Written by: Nicky, Foresight News
Recently, a document submitted to the U.S. Securities and Exchange Commission quietly revealed a noteworthy "exit": the overseas fund of private equity mogul Dan Bin, managed by Dongfang Harbor, completely liquidated all cryptocurrency-related stocks in the fourth quarter of 2025.
Coinbase, the globally renowned U.S. cryptocurrency exchange, along with another Ethereum treasury company, BitMine, disappeared from the fund's holdings list. Dongfang Harbor sold off 156,900 shares of Coinbase stock purchased in the second quarter of 2025 (disclosed in the third quarter with a value of $52.8735 million) and 185,900 shares of BitMine stock bought in the third quarter ($9.6522 million).
In the fourth quarter of 2025, Coinbase's stock fell by 32.99%, while BitMine's dropped by 47.71%. Based on this data, Dongfang Harbor's maximum loss was $22.0486 million, with a loss rate of 35.26%. The maximum loss for Coinbase was $17.4429 million, and for BitMine, it was $4.605 million.
In other words, investment mogul Dan Bin also suffered significant losses in this "crypto trading."
Dan Bin has been involved in investment since 1992 and has been referred to by many media outlets as "one of the most successful Chinese replicators of Buffett" due to his long-term heavy investments in companies like Kweichow Moutai and Tencent.
The Shenzhen Dongfang Harbor Investment Management Co., Ltd., which he leads, was established in 2004 and is one of the earliest sunshine private equity firms in China, adhering to a value investment philosophy of "growing together with great companies." The current asset management scale is approximately 30 billion RMB, with the overseas fund's U.S. stock scale around $1.316 billion, achieving annualized returns of about 25% and 28% domestically and internationally over the past decade, respectively.
In addition, Dan Bin's story with Bitcoin began much earlier than most people imagine.
In November 2013, when Bitcoin's price broke $400, which seemed like a fantasy to the public, Dan Bin had already shared this news on Weibo.
A few months later, he visited a Bitcoin mining farm in Shenzhen, listening to the enthusiastic discussions of young people, and remarked on Weibo, "It feels like listening to a foreign language." At that time, he resembled an observer standing outside a lively party, curious but not stepping in.
In the following years, his Weibo became an "informal reporting station" for Bitcoin market trends. When the price broke $3,000 in 2017 and during his comments on Sun Yuchen's "Buffett Lunch" in 2019, his gaze never left this wild new phenomenon.
In 2021, a climax was reached. At that time, the world's first Bitcoin ETF was born, and Dan Bin publicly stated that it was "very likely" for Bitcoin to rise to $400,000, revealing that he had personally bought 1% of the Bitcoin ETF—"to maintain curiosity about new things," he explained.
However, personal curiosity is one thing, and deploying real money from a fund worth billions is another. Dan Bin appeared extremely cautious.
It wasn't until the second quarter of 2025 that the Dongfang Harbor overseas fund first dipped its toes in, purchasing approximately $55 million worth of Coinbase stock. At that time, the market was hot, and Coinbase's stock price soared. In the third quarter, the fund further increased its position by investing in BitMine, related to the Ethereum treasury concept. The market began to speculate: was this value investment flagbearer about to fully embrace cryptocurrency?
In a December 2025 interview titled "Mysterious and Unnamed," Dan Bin revealed the balance of his thoughts. He acknowledged that cryptocurrency had become mainstream after legalization and was an important direction. However, he quickly shifted his tone, comparing Bitcoin to gold, describing it as a "non-yielding asset." He posed a sharp question: "Where would you place the same amount of money to generate more efficiency?" For him, the answer seemed to lean towards those tech giants that continuously create profits.
Indeed, in the fourth quarter of last year, the fund's holdings provided a final answer. Not only did it liquidate Coinbase and BitMine, but it also bid farewell to several other stocks, including Alibaba and Netflix. The "ammunition" recovered was heavily concentrated on Google, making it the absolute top holding. Dan Bin's strategy was almost entirely focused on core AI giants like Google, Nvidia, and Microsoft.
This liquidation was not surprising. In Dan Bin's investment philosophy, "efficiency" has always been central.
In March 2024, he initiated an interesting poll: with 5 million RMB, would you buy 30 lots of Moutai, 12 Bitcoins, 10 kilograms of gold, or 1,000 shares of Nvidia? This itself was a soul-searching question about asset efficiency. Although he personally recognized the long-term trend of Bitcoin and even stated last October that "if blockchain technology is not disrupted, Bitcoin will continue to rise," for the fund, he had to make more ruthless choices.
As of January 29, before publication, 30 lots of Moutai were valued at 4.31 million RMB, 12 Bitcoins at 7.35 million RMB, 10 kilograms of gold at 12.43 million RMB, 10,000 shares of Nvidia (after a 1:10 split on June 7, 2024) at 13.30 million RMB, 2,000 shares of Microsoft at 7.35 million RMB, a small apartment in a core location in Beijing/Shanghai at 4.75 million RMB, and 50 classic LV bags (calculated at an average annualized return of 7.5%) valued at 5.78 million RMB.
In his view, artificial intelligence is the current "main channel" with higher certainty and greater imaginative space. AI technology is reshaping various industries, and companies like Google and Nvidia not only have technological barriers but also continuously generate cash flow as "yielding assets." In contrast, the highly volatile cryptocurrency resembles a "faith asset" that requires waiting for market consensus.
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