a16z Perennial Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 6, 2025), a16z Perennial Management, L.P. reported 44 stock positions worth $802.3 million. Its top holding was Coinbase Global Class A (COIN) at 34.3% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 20.3%) and Bondbloxx BBG 6 MTH US Treas (XHLF, 8.7%). Compared with Q4 2024, it opened 7 new positions, sold out of 7, added to 6 and reduced 4. The biggest buy was a new position in Bondbloxx BBG 6 MTH US Treas (XHLF) and the biggest sale Coinbase Global Class A (COIN, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002009275
- Portfolio Value
- $802.3M (Q1 2025)
- SEC Filing
- 0002009275-25-000006 ↗ filed May 6, 2025
Holdings Value
Holdings 44 stocks · $802.3M
| COIN Coinbase Global Inc. Class A | 34.34% | 1,599,762 | $275.5M | Reduce -2.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 20.35% | 15,942,500 | $163.3M | Add +4.3% |
| XHLF Bondbloxx BBG 6 MTH US Treas | 8.74% | 1,392,000 | $70.1M | New |
| ABNB Airbnb Inc. Class A | 8.05% | 540,805 | $64.6M | Add +1.5% |
| OKTA Okta Inc. | 7.84% | 597,873 | $62.9M | No change |
| ROBINHOOD MKTS INC | 4.06% | 782,407 | $32.6M | New |
| MUB iShares National Muni Bond E | 2.95% | 226,366 | $23.6M | New |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.69% | 435,683 | $21.6M | No change |
| SAMSARA INC | 2.64% | 553,597 | $21.2M | New |
| IVV iShares Core S&P 500 ETF | 2.50% | 33,100 | $20.0M | No change |
| RBLX Roblox Corp. Class A | 1.24% | 170,753 | $10.0M | Reduce -27.5% |
| CART Maplebear Inc. | 1.13% | 227,839 | $9.1M | Add +2.7% |
| MSFT Microsoft Corp. | 0.83% | 17,712 | $6.6M | Add +147500.0% |
| AFRM Affirm Holdings Inc. | 0.59% | 104,220 | $4.7M | Reduce -18.3% |
| META Meta Platforms Inc. Class A | 0.45% | 6,194 | $3.6M | No change |
| PINS Pinterest Inc. Class A | 0.38% | 98,473 | $3.1M | No change |
| JBBB Janus Henderson B-BBB Clo Et | 0.23% | 37,700 | $1.9M | New |
| AMZN Amazon.com Inc. | 0.23% | 9,520 | $1.8M | No change |
| CRWD CrowdStrike Holdings Inc. Class A | 0.20% | 4,438 | $1.6M | No change |
| GOOG Alphabet Inc. Class C | 0.10% | 4,920 | $764K | No change |
| BITB Bitwise Bitcoin ETF | 0.09% | 15,961 | $716K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.09% | 1,239 | $693K | No change |
| WVE Wave Life Sciences Ltd. | 0.08% | 77,619 | $627K | No change |
| NFLX Netflix Inc. | 0.07% | 562 | $524K | No change |
| ETHW Bitwise Ethereum ETF | 0.04% | 22,197 | $291K | No change |
| TEAM Atlassian Corp. Class A | 0.03% | 1,117 | $237K | No change |
| WDAY Workday Inc. Class A | 0.03% | 896 | $209K | No change |
| RDDT Reddit Inc. Class A | 0.01% | 1,126 | $118K | Add +1580.6% |
| DOCN Digitalocean Holdings Inc. | 0.01% | 3,088 | $103K | No change |
| RCKT Rocket Pharmaceuticals Inc. | 0.01% | 11,335 | $76K | No change |
| OPEN Opendoor Technologies Inc. | 0.01% | 50,595 | $52K | Add +1044.2% |
| IVVD Invivyd Inc. | 0.01% | 79,869 | $48K | No change |
| WEAV Weave Communications Inc. | 0.00% | 3,221 | $36K | New |
| ADV Advantage Solutions Inc. | 0.00% | 18,867 | $28K | No change |
| LYFT LYFT Inc. Class A | 0.00% | 2,244 | $27K | No change |
| CRIS Curis Inc. | 0.00% | 6,653 | $14K | No change |
| PGNY Progyny Inc. | 0.00% | 566 | $13K | New |
| CRM Salesforce Inc. | 0.00% | 28 | $8K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.00% | 10 | $5K | No change |
| NOW ServiceNow Inc. | 0.00% | 6 | $5K | No change |
| NET Cloudflare Inc. Class A | 0.00% | 40 | $5K | Reduce -96.2% |
| 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 | $1K | No change |
Options reported separately and not counted above: COIN puts ($53.2M), ABNB puts ($13.0M), RBLX puts ($1.6M), SAMSARA INC puts ($1.1M), ROBINHOOD MKTS INC puts ($32K).
Portfolio Sells Q4 2024 → Q1 2025
| COIN Coinbase Global Inc. Class A | Reduce -2.5% | 34.34% | −12.97 |
| ROBINHOOD MKTS INC | Sold out | 0.00% | −3.72 |
| SAMSARA INC | Sold out | 0.00% | −3.45 |
| CMF iShares California Muni Bond | Sold out | 0.00% | −2.77 |
| RBLX Roblox Corp. Class A | Reduce -27.5% | 1.24% | −0.34 |
| AFRM Affirm Holdings Inc. | Reduce -18.3% | 0.59% | −0.31 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Sold out | 0.00% | −0.25 |
| HYGH iShares Int Rate Hedg HY ETF | Sold out | 0.00% | −0.22 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.07 |
| CLOZ Eldridge BBB-B Clo ETF | Sold out | 0.00% | −0.06 |
| NET Cloudflare Inc. Class A | Reduce -96.2% | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| XHLF Bondbloxx BBG 6 MTH US Treas | New | 8.74% | +8.74 |
| ROBINHOOD MKTS INC | New | 4.06% | +4.06 |
| MUB iShares National Muni Bond E | New | 2.95% | +2.95 |
| SAMSARA INC | New | 2.64% | +2.64 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +4.3% | 20.35% | +1.96 |
| MSFT Microsoft Corp. | Add +147500.0% | 0.83% | +0.83 |
| JBBB Janus Henderson B-BBB Clo Et | New | 0.23% | +0.23 |
| CART Maplebear Inc. | Add +2.7% | 1.13% | +0.07 |
| RDDT Reddit Inc. Class A | Add +1580.6% | 0.01% | +0.01 |
| OPEN Opendoor Technologies Inc. | Add +1044.2% | 0.01% | +0.01 |
| WEAV Weave Communications Inc. | New | 0.00% | +0.00 |
| PGNY Progyny Inc. | New | 0.00% | +0.00 |
| ABNB Airbnb Inc. Class A | Add +1.5% | 8.05% | −0.08 |
Options Activity Q4 2024 → Q1 2025
| COIN Coinbase Global Inc. Class A | put | New | 309,100 | $53.2M |
| ABNB Airbnb Inc. Class A | put | Reduce -48.3% | 108,600 | $13.0M |
| MSFT Microsoft Corp. | put | Sold out | 353,000 | $7.6Mbefore exit |
| COINBASE GLOBAL INC | put | Sold out | 137,500 | $6.1Mbefore exit |
| AFRM Affirm Holdings Inc. | put | Sold out | 50,000 | $2.5Mbefore exit |
| RBLX Roblox Corp. Class A | put | New | 28,000 | $1.6M |
| SAMSARA INC | put | New | 306,000 | $1.1M |
| CART Maplebear Inc. | put | Sold out | 373,300 | $847Kbefore exit |
| ROBINHOOD MKTS INC | put | New | 189,500 | $32K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 2024Amended | 44 | $861.1M | COIN, NU, ABNB, OKTA, ROBINHOOD MKTS INC |
| Q3 2024Amended | 41 | $812.4M | COINBASE GLOBAL INC, NU, XHLF, ABNB, OKTA |
| Q2 2024Amended | 41 | $934.6M | COIN, NU, ABNB, XHLF, OKTA |
| Q1 2024 | 39 | $1.1B | COIN, NU HLDGS LTD, ABNB, XHLF, OKTA |