"China's Buffett" Duan Yongping's holdings revealed: first established position in Circle, reduced TSMC holdings by 90%

Known as the "China Buffett," Duan Yongping, for the first time, built a position in the stablecoin giant Circle through his affiliated company, symbolizing that traditional value investors are beginning to venture into crypto finance.

Duan Yongping, a well-known investor and founder of BBK Electronics, has long been renowned for his steady value investing style, with holdings entirely in traditional giants like Apple and Berkshire Hathaway. However, the latest 13F filing for his family wealth management firm H&H International Investment LLC submitted to the U.S. Securities and Exchange Commission (SEC) for Q1 2026 reveals a new face that has attracted significant market attention: the stablecoin giant Circle (CRCL), marking Duan Yongping’s first crypto-related investment.

Duan Yongping’s investment scale hits a new high, Circle (CRCL) quietly appears

According to the latest 13F report, Duan Yongping’s overall investment portfolio has grown sharply from $17.49 billion last quarter to $3B, breaking a new record again. Apple (AAPL), Berkshire Hathaway (BRK.B), and NVIDIA (NVDA) remain the main holdings, with the top five holdings accounting for about 87%. Apple was slightly reduced by 10.55%, Berkshire added by 27.47%, and NVIDIA was significantly increased by 91.29%.

Image source: "Chain News"

The most eye-catching new face on the list is "Circle." Duan Yongping invested approximately $19.08 million to build a position in Circle, accounting for about 0.1% of the entire portfolio. Although the amount isn’t large, for a traditional value investor who has long kept his distance from cryptocurrencies, it is enough to attract external attention.

Additionally, TSMC was reduced by 87.65%, with the holding value shrinking to about $51.1 million, but it only accounts for 0.26% of his portfolio.

From cautious observation to first-time action, why did Duan Yongping change?

As a successful businessman and investor, he has built gaming giant "Subor" and nurtured communication brands like OPPO and Vivo. In investing, he emphasizes the understandability of business models, long-term stable cash flow, and clear brand moat. His past stock picks, from NetEase and Apple to Berkshire Hathaway, all meet these strict standards.

He has always been cautious about the crypto space, never publicly following Bitcoin, NFTs, or DeFi Summer.

But Circle is clearly an exception. Rather than saying Circle is a crypto company, it’s more like a "digital dollar bank" or payment clearing platform. Its core business is issuing the stablecoin USDC, investing reserve funds in U.S. Treasuries and other assets to earn interest, with a profit model similar to a money market fund. This business logic finally allows Duan Yongping to understand and evaluate Circle’s investment value.

Circle’s financial performance shines, proving its strength in the stablecoin sector

Reviewing Circle’s previously announced Q1 2026 financial report, total revenue reached $694 million, a 20% increase year-over-year, with 94% coming from reserve asset interest income; adjusted EBITDA was $151 million, up 24% year-over-year, with continued profitability growth.

In terms of business scale, USDC circulation reached $77 billion, a 28% increase year-over-year; on-chain transaction volume soared to $21.5 trillion, a staggering 263% increase. These figures demonstrate that Circle has built a quantifiable "stablecoin yield machine," becoming one of the few large enterprises in the crypto industry capable of truly generating stable cash flow.

Stablecoins as a bridge for traditional capital entry, crypto industry heading toward mainstream

Duan Yongping’s investment can be better understood in the context of broader market trends. More and more crypto companies are actively attempting IPOs, from trading platforms and stablecoin issuers to on-chain payment and custody infrastructure. Meanwhile, crypto ETFs are flourishing, traditional banks are exploring stablecoin settlement, and payment institutions are integrating USDC networks. All these signs indicate that the crypto industry is rapidly moving from an "alternative investment market" to a part of the global financial system.

In this process, stablecoin companies like Circle, with transparent business models and predictable cash flows, have become the most understandable and most willing to be accepted by traditional capital.

Duan Yongping’s purchase of Circle, while not necessarily indicating a bullish stance on Web3, at least sends a clear signal: stablecoins and the on-chain dollar system are beginning to enter the eyes of top traditional investors. As regulatory frameworks become clearer and infrastructure matures, more crypto companies are expected to enter mainstream investment horizons.

• This article is reprinted with permission from: "Chain News"
• Original title: "‘China Buffett’ Duan Yongping’s Investment Portfolio Revealed! First Build Position in Circle, Reduce TSMC Holdings by 90%"
• Original author: Crumax