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

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

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
UL Unilever PLC 0.02% 4,264 $253K New
CDNS Cadence Design SYS Inc. 0.02% 717 $252K New
AIG American International Group 0.02% 3,203 $252K New
SAN Banco Santander SA-Spon ADR 0.02% 23,859 $250K New
PSX Phillips 66 0.02% 1,804 $245K New
TMUS T-Mobile US Inc. 0.02% 1,019 $244K New
NOC Northrop Grumman Corp. 0.02% 393 $239K New
PWR Quanta Services Inc. 0.02% 576 $239K New
WDAY Workday Inc. Class A 0.02% 987 $238K Add +10.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.02% 1,622 $234K New
TM Toyota Motor Corp. -Spon ADR 0.02% 1,226 $234K New
CMI Cummins Inc. 0.02% 554 $234K New
COP Conocophillips 0.02% 2,468 $233K New
DUK Duke Energy Corp. 0.02% 1,876 $232K New
UBS UBS Group AG-Reg 0.02% 5,648 $232K New
ACN Accenture PLC Class A 0.02% 925 $228K New
BBVA Banco Bilbao Vizcaya-SP ADR 0.02% 11,614 $224K New
WDC Western Digital Corp. 0.02% 1,854 $223K New
SONY Sony Group Corp. - SP ADR 0.02% 7,710 $222K New
AMT American Tower Corp. 0.02% 1,118 $215K New
SMFG Sumitomo Mitsui-Spons ADR 0.02% 12,699 $213K New
SPG Simon Property Group Inc. 0.02% 1,123 $211K New
NTAP Netapp Inc. 0.02% 1,768 $209K New
KMI Kinder Morgan Inc. 0.02% 7,243 $205K New
AXP American Express Co. 0.02% 616 $205K New
FE Firstenergy Corp. 0.02% 4,432 $203K New
BTI British American Tob-SP ADR 0.02% 3,786 $201K New
QCOM Qualcomm Inc. 0.02% 1,207 $201K New
MFG Mizuho Financial Group-ADR 0.01% 17,819 $119K New
HLN Haleon PLC-ADR 0.01% 10,097 $91K New
IVVD Invivyd Inc. 0.01% 79,869 $88K No change
ICL Icl Group Ltd. 0.01% 12,896 $80K New
RCKT Rocket Pharmaceuticals Inc. 0.00% 11,335 $37K No change
ADV Advantage Solutions Inc. 0.00% 18,867 $29K No change

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

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