio: $20 billion across 19 securities, held through H&H International Investment LLC with sole investment discretion on all positions.

The structure is concentrated. Apple (AAPL) alone sits at $7.346B (36.72% of the book), Berkshire Hathaway B (BRK.B) at $4.384B, and Nvidia (NVDA) at $2.414B (12.07%). 1

The moves worth watching:

NVDA +91.3%: Added approximately 6.6 million shares in Q1, bringing the total to 13.84 million shares at $2.414B — now the third-largest position at 12.07% of the portfolio. (The exact from/to share count in search-derived sources contains a decimal discrepancy; the ending balance of 13.84M shares at $2.414B is confirmed from a fetched page.)
PDD +8M+ shares: Ownership raised to 10.09% of outstanding shares.
8 new positions opened: Tesla (TSLA, now $1.267B), UnitedHealth (UNH), Circle (CRCL, 200,000 shares at avg $95.41, value $19.08M), Palantir (PLTR), Synopsys (SNPS), CrowdStrike (CRWD), Snowflake (SNOW), and Innodata (INOD). 1
Alibaba (BABA) fully exited: Ends a multi-year position.

The Circle (CRCL) initiation draws attention because Circle is the issuer of USDC — one of the two dominant US-regulated stablecoins — and is preparing for a public listing. Chinese financial media read the $19.08M bet as Duan's first explicit positioning in compliant crypto infrastructure, distinct from speculative crypto exposure. 1

One caveat: only 6 of the 19 holdings (AAPL, BRK.B, NVDA, PDD, TSLA, MSFT) were confirmed from a directly fetched page. The remaining positions — including the new entries above — come from search-snippet data and Chinese financial media reports; the primary SEC 13F filing was not fetched. Treat the new-position list as likely-correct but unverified at the filing level.

Institutional crypto rotation: the altcoin exit is broad and correlated

Three separate Q1 2026 13F disclosures landed within the same news cycle, all pointing in the same direction: large institutions are cutting altcoin ETF exposure while selectively maintaining or reducing Bitcoin and Ethereum positions.

Goldman Sachs fully liquidated its XRP ETF position of approximately $154 million, spread across four products: Bitwise, Franklin Templeton, Grayscale, and 21Shares XRP ETFs. Goldman had been the largest disclosed institutional investor in spot XRP ETFs as of Q4 2025. 2 The bank also fully exited Solana ETF positions and cut Ethereum ETF holdings by approximately 70% quarter-over-quarter. What it kept: roughly $177 million in iShares Ethereum Trust (ETHA) and an estimated several hundred million in Bitcoin via iShares Bitcoin Trust (IBIT). Capital pivoted to crypto infrastructure equities — Circle (CRCL), Coinbase (COIN), Galaxy Digital (GLXY). 2

Jane Street — a market-making firm that posted record $16.1 billion in Q1 2026 trading revenue — cut BlackRock IBIT holdings by approximately 71% to roughly 5.9 million shares (~$225 million). 3 Fidelity FBTC was cut by approximately 60% to roughly 2 million shares (~$115 million). Strategy (MSTR, the leveraged Bitcoin proxy vehicle) was slashed 78% from 968,000 to 210,000 shares (~$27 million), after Jane Street had increased it 473% in Q4 2025. 3

The counter-rotation: Jane Street nearly doubled BlackRock ETHA, sharply raised Fidelity FETH, lifted Coinbase (COIN) to ~888,000 shares (~$155 million), and grew its Galaxy Digital (GLXY) position from roughly 17,000 shares to approximately 1.5 million (~$28 million). Riot Platforms (RIOT) rose to ~7.4 million shares (~$91 million). The pattern is consistent — BTC/ETH exposure compressed at the ETF level, reallocated to crypto-native equities.

Harvard Management Company cut its BlackRock IBIT position by 43% to 3,044,612 shares and fully exited its BlackRock ETHA position of approximately $86.8 million. 4 This follows a 21% IBIT trim in Q4 2025, making it two consecutive quarters of reduction. Harvard's ETHA is now fully closed.

The counter-data point: Abu Dhabi's Mubadala Investment Company increased Bitcoin exposure in Q1 2026 — moving opposite to the Goldman/Jane Street/Harvard direction. Specific position size and vehicle are not yet confirmed from primary sources. 5

The read across all three: altcoin ETF products (XRP, SOL, leveraged BTC proxies) are losing institutional shelf space. The rotation destination is either crypto-native equities (Coinbase, Galaxy, Circle) or, in Mubadala's case, direct BTC exposure. This is not a blanket crypto exit — it's a product-layer re-tier.

Insider buys: conviction in beaten-down names

Four Form 4 disclosures from May 19 stand out as actionable signals rather than routine option exercises.

Bakkt (BKKT) director Michael Alfred, through the entity Alpine Fox LP, accumulated 585,000 shares between May 15 and 18 at a weighted average of approximately $8.29 per share — a total of roughly $4.85 million. 6 The purchase increased Alfred's reported holdings by 854%. BKKT traded approximately 14% higher the following session. Bakkt operates a digital asset platform; the stock had been under sustained pressure before this buy.

Upstart Holdings (UPST) CEO and co-founder Dave Girouard bought approximately 50,909 shares in the open market at roughly $27.50 per share, totaling approximately $1.4 million. 7 The context matters here: Upstart (an AI-powered lending platform) is currently facing a securities fraud class action lawsuit alleging misstatements about its AI capabilities. Open-market CEO buys in the face of active litigation are rare — the incremental legal exposure to any appearance of improper trading makes them unusual. CTO and co-founder Paul Gu separately bought 50,000 shares earlier in May.

TKO Group Holdings (TKO) — the parent of UFC and WWE — saw director Jonathan Kraft (through KPC US Equity) buy 5,200 Class A shares at a weighted average of $189.96 per share (~$988,000). 8 CEO Ariel Emanuel and CFO Andrew Schleimer also made open-market purchases in mid-May, forming a three-person buying cluster at the director and C-suite level simultaneously. Cluster buys — multiple insiders buying independently in the same short window — carry more signal weight than isolated individual purchases.

Shake Shack (SHAK) director Daniel Harris Meyer bought approximately $1.99 million in SHAK stock around May 19. 9 A separate BBAE data point shows another SHAK director bought 8,290 shares at $60.38 (~$500,530) the same day. The two transactions may be from different directors; if confirmed as separate buyers, this becomes another buying cluster worth tracking. SHAK traded between $61.80 and $64.47 intraday.

What to watch against: The largest sell of the day was a 10% beneficial owner at Ethos Technologies (LIFE) offloading 147,552 shares at $23.45 (~$3.46 million) — the biggest single insider sale in the BBAE window, reducing their stake by 4.01%. 10

13D/G activations: QIA trims FLNC, Framework near-controls a stablecoin play

Qatar Investment Authority (QIA) filed both a Schedule 13G/A and a Schedule 13D/A for Fluence Energy (FLNC) on May 19. The 13D/A discloses the actual transaction: QIA sold 2,867,172 Class A shares at $21 per share on May 15, 2026, for aggregate proceeds of $60,210,612. 11 Post-sale, QIA holds 11,801,103 shares. The percentage reads as 8.3% under the 13G/A (based on 141.5 million shares per the May 13 prospectus supplement) or 8.9% under the 13D/A (based on 132.8 million shares per the May 1 10-Q) — the difference reflects two different share counts from different filings. The 13D/A itself corrects an erroneous filing made May 18. QIA is part of a three-party stockholder group with AES Grid Stability and Siemens Industry collectively holding 53.0% of FLNC. 12

Framework Ventures (the San Francisco crypto-focused VC) filed Amendment No. 4 to its Schedule 13D for Stablecoin Development Corp (NBY), reporting 46.4% beneficial ownership — 32,715,086 shares — through the vesting of 10,021,850 pre-funded warrants issued January 16, 2026. 13 With R01-affiliated investors holding additional pre-funded warrants for 10,735,994 shares, the Framework-aligned bloc could approach a combined majority. Note: NBY has only 27,115,646 shares outstanding as of May 17, 2026 — this is a micro-cap situation where the warrant structure gives VC investors near-controlling economics without a formal buyout.

David Capital Partners / Adam Patinkin disclosed a 10.3% stake in Kingsway Financial Services (KFS) — 3,015,421 shares — through a 13D/A filing. 14 Patinkin was appointed Chairman of Kingsway's board on March 11, 2026, and now holds 400,000 ten-year options vesting over four years at $20 and $30 strike prices. The filing language explicitly reserves the right to "engage actively with management and other shareholders on strategy, capital structure, and governance" — standard activist placeholder text. His firm's employees received a separate fully vested 200,000-option grant at $25. This is a watch-list activation: the Chairman buying through a dedicated investment fund while publicly flagging governance engagement is an activist setup, not a passive hold.

Theme takeaway

Three signals converge around a single read: institutions are repricing crypto exposure at the product level (ETFs and leveraged proxies out; spot BTC/ETH equities and infrastructure names in), while insiders at operationally stressed companies are stepping in with meaningful personal capital. The BKKT director buying 585,000 shares — an 854% holding increase — is the sharpest directional signal in this batch. The UPST CEO buying during active litigation is close behind. Both are categories where insiders absorb asymmetric downside risk if they're wrong, which makes the buy a stronger signal than a routine options exercise or 10b5-1 plan transaction.

The Duan Yongping filing threads through both themes: an AI infrastructure pivot (NVDA near-doubled, Circle initiated) from someone whose Apple and PDD calls have compounded at scale. The BABA exit closes the loop — less explicit China platform exposure, more US AI and fintech infrastructure.

Variables to track into next week: whether the QIA FLNC stake continues declining (the $21 sale followed a prospectus supplement, suggesting they may be managing a gradual exit through at-market secondary offerings), and whether the Shake Shack director cluster buy holds up as two separate insiders once the Form 4s are cross-referenced on EDGAR.