a16z Perennial Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 5, 2025), a16z Perennial Management, L.P. reported 134 stock positions worth $1.3 billion. Its top holding was Coinbase Global at 39.1% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 17.9%) and Robinhood Markets Class A (HOOD, 7.0%). Compared with Q2 2025, it opened 111 new positions, sold out of 23, added to 9 and reduced 5. The biggest buy was a new position in Coinbase Global and the biggest sale an exit from Coinbase Global Class A (COIN).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002009275
- Portfolio Value
- $1.3B (Q3 2025)
- SEC Filing
- 0002009275-25-000011 ↗ filed Nov 5, 2025
Holdings Value
Holdings 134 stocks · $1.3B
| COINBASE GLOBAL INC | 39.10% | 1,461,839 | $493.4M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 17.93% | 14,135,100 | $226.3M | Reduce -9.3% |
| HOOD Robinhood Markets Inc. Class A | 7.02% | 618,867 | $88.6M | New |
| XHLF Bondbloxx BBG 6 MTH US Treas | 5.56% | 1,392,000 | $70.2M | No change |
| SAMSARA INC | 5.43% | 1,838,292 | $68.5M | New |
| OKTA Okta Inc. | 4.35% | 598,107 | $54.8M | Add +0.0% |
| AIRBNB INC | 3.35% | 347,635 | $42.2M | New |
| META Meta Platforms Inc. Class A | 2.00% | 34,280 | $25.2M | Add +453.4% |
| AVGO Broadcom Inc. | 1.67% | 64,048 | $21.1M | New |
| DIGITALOCEAN HLDGS INC | 1.43% | 528,352 | $18.0M | New |
| RBLX Roblox Corp. Class A | 1.25% | 113,532 | $15.7M | Reduce -22.3% |
| IVV iShares Core S&P 500 ETF | 1.18% | 414,212 | $14.8M | Add +1151.4% |
| PINTEREST INC | 0.63% | 248,099 | $8.0M | New |
| EWJ iShares MSCI Japan ETF | 0.62% | 118,984 | $7.8M | New |
| NVDA Nvidia Corp. | 0.61% | 41,235 | $7.7M | New |
| VOO Vanguard S&P 500 ETF | 0.56% | 21,672 | $7.1M | New |
| BAR Graniteshares Gold Trust | 0.55% | 181,946 | $6.9M | New |
| GOOG Alphabet Inc. Class C | 0.54% | 27,858 | $6.8M | New |
| AMZN Amazon.com Inc. | 0.49% | 28,324 | $6.2M | Add +197.5% |
| MSFT Microsoft Corp. | 0.49% | 11,978 | $6.2M | Reduce -32.4% |
| AAPL Apple Inc. | 0.39% | 19,086 | $4.9M | New |
| DASH DoorDash Inc. Class A | 0.32% | 15,049 | $4.1M | Add +10.7% |
| VEA Vanguard Ftse Developed ETF | 0.23% | 48,840 | $2.9M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.21% | 5,457 | $2.7M | Add +23.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.18% | 4,595 | $2.3M | Add +45850.0% |
| NFLX Netflix Inc. | 0.14% | 1,464 | $1.8M | Add +160.5% |
| TSLA Tesla Inc. | 0.14% | 3,878 | $1.7M | New |
| PLTR Palantir Technologies Inc. Class A | 0.11% | 7,921 | $1.4M | New |
| GE General Electric filed as GE AEROSPACE | 0.09% | 3,933 | $1.2M | New |
| JPM JPMorgan Chase & Co. | 0.09% | 3,704 | $1.2M | New |
| ORCL Oracle Corp. | 0.09% | 4,066 | $1.1M | New |
| WMT Walmart Inc. | 0.09% | 10,830 | $1.1M | New |
| DFAC Dimensional US Core Equity 2 | 0.08% | 26,550 | $1.0M | New |
| GS Goldman Sachs Group Inc. | 0.08% | 1,276 | $1.0M | New |
| BITB Bitwise Bitcoin ETF | 0.08% | 15,961 | $993K | No change |
| AFRM Affirm Holdings Inc. | 0.08% | 13,260 | $969K | Reduce -84.7% |
| LLY Eli Lilly & Co. | 0.07% | 1,201 | $916K | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 1,239 | $825K | New |
| MS Morgan Stanley | 0.07% | 5,175 | $823K | New |
| AON Aon PLC Class A | 0.07% | 2,304 | $822K | New |
| AMD Advanced Micro Devices | 0.06% | 4,918 | $796K | New |
| UI Ubiquiti Inc. | 0.06% | 1,058 | $699K | New |
| XOM Exxon Mobil Corp. | 0.05% | 5,962 | $672K | New |
| JNJ Johnson & Johnson | 0.05% | 3,573 | $663K | New |
| ETHW Bitwise Ethereum ETF | 0.05% | 22,197 | $662K | No change |
| UNH Unitedhealth Group Inc. | 0.05% | 1,889 | $652K | New |
| CFLT Confluent Inc. Class A | 0.05% | 31,332 | $620K | New |
| COST Costco Wholesale Corp. | 0.05% | 656 | $607K | New |
| GEV GE Vernova Inc. | 0.05% | 970 | $596K | New |
| COF Capital One Financial Corp. | 0.05% | 2,774 | $590K | New |
| RTX RTX Corp. | 0.05% | 3,517 | $589K | New |
| ABBV Abbvie Inc. | 0.05% | 2,510 | $581K | New |
| WVE Wave Life Sciences Ltd. | 0.04% | 77,619 | $568K | No change |
| WFC Wells Fargo & Co. | 0.04% | 6,584 | $552K | New |
| C Citigroup Inc. | 0.04% | 5,435 | $552K | New |
| V Visa Inc. Class A | 0.04% | 1,551 | $529K | New |
| HD Home Depot Inc. | 0.04% | 1,292 | $524K | New |
| CRM Salesforce Inc. | 0.04% | 2,125 | $504K | New |
| MAR Marriott International Class A | 0.04% | 1,929 | $502K | New |
| PG The Procter & Gamble Co. | 0.04% | 3,245 | $499K | New |
| ANET Arista Networks Inc. | 0.04% | 3,188 | $465K | New |
| ASML ASML Holding NV-NY Reg SHS | 0.04% | 478 | $463K | New |
| ETN Eaton Corp. PLC | 0.04% | 1,198 | $448K | New |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.03% | 6,052 | $430K | New |
| KO The Coca-Cola Co. | 0.03% | 6,406 | $425K | New |
| PM Philip Morris International | 0.03% | 2,536 | $411K | New |
| OPEN Opendoor Technologies Inc. | 0.03% | 50,595 | $403K | No change |
| MU Micron Technology Inc. | 0.03% | 2,403 | $402K | New |
| GILD Gilead Sciences Inc. | 0.03% | 3,614 | $401K | New |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.03% | 3,647 | $397K | New |
| MA Mastercard Inc. Class A | 0.03% | 694 | $395K | New |
| CVX Chevron Corp. | 0.03% | 2,531 | $393K | New |
| CAT Caterpillar Inc. | 0.03% | 822 | $392K | New |
| KLAC KLA Corp. | 0.03% | 347 | $374K | New |
| ADI Analog Devices Inc. | 0.03% | 1,515 | $372K | New |
| CART Maplebear Inc. | 0.03% | 10,051 | $369K | Reduce -18.6% |
| INTU Intuit Inc. | 0.03% | 541 | $369K | New |
| CMCSA Comcast Corp. Class A | 0.03% | 11,451 | $360K | New |
| FISV Fiserv Inc. | 0.03% | 2,650 | $342K | New |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.03% | 21,108 | $336K | New |
| NVS Novartis AG-Sponsored ADR | 0.03% | 2,618 | $336K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.03% | 1,268 | $329K | New |
| ABT Abbott Laboratories | 0.02% | 2,326 | $312K | New |
| AZN Astrazeneca PLC-Spons ADR | 0.02% | 3,986 | $306K | New |
| AMAT Applied Materials Inc. | 0.02% | 1,487 | $304K | New |
| SAP Sap SE-Sponsored ADR | 0.02% | 1,133 | $303K | New |
| MRK Merck & Co. Inc. | 0.02% | 3,462 | $291K | New |
| NVO Novo-Nordisk A/S-Spons ADR | 0.02% | 5,176 | $287K | New |
| TXN Texas Instruments Inc. | 0.02% | 1,525 | $280K | New |
| GM General Motors Co. | 0.02% | 4,580 | $279K | New |
| PFE Pfizer Inc. | 0.02% | 10,804 | $275K | New |
| MCD McDonald's Corp. | 0.02% | 904 | $275K | New |
| BSX Boston Scientific Corp. | 0.02% | 2,789 | $272K | New |
| HWM Howmet Aerospace Inc. | 0.02% | 1,346 | $264K | New |
| DD Dupont DE Nemours Inc. | 0.02% | 3,361 | $262K | New |
| LOW Lowe's Cos Inc. | 0.02% | 1,039 | $261K | New |
| EBAY eBay Inc. | 0.02% | 2,858 | $260K | New |
| ADBE Adobe Inc. | 0.02% | 735 | $259K | New |
| RDDT Reddit Inc. Class A | 0.02% | 1,126 | $259K | No change |
| CL Colgate-Palmolive Co. | 0.02% | 3,235 | $259K | New |
Options reported separately and not counted above: NU puts ($27.2M), COINBASE GLOBAL INC puts ($6.7M), HOOD puts ($6.1M), SPY puts ($3.3M), SAMSARA INC puts ($1.6M), DIGITALOCEAN HLDGS INC puts ($274K), AIRBNB INC puts ($4K).
Portfolio Sells Q2 2025 → Q3 2025
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −44.35 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −5.66 |
| ROBINHOOD MKTS INC | Sold out | 0.00% | −5.00 |
| SAMSARA INC | Sold out | 0.00% | −4.99 |
| USHY iShares Broad Usd High Yield | Sold out | 0.00% | −1.94 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −1.77 |
| DIGITALOCEAN HLDGS INC | Sold out | 0.00% | −1.47 |
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −0.43 |
| AFRM Affirm Holdings Inc. | Reduce -84.7% | 0.08% | −0.42 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.29 |
| MSFT Microsoft Corp. | Reduce -32.4% | 0.49% | −0.24 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.07 |
| SPDR S&P 500 ETF TR | Sold out | 0.00% | −0.06 |
| RBLX Roblox Corp. Class A | Reduce -22.3% | 1.25% | −0.03 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −0.02 |
| CART Maplebear Inc. | Reduce -18.6% | 0.03% | −0.02 |
| RVMD Revolution Medicines Inc. | Sold out | 0.00% | −0.01 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.00 |
| WEAV Weave Communications Inc. | Sold out | 0.00% | −0.00 |
| PGNY Progyny Inc. | Sold out | 0.00% | −0.00 |
| CRIS Curis Inc. | Sold out | 0.00% | −0.00 |
| RBRK Rubrik Inc. Class A | Sold out | 0.00% | −0.00 |
| NET Cloudflare Inc. Class A | Sold out | 0.00% | −0.00 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.00 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.00 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.00 |
| ROOT Root Inc./Oh Class A | Sold out | 0.00% | −0.00 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -9.3% | 17.93% | +0.25 |
Portfolio Buys Q2 2025 → Q3 2025
| COINBASE GLOBAL INC | New | 39.10% | +39.10 |
| HOOD Robinhood Markets Inc. Class A | New | 7.02% | +7.02 |
| SAMSARA INC | New | 5.43% | +5.43 |
| AIRBNB INC | New | 3.35% | +3.35 |
| AVGO Broadcom Inc. | New | 1.67% | +1.67 |
| META Meta Platforms Inc. Class A | Add +453.4% | 2.00% | +1.62 |
| DIGITALOCEAN HLDGS INC | New | 1.43% | +1.43 |
| PINTEREST INC | New | 0.63% | +0.63 |
| EWJ iShares MSCI Japan ETF | New | 0.62% | +0.62 |
| NVDA Nvidia Corp. | New | 0.61% | +0.61 |
| VOO Vanguard S&P 500 ETF | New | 0.56% | +0.56 |
| BAR Graniteshares Gold Trust | New | 0.55% | +0.55 |
| GOOG Alphabet Inc. Class C | New | 0.54% | +0.54 |
| AAPL Apple Inc. | New | 0.39% | +0.39 |
| AMZN Amazon.com Inc. | Add +197.5% | 0.49% | +0.32 |
| VEA Vanguard Ftse Developed ETF | New | 0.23% | +0.23 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +45850.0% | 0.18% | +0.18 |
| TSLA Tesla Inc. | New | 0.14% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | New | 0.11% | +0.11 |
| GE General Electric | New | 0.09% | +0.09 |
| JPM JPMorgan Chase & Co. | New | 0.09% | +0.09 |
| ORCL Oracle Corp. | New | 0.09% | +0.09 |
| WMT Walmart Inc. | New | 0.09% | +0.09 |
| DFAC Dimensional US Core Equity 2 | New | 0.08% | +0.08 |
| GS Goldman Sachs Group Inc. | New | 0.08% | +0.08 |
| NFLX Netflix Inc. | Add +160.5% | 0.14% | +0.08 |
| LLY Eli Lilly & Co. | New | 0.07% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.07% | +0.07 |
| MS Morgan Stanley | New | 0.07% | +0.07 |
| AON Aon PLC Class A | New | 0.07% | +0.07 |
| AMD Advanced Micro Devices | New | 0.06% | +0.06 |
| UI Ubiquiti Inc. | New | 0.06% | +0.06 |
| XOM Exxon Mobil Corp. | New | 0.05% | +0.05 |
| JNJ Johnson & Johnson | New | 0.05% | +0.05 |
| UNH Unitedhealth Group Inc. | New | 0.05% | +0.05 |
| CFLT Confluent Inc. Class A | New | 0.05% | +0.05 |
| COST Costco Wholesale Corp. | New | 0.05% | +0.05 |
| DASH DoorDash Inc. Class A | Add +10.7% | 0.32% | +0.05 |
| GEV GE Vernova Inc. | New | 0.05% | +0.05 |
| COF Capital One Financial Corp. | New | 0.05% | +0.05 |
| RTX RTX Corp. | New | 0.05% | +0.05 |
| ABBV Abbvie Inc. | New | 0.05% | +0.05 |
| C Citigroup Inc. | New | 0.04% | +0.04 |
| WFC Wells Fargo & Co. | New | 0.04% | +0.04 |
| V Visa Inc. Class A | New | 0.04% | +0.04 |
| HD Home Depot Inc. | New | 0.04% | +0.04 |
| CRM Salesforce Inc. | New | 0.04% | +0.04 |
| MAR Marriott International Class A | New | 0.04% | +0.04 |
| PG The Procter & Gamble Co. | New | 0.04% | +0.04 |
| ANET Arista Networks Inc. | New | 0.04% | +0.04 |
Options Activity Q2 2025 → Q3 2025
| COIN Coinbase Global Inc. Class A | put | Sold out | 238,500 | $83.6Mbefore exit |
| NU Nu Holdings Ltd./Cayman Isl-A | put | New | 1,696,500 | $27.2M |
| ABNB Airbnb Inc. Class A | put | Sold out | 84,900 | $11.2Mbefore exit |
| COINBASE GLOBAL INC | put | New | 134,800 | $6.7M |
| HOOD Robinhood Markets Inc. Class A | put | New | 42,500 | $6.1M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 5,000 | $3.3M |
| SAMSARA INC | put | New | 703,900 | $1.6M |
| RBLX Roblox Corp. Class A | put | Sold out | 7,000 | $736Kbefore exit |
| ROBINHOOD MKTS INC | put | Sold out | 64,800 | $518Kbefore exit |
| DIGITALOCEAN HLDGS INC | put | New | 422,200 | $274K |
| DIGITALOCEAN HLDGS INC | put | Sold out | 401,500 | $56Kbefore exit |
| SAMSARA INC | put | Sold out | 663,400 | $46Kbefore exit |
| AIRBNB INC | put | New | 50,400 | $4K |
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 |