Tekne Capital Management, LLC

Tekne Capital Management, LLC declares $292.9M in 3 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 95.8% of its $305.6M 13F portfolio. Largest positions: GDS Holdings (3.0% of the company) and ACM Research (1.1% of the company). Over time: $292.9M in 3 of these companies for Q2 2026, against $46.3M in 1 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $50.5M and sold nothing of these stocks, at the quarter's prices: a net purchase of $50.5M; 1 new position.

Performance of its AI picks

The AI-stock portfolio Tekne Capital Management, LLC declared for Q2 2026 (Form 13F), held unchanged, returned -11.4% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: -5.3% (SMH +87.2%). Over three years, quarter after quarter: +239.5% (SMH +325.8%). Over five years, quarter after quarter: -11.3% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. GDS Holdings (GDS) — $179.5M: 6.0M shares, 3.0% of the company, 58.7% of its portfolio (added this quarter); held since Q4 2021
2. ACM Research (ACMR) — $93.6M: 737,500 shares, 1.1% of the company, 30.6% of its portfolio (added this quarter); held since Q4 2025
3. Bitdeer (BTDR) — $19.8M: 1.3M shares, 0.53% of the company, 6.5% of its portfolio (new position this quarter)

By sector

• Neoclouds & data centers — $199.3M, 68% of its AI holdings, 2 companies
• Equipment & test — $93.6M, 32% of its AI holdings, 1 company

Biggest changes this quarter

• added to GDS Holdings (GDS): +$27.8M at the quarter's price
• opened a position in Bitdeer (BTDR): +$19.8M at the quarter's price
• added to ACM Research (ACMR): +$2.9M at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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