a16z Perennial Management, L.P.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed February 12, 2025), a16z Perennial Management, L.P. reported 41 stock positions worth $934.6 million. Its top holding was Coinbase Global Class A (COIN) at 44.3% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 21.2%) and Airbnb Class A (ABNB, 10.0%). Compared with Q1 2024, it opened 7 new positions, sold out of 5, added to 1 and reduced 7. The biggest buy was a new position in Nu Holdings Ltd./Cayman Isl-A (NU) and the biggest sale an exit from Nu.

Most Recent 13F
Q2 2026
Location
MENLO PARK, CA
CIK
0002009275
Portfolio Value
$934.6M (Q2 2024)
SEC Filing
0002009275-25-000005 ↗ filed Feb 12, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.1B Q1 2024 Q2 2024: $934.6M $934.6M Q2 2024 Q3 2024: $812.4M Q3 2024 Q4 2024: $861.1M Q4 2024 Q1 2025: $802.3M Q1 2025 Q2 2025: $1.2B Q2 2025 Q3 2025: $1.3B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 41 stocks · $934.6M
COIN Coinbase Global Inc. Class A 44.29% 1,862,462 $413.9M Reduce -1.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 21.21% 15,378,500 $198.2M New
ABNB Airbnb Inc. Class A 10.03% 618,131 $93.7M Reduce -14.7%
XHLF Bondbloxx BBG 6 MTH US Treas 8.20% 1,524,683 $76.7M Reduce -17.3%
OKTA Okta Inc. 5.99% 597,873 $56.0M No change
MUB iShares National Muni Bond E 2.53% 221,667 $23.6M No change
VTEB Vanguard Tax-Exempt Bond ETF 2.34% 435,683 $21.8M No change
RBLX Roblox Corp. Class A 1.27% 318,277 $11.8M New
MSFT Microsoft Corp. 0.96% 20,012 $8.9M No change
AFRM Affirm Holdings Inc. 0.57% 175,120 $5.3M Reduce -9.1%
PINS Pinterest Inc. Class A 0.46% 98,473 $4.3M No change
CRM Salesforce Inc. 0.37% 13,528 $3.5M No change
META Meta Platforms Inc. Class A 0.33% 6,194 $3.1M No change
HOOD Robinhood Markets Inc. Class A 0.22% 88,871 $2.0M No change
AMZN Amazon.com Inc. 0.20% 9,520 $1.8M No change
CRWD CrowdStrike Holdings Inc. Class A 0.18% 4,438 $1.7M No change
CLOZ Eldridge BBB-B Clo ETF 0.17% 59,988 $1.6M New
HYGH iShares Int Rate Hedg HY ETF 0.17% 18,948 $1.6M New
SPY SS SPDR S&P 500 ETF Trust-US 0.07% 1,239 $674K No change
NET Cloudflare Inc. Class A 0.07% 7,440 $616K No change
CART Maplebear Inc. 0.06% 18,558 $596K Add +8259.5%
GOOGL Alphabet Inc. Class A 0.06% 2,820 $514K Reduce -50.9%
WVE Wave Life Sciences Ltd. 0.04% 77,619 $387K No change
GOOG Alphabet Inc. Class C 0.04% 2,080 $382K New
NFLX Netflix Inc. 0.04% 562 $379K No change
RCKT Rocket Pharmaceuticals Inc. 0.03% 11,335 $244K No change
VCEB Vanguard ESG US Corp. Bond 0.02% 3,651 $227K New
WDAY Workday Inc. Class A 0.02% 896 $200K No change
TEAM Atlassian Corp. Class A 0.02% 1,117 $198K No change
DOCN Digitalocean Holdings Inc. 0.01% 3,088 $107K Reduce -96.4%
IVVD Invivyd Inc. 0.01% 79,869 $88K No change
IOT Samsara Inc. Class A 0.01% 2,566 $86K No change
ADV Advantage Solutions Inc. 0.01% 18,867 $61K New
CRIS Curis Inc. 0.00% 6,653 $46K No change
LYFT LYFT Inc. Class A 0.00% 2,244 $32K No change
OPEN Opendoor Technologies Inc. 0.00% 4,422 $8K Reduce -26.1%
NOW ServiceNow Inc. 0.00% 6 $5K No change
BRK.B Berkshire Hathaway Inc. Class B 0.00% 10 $4K No change
SNOW Snowflake Inc. 0.00% 28 $4K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.00% 22 $2K No change
ROOT Root Inc./Oh Class A 0.00% 10 $516 No change

Options reported separately and not counted above: COIN puts ($125.8M), ABNB puts ($29.9M), AFRM puts ($5.1M), MSFT puts ($4.5M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $172 (not counted above)
SecurityClassShares / PrincipalValueChange
ADVWW Advantage Solutions in-CW25 *W EXP 10/28/202 4,716$172Reduce -75.0%

Total filed on the 13F, all lines: $934.6M.

Portfolio Sells Q1 2024 → Q2 2024
NU HLDGS LTD Sold out 0.00% −18.29
COIN Coinbase Global Inc. Class A Reduce -1.6% 44.29% −2.62
ROBLOX CORP Sold out 0.00% −1.15
ABNB Airbnb Inc. Class A Reduce -14.7% 10.03% −1.14
XHLF Bondbloxx BBG 6 MTH US Treas Reduce -17.3% 8.20% −0.47
DOCN Digitalocean Holdings Inc. Reduce -96.4% 0.01% −0.29
AFRM Affirm Holdings Inc. Reduce -9.1% 0.57% −0.10
ASAN Asana Inc. Class A Sold out 0.00% −0.06
GOOGL Alphabet Inc. Class A Reduce -50.9% 0.06% −0.03
PD Pagerduty Inc. Sold out 0.00% −0.01
BOX Box Inc. Class A Sold out 0.00% −0.01
OPEN Opendoor Technologies Inc. Reduce -26.1% 0.00% −0.00

Portfolio Buys Q1 2024 → Q2 2024
NU Nu Holdings Ltd./Cayman Isl-A New 21.21% +21.21
RBLX Roblox Corp. Class A New 1.27% +1.27
CLOZ Eldridge BBB-B Clo ETF New 0.17% +0.17
HYGH iShares Int Rate Hedg HY ETF New 0.17% +0.17
CART Maplebear Inc. Add +8259.5% 0.06% +0.06
GOOG Alphabet Inc. Class C New 0.04% +0.04
VCEB Vanguard ESG US Corp. Bond New 0.02% +0.02
ADV Advantage Solutions Inc. New 0.01% +0.01

Options Activity Q1 2024 → Q2 2024
COIN Coinbase Global Inc. Class A put New 566,000 $125.8M
ABNB Airbnb Inc. Class A put New 197,000 $29.9M
XHLF Bondbloxx BBG 6 MTH US Treas put Sold out 248,600 $12.5Mbefore exit
LYFT LYFT Inc. Class A put Sold out 536,700 $10.4Mbefore exit
AFRM Affirm Holdings Inc. put New 170,000 $5.1M
MSFT Microsoft Corp. put New 10,000 $4.5M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024
ADVWW Advantage Solutions in-CW25 *W EXP 10/28/202 Reduce -75.0% 4,716 $172

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 61$1.2BCOIN, NU, IOT, VOO, AGG
Q1 2026 142$1.2BCOIN, NU, IOT, XHLF, AVGO
Q4 2025 143$1.3BCOIN, NU, XHLF, HOOD, IOT
Q3 2025 134$1.3BCOINBASE GLOBAL INC, NU, HOOD, XHLF, SAMSARA INC
Q2 2025 46$1.2BCOIN, NU, XHLF, ABNB, ROBINHOOD MKTS INC
Q1 2025 44$802.3MCOIN, NU, XHLF, ABNB, OKTA
Q4 2024Amended 44$861.1MCOIN, NU, ABNB, OKTA, ROBINHOOD MKTS INC
Q3 2024Amended 41$812.4MCOINBASE GLOBAL INC, NU, XHLF, ABNB, OKTA
Q2 2024Amended 41$934.6MCOIN, NU, ABNB, XHLF, OKTA
Q1 2024 39$1.1BCOIN, NU HLDGS LTD, ABNB, XHLF, OKTA