a16z Perennial Management, L.P. In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), a16z Perennial Management, L.P. reported 44 stock positions worth $861.1 million . Its top holding was Coinbase Global Class A (COIN) at 47.3% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 18.4% ) and Airbnb Class A (ABNB, 8.1% ). Compared with Q3 2024, it opened 8 new positions, sold out of 5, added to 2 and reduced 8. The biggest buy was a new position in Coinbase Global Class A (COIN) and the biggest sale an exit from Coinbase Global .
Location MENLO PARK, CA
CIK 0002009275
Portfolio Value $861.1M (Q4 2024) Holdings 44 stocks · $861.1M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 COIN Coinbase Global Inc. Class A 1,640,962 $407.5M New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 15,285,500 $158.4M Add +6.5% ABNB Airbnb Inc. Class A 532,631 $70.0M Reduce -1.7% OKTA Okta Inc. 597,873 $47.1M No change ROBINHOOD MKTS INC 858,770 $32.0M New SAMSARA INC 679,997 $29.7M New CMF iShares California Muni Bond 226,366 $23.9M No change VTEB Vanguard Tax-Exempt Bond ETF 435,683 $21.8M No change IVV iShares Core S&P 500 ETF 33,100 $19.5M New RBLX Roblox Corp. Class A 235,453 $13.6M Reduce -3.1% CART Maplebear Inc. 221,783 $9.2M Add +3.6% AFRM Affirm Holdings Inc. 127,520 $7.8M Reduce -6.6% META Meta Platforms Inc. Class A 6,194 $3.6M No change PINS Pinterest Inc. Class A 98,473 $2.9M No change LQD Ishr Ibx Usd Invgd CB ETF-Ui 19,876 $2.1M No change AMZN Amazon.com Inc. 9,520 $2.1M No change HYGH iShares Int Rate Hedg HY ETF 21,915 $1.9M No change CRWD CrowdStrike Holdings Inc. Class A 4,438 $1.5M No change WVE Wave Life Sciences Ltd. 77,619 $960K No change GOOG Alphabet Inc. Class C 4,920 $934K New BITB Bitwise Bitcoin ETF 15,961 $812K New SPY SS SPDR S&P 500 ETF Trust-US 1,239 $726K No change HYG Ishr Ibx Usd Hiyld CB ETF-Ui 7,600 $598K No change ETHW Bitwise Ethereum ETF 22,197 $532K New CLOZ Eldridge BBB-B Clo ETF 18,898 $509K Reduce -66.5% NFLX Netflix Inc. 562 $501K No change TEAM Atlassian Corp. Class A 1,117 $272K No change WDAY Workday Inc. Class A 896 $231K No change RCKT Rocket Pharmaceuticals Inc. 11,335 $142K No change NET Cloudflare Inc. Class A 1,040 $112K Reduce -85.2% DOCN Digitalocean Holdings Inc. 3,088 $105K No change ADV Advantage Solutions Inc. 18,867 $55K New IVVD Invivyd Inc. 79,869 $35K No change LYFT LYFT Inc. Class A 2,244 $29K No change CRIS Curis Inc. 6,653 $20K No change RDDT Reddit Inc. Class A 67 $11K Reduce -99.8% CRM Salesforce Inc. 28 $9K Reduce -99.7% OPEN Opendoor Technologies Inc. 4,422 $7K No change NOW ServiceNow Inc. 6 $6K No change MSFT Microsoft Corp. 12 $5K Reduce -99.9% BRK.B Berkshire Hathaway Inc. Class B 10 $5K No change SNOW Snowflake Inc. 28 $4K No change DIS The Walt Disney Co. filed as DISNEY WALT CO 22 $2K No change ROOT Root Inc./Oh Class A 10 $726 No change
Options reported separately and not counted above: ABNB puts ($18.6M), MSFT puts ($7.6M), COINBASE GLOBAL INC puts ($6.1M), AFRM puts ($2.5M), CART puts ($847K).
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ COINBASE GLOBAL INC Sold out 0.00% −38.77 XHLF Bondbloxx BBG 6 MTH US Treas Sold out 0.00% −8.64 IOT Samsara Inc. Class A Sold out 0.00% −1.36 MSFT Microsoft Corp. Reduce -99.9% 0.00% −0.94 RDDT Reddit Inc. Class A Reduce -99.8% 0.00% −0.37 ABNB Airbnb Inc. Class A Reduce -1.7% 8.13% −0.33 CRM Salesforce Inc. Reduce -99.7% 0.00% −0.32 HOOD Robinhood Markets Inc. Class A Sold out 0.00% −0.26 CLOZ Eldridge BBB-B Clo ETF Reduce -66.5% 0.06% −0.13 GOOGL Alphabet Inc. Class A Sold out 0.00% −0.10 NET Cloudflare Inc. Class A Reduce -85.2% 0.01% −0.06 AFRM Affirm Holdings Inc. Reduce -6.6% 0.90% +0.22 RBLX Roblox Corp. Class A Reduce -3.1% 1.58% +0.26
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ COIN Coinbase Global Inc. Class A New 47.32% +47.32 ROBINHOOD MKTS INC New 3.72% +3.72 SAMSARA INC New 3.45% +3.45 IVV iShares Core S&P 500 ETF New 2.26% +2.26 GOOG Alphabet Inc. Class C New 0.11% +0.11 BITB Bitwise Bitcoin ETF New 0.09% +0.09 ETHW Bitwise Ethereum ETF New 0.06% +0.06 ADV Advantage Solutions Inc. New 0.01% +0.01 CART Maplebear Inc. Add +3.6% 1.07% −0.01 NU Nu Holdings Ltd./Cayman Isl-A Add +6.5% 18.39% −5.74
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ ABNB Airbnb Inc. Class A put Add +43.3% 210,000 $18.6M IOT Samsara Inc. Class A put Sold out 229,400 $11.0Mbefore exit MSFT Microsoft Corp. put Add +1894.3% 353,000 $7.6M COINBASE GLOBAL INC put Reduce -71.0% 137,500 $6.1M AFRM Affirm Holdings Inc. put Reduce -17.1% 50,000 $2.5M RDDT Reddit Inc. Class A put Sold out 33,700 $2.2Mbefore exit CART Maplebear Inc. put Add +1694.7% 373,300 $847K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ ADVWW Advantage Solutions in-CW25 *W EXP 10/28/202 Sold out 23,583 $65Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 61 $1.2B COIN, NU, IOT, VOO, AGG Q1 2026 142 $1.2B COIN, NU, IOT, XHLF, AVGO Q4 2025 143 $1.3B COIN, NU, XHLF, HOOD, IOT Q3 2025 134 $1.3B COINBASE GLOBAL INC, NU, HOOD, XHLF, SAMSARA INC Q2 2025 46 $1.2B COIN, NU, XHLF, ABNB, ROBINHOOD MKTS INC Q1 2025 44 $802.3M COIN, NU, XHLF, ABNB, OKTA Q4 2024 Amended 44 $861.1M COIN, NU, ABNB, OKTA, ROBINHOOD MKTS INC Q3 2024 Amended 41 $812.4M COINBASE GLOBAL INC, NU, XHLF, ABNB, OKTA Q2 2024 Amended 41 $934.6M COIN, NU, ABNB, XHLF, OKTA Q1 2024 39 $1.1B COIN, NU HLDGS LTD, ABNB, XHLF, OKTA