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      <liveTestFlag>LIVE</liveTestFlag>
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        <credentials>
          <cik>0001483503</cik>
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      <periodOfReport>03-31-2025</periodOfReport>
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        <name>TB Alternative Assets Ltd.</name>
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          <ns1:street1>2001, AGRICULTURAL BANK OF CHINA TOWER</ns1:street1>
          <ns1:street2>50 CONNAUGHT ROAD CENTRAL, CENTRAL</ns1:street2>
          <ns1:city>HONG KONG</ns1:city>
          <ns1:stateOrCountry>K3</ns1:stateOrCountry>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>Shujun Li</name>
      <title>Director</title>
      <phone>(852) 3727-0300</phone>
      <signature>/s/ Shujun Li</signature>
      <city>Hong Kong</city>
      <stateOrCountry>K3</stateOrCountry>
      <signatureDate>04-14-2025</signatureDate>
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