a16z Perennial Management, L.P. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 1, 2025), a16z Perennial Management, L.P. reported 46 stock positions worth $1.2 billion . Its top holding was Coinbase Global Class A (COIN) at 44.4% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 17.7% ) and Bondbloxx BBG 6 MTH US Treas (XHLF, 5.8% ). Compared with Q1 2025, it opened 10 new positions, sold out of 8, added to 1 and reduced 6. The biggest buy was a new position in Robinhood MKTS and the biggest sale an exit from Robinhood MKTS .
Location MENLO PARK, CA
CIK 0002009275
Portfolio Value $1.2B (Q2 2025) Holdings 46 stocks · $1.2B 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 Q1 2025 COIN Coinbase Global Inc. Class A 1,530,352 $536.4M Reduce -4.3% NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 15,585,200 $213.8M Reduce -2.2% XHLF Bondbloxx BBG 6 MTH US Treas 1,392,000 $70.1M No change ABNB Airbnb Inc. Class A 517,105 $68.4M Reduce -4.4% ROBINHOOD MKTS INC 645,907 $60.5M New SAMSARA INC 1,516,827 $60.3M New OKTA Okta Inc. 597,873 $59.8M No change USHY iShares Broad Usd High Yield 226,366 $23.4M New VTEB Vanguard Tax-Exempt Bond ETF 435,683 $21.4M No change IVV iShares Core S&P 500 ETF 33,100 $20.6M No change DIGITALOCEAN HLDGS INC 621,152 $17.7M New RBLX Roblox Corp. Class A 146,155 $15.4M Reduce -14.4% MSFT Microsoft Corp. 17,712 $8.8M No change AFRM Affirm Holdings Inc. 86,520 $6.0M Reduce -17.0% VTI VG Morningstar TS MKT ETF-US 17,160 $5.2M New META Meta Platforms Inc. Class A 6,194 $4.6M No change PINS Pinterest Inc. Class A 98,473 $3.5M No change DASH DoorDash Inc. Class A 13,590 $3.4M New CRWD CrowdStrike Holdings Inc. Class A 4,438 $2.3M No change AMZN Amazon.com Inc. 9,520 $2.1M No change BITB Bitwise Bitcoin ETF 15,961 $935K No change GOOGL Alphabet Inc. Class A 4,920 $869K New SPDR S&P 500 ETF TR 1,239 $766K New NFLX Netflix Inc. 562 $753K No change CART Maplebear Inc. 12,351 $559K Reduce -94.6% WVE Wave Life Sciences Ltd. 77,619 $505K No change ETHW Bitwise Ethereum ETF 22,197 $401K No change TEAM Atlassian Corp. Class A 1,117 $227K No change WDAY Workday Inc. Class A 896 $215K No change RDDT Reddit Inc. Class A 1,126 $170K No change RVMD Revolution Medicines Inc. 1,823 $67K New IVVD Invivyd Inc. 79,869 $57K No change LYFT LYFT Inc. Class A 2,244 $35K No change RCKT Rocket Pharmaceuticals Inc. 11,335 $28K No change OPEN Opendoor Technologies Inc. 50,595 $27K No change WEAV Weave Communications Inc. 3,221 $27K No change ADV Advantage Solutions Inc. 18,867 $25K No change PGNY Progyny Inc. 908 $20K Add +60.4% CRIS Curis Inc. 6,653 $15K No change RBRK Rubrik Inc. Class A 171 $15K New NET Cloudflare Inc. Class A 40 $8K No change SNOW Snowflake Inc. 28 $6K No change NOW ServiceNow Inc. 6 $6K No change BRK.B Berkshire Hathaway Inc. Class B 10 $5K No change DIS The Walt Disney Co. filed as DISNEY WALT CO 22 $3K No change ROOT Root Inc./Oh Class A 10 $1K No change
Options reported separately and not counted above: COIN puts ($83.6M), ABNB puts ($11.2M), RBLX puts ($736K), ROBINHOOD MKTS INC puts ($518K), DIGITALOCEAN HLDGS INC puts ($56K), SAMSARA INC puts ($46K).
Portfolio Sells Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ ROBINHOOD MKTS INC Sold out 0.00% −4.06 MUB iShares National Muni Bond E Sold out 0.00% −2.95 NU Nu Holdings Ltd./Cayman Isl-A Reduce -2.2% 17.68% −2.67 SAMSARA INC Sold out 0.00% −2.64 ABNB Airbnb Inc. Class A Reduce -4.4% 5.66% −2.39 CART Maplebear Inc. Reduce -94.6% 0.05% −1.09 JBBB Janus Henderson B-BBB Clo Et Sold out 0.00% −0.23 GOOG Alphabet Inc. Class C Sold out 0.00% −0.10 AFRM Affirm Holdings Inc. Reduce -17.0% 0.49% −0.09 SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.09 DOCN Digitalocean Holdings Inc. Sold out 0.00% −0.01 CRM Salesforce Inc. Sold out 0.00% −0.00 RBLX Roblox Corp. Class A Reduce -14.4% 1.27% +0.03 COIN Coinbase Global Inc. Class A Reduce -4.3% 44.35% +10.01
Portfolio Buys Q1 2025 → Q2 2025 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ ROBINHOOD MKTS INC New 5.00% +5.00 SAMSARA INC New 4.99% +4.99 USHY iShares Broad Usd High Yield New 1.94% +1.94 DIGITALOCEAN HLDGS INC New 1.47% +1.47 VTI VG Morningstar TS MKT ETF-US New 0.43% +0.43 DASH DoorDash Inc. Class A New 0.28% +0.28 GOOGL Alphabet Inc. Class A New 0.07% +0.07 SPDR S&P 500 ETF TR New 0.06% +0.06 RVMD Revolution Medicines Inc. New 0.01% +0.01 RBRK Rubrik Inc. Class A New 0.00% +0.00 PGNY Progyny Inc. Add +60.4% 0.00% +0.00
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ COIN Coinbase Global Inc. Class A put Reduce -22.8% 238,500 $83.6M ABNB Airbnb Inc. Class A put Reduce -21.8% 84,900 $11.2M SAMSARA INC put Sold out 306,000 $1.1Mbefore exit RBLX Roblox Corp. Class A put Reduce -75.0% 7,000 $736K ROBINHOOD MKTS INC put New 64,800 $518K DIGITALOCEAN HLDGS INC put New 401,500 $56K SAMSARA INC put New 663,400 $46K ROBINHOOD MKTS INC put Sold out 189,500 $32Kbefore exit
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 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