a16z Perennial Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), a16z Perennial Management, L.P. reported 143 stock positions worth $1.3 billion. Its top holding was Coinbase Global Class A (COIN) at 26.2% of the portfolio, followed by Nu Holdings Ltd./Cayman Isl-A (NU, 18.3%) and Bondbloxx BBG 6 MTH US Treas (XHLF, 5.5%). Compared with Q3 2025, it opened 23 new positions, sold out of 14, added to 62 and reduced 34. The biggest buy was a new position in Coinbase Global Class A (COIN) and the biggest sale an exit from Coinbase Global.
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0002009275
- Portfolio Value
- $1.3B (Q4 2025)
- SEC Filing
- 0002009275-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 143 stocks · $1.3B
| COIN Coinbase Global Inc. Class A | 26.21% | 1,461,157 | $330.4M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 18.26% | 13,748,400 | $230.1M | Reduce -2.7% |
| XHLF Bondbloxx BBG 6 MTH US Treas | 5.55% | 1,392,000 | $69.9M | No change |
| HOOD Robinhood Markets Inc. Class A | 5.33% | 594,422 | $67.2M | Reduce -4.0% |
| IOT Samsara Inc. Class A | 4.67% | 1,662,155 | $58.9M | New |
| VTI VG Morningstar TS MKT ETF-US | 4.35% | 105,141 | $54.8M | New |
| AVGO Broadcom Inc. | 3.97% | 144,449 | $50.0M | Add +125.5% |
| IEUR iShares Core MSCI Europe ETF | 3.76% | 853,180 | $47.4M | New |
| ABNB Airbnb Inc. Class A | 3.44% | 319,868 | $43.4M | New |
| META Meta Platforms Inc. Class A | 3.14% | 59,902 | $39.5M | Add +74.7% |
| OKTA Okta Inc. | 2.58% | 376,210 | $32.5M | Reduce -37.1% |
| IVV iShares Core S&P 500 ETF | 2.46% | 45,250 | $31.0M | Reduce -89.1% |
| VEA Vanguard Ftse Developed ETF | 1.87% | 377,596 | $23.6M | Add +673.1% |
| RVMD Revolution Medicines Inc. | 1.16% | 182,918 | $14.6M | New |
| JAAA Janus Henderson Aaa Clo ETF | 0.95% | 237,049 | $12.0M | New |
| RBLX Roblox Corp. Class A | 0.73% | 113,547 | $9.2M | Add +0.0% |
| GOOG Alphabet Inc. Class C | 0.68% | 27,455 | $8.6M | Reduce -1.4% |
| EWJ iShares MSCI Japan ETF | 0.63% | 118,984 | $8.0M | No change |
| BAR Graniteshares Gold Trust | 0.61% | 181,946 | $7.7M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.61% | 67,804 | $7.7M | New |
| AFRM Affirm Holdings Inc. | 0.61% | 103,220 | $7.7M | Add +678.4% |
| NVDA Nvidia Corp. | 0.58% | 39,429 | $7.4M | Reduce -4.4% |
| DOCN Digitalocean Holdings Inc. | 0.54% | 141,352 | $6.8M | New |
| AAPL Apple Inc. | 0.54% | 24,920 | $6.8M | Add +30.6% |
| PINS Pinterest Inc. Class A | 0.51% | 248,473 | $6.4M | New |
| AMZN Amazon.com Inc. | 0.44% | 24,069 | $5.6M | Reduce -15.0% |
| MSFT Microsoft Corp. | 0.43% | 11,151 | $5.4M | Reduce -6.9% |
| DASH DoorDash Inc. Class A | 0.25% | 13,796 | $3.1M | Reduce -8.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.24% | 4,624 | $3.1M | Add +0.6% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.21% | 5,547 | $2.6M | Add +1.6% |
| OMDA Omada Health Inc. | 0.20% | 157,132 | $2.5M | New |
| BITB Bitwise Bitcoin ETF | 0.19% | 50,502 | $2.4M | Add +216.4% |
| CART Maplebear Inc. | 0.17% | 46,840 | $2.1M | Add +366.0% |
| TSLA Tesla Inc. | 0.15% | 4,315 | $1.9M | Add +11.3% |
| PLTR Palantir Technologies Inc. Class A | 0.13% | 9,156 | $1.6M | Add +15.6% |
| NFLX Netflix Inc. | 0.12% | 15,820 | $1.5M | Add +8.1% |
| LLY Eli Lilly & Co. | 0.12% | 1,377 | $1.5M | Add +14.7% |
| WVE Wave Life Sciences Ltd. | 0.10% | 77,619 | $1.3M | No change |
| GE General Electric filed as GE AEROSPACE | 0.10% | 4,236 | $1.3M | Add +7.7% |
| WMT Walmart Inc. | 0.10% | 11,302 | $1.3M | Add +4.4% |
| JPM JPMorgan Chase & Co. | 0.10% | 3,789 | $1.2M | Add +2.3% |
| GS Goldman Sachs Group Inc. | 0.10% | 1,364 | $1.2M | Add +6.9% |
| DFAC Dimensional US Core Equity 2 | 0.08% | 26,550 | $1.1M | No change |
| MS Morgan Stanley | 0.07% | 5,130 | $911K | Reduce -0.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.07% | 1,239 | $845K | No change |
| ORCL Oracle Corp. | 0.07% | 4,329 | $844K | Add +6.5% |
| AON Aon PLC Class A | 0.06% | 2,310 | $815K | Add +0.3% |
| MU Micron Technology Inc. | 0.06% | 2,682 | $765K | Add +11.6% |
| AMD Advanced Micro Devices | 0.06% | 3,530 | $756K | Reduce -28.2% |
| GEV GE Vernova Inc. | 0.06% | 1,146 | $749K | Add +18.1% |
| IAUM iShares Gold Trust Micro | 0.06% | 17,077 | $734K | New |
| XOM Exxon Mobil Corp. | 0.06% | 6,074 | $731K | Add +1.9% |
| JNJ Johnson & Johnson | 0.06% | 3,519 | $728K | Reduce -1.5% |
| CFLT Confluent Inc. Class A | 0.06% | 23,532 | $712K | Reduce -24.9% |
| COF Capital One Financial Corp. | 0.05% | 2,831 | $686K | Add +2.0% |
| WFC Wells Fargo & Co. | 0.05% | 6,908 | $644K | Add +4.9% |
| RTX RTX Corp. | 0.05% | 3,418 | $627K | Reduce -2.8% |
| C Citigroup Inc. | 0.05% | 5,351 | $624K | Reduce -1.6% |
| UNH Unitedhealth Group Inc. | 0.05% | 1,879 | $620K | Reduce -0.5% |
| MAR Marriott International Class A | 0.05% | 1,951 | $605K | Add +1.1% |
| UI Ubiquiti Inc. | 0.05% | 1,058 | $585K | No change |
| ABBV Abbvie Inc. | 0.05% | 2,551 | $583K | Add +1.6% |
| COST Costco Wholesale Corp. | 0.04% | 653 | $563K | Reduce -0.5% |
| V Visa Inc. Class A | 0.04% | 1,602 | $562K | Add +3.3% |
| CRM Salesforce Inc. | 0.04% | 2,117 | $561K | Reduce -0.4% |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.04% | 6,810 | $536K | Add +12.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.04% | 478 | $511K | No change |
| CAT Caterpillar Inc. | 0.04% | 858 | $492K | Add +4.4% |
| PG The Procter & Gamble Co. | 0.04% | 3,327 | $477K | Add +2.5% |
| KO The Coca-Cola Co. | 0.04% | 6,787 | $474K | Add +6.0% |
| ETHW Bitwise Ethereum ETF | 0.04% | 22,197 | $472K | No change |
| KLAC KLA Corp. | 0.04% | 373 | $453K | Add +7.5% |
| GILD Gilead Sciences Inc. | 0.04% | 3,640 | $447K | Add +0.7% |
| HD Home Depot Inc. | 0.04% | 1,287 | $443K | Reduce -0.4% |
| AMAT Applied Materials Inc. | 0.03% | 1,705 | $438K | Add +14.7% |
| ANET Arista Networks Inc. | 0.03% | 3,276 | $429K | Add +2.8% |
| MA Mastercard Inc. Class A | 0.03% | 724 | $413K | Add +4.3% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.03% | 3,547 | $412K | Reduce -2.7% |
| PM Philip Morris International | 0.03% | 2,546 | $408K | Add +0.4% |
| CRCL Circle Internet Group Inc. | 0.03% | 5,027 | $399K | New |
| ADI Analog Devices Inc. | 0.03% | 1,469 | $398K | Reduce -3.0% |
| ETN Eaton Corp. PLC | 0.03% | 1,238 | $394K | Add +3.3% |
| CVX Chevron Corp. | 0.03% | 2,575 | $392K | Add +1.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.03% | 1,356 | $390K | Add +6.9% |
| MRK Merck & Co. Inc. | 0.03% | 3,612 | $380K | Add +4.3% |
| GM General Motors Co. | 0.03% | 4,636 | $377K | Add +1.2% |
| SAP Sap SE-Sponsored ADR | 0.03% | 1,544 | $375K | Add +36.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.03% | 3,986 | $366K | No change |
| INTU Intuit Inc. | 0.03% | 550 | $364K | Add +1.7% |
| NVS Novartis AG-Sponsored ADR | 0.03% | 2,618 | $361K | No change |
| SAN Banco Santander SA-Spon ADR | 0.03% | 30,021 | $352K | Add +25.8% |
| WDC Western Digital Corp. | 0.03% | 2,011 | $346K | Add +8.5% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.03% | 21,108 | $335K | No change |
| CMCSA Comcast Corp. Class A | 0.03% | 10,959 | $328K | Reduce -4.3% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.02% | 13,150 | $307K | Add +13.2% |
| ABT Abbott Laboratories | 0.02% | 2,320 | $291K | Reduce -0.3% |
| UBS UBS Group AG-Reg | 0.02% | 6,159 | $285K | Add +9.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.02% | 1,852 | $284K | Add +14.2% |
| MCD McDonald's Corp. | 0.02% | 905 | $277K | Add +0.1% |
| HWM Howmet Aerospace Inc. | 0.02% | 1,321 | $271K | Reduce -1.9% |
Options reported separately and not counted above: COIN puts ($28.3M), IOT puts ($21.8M), ABNB puts ($8.2M), DOCN puts ($6.7M), HOOD puts ($2.5M), CART puts ($1.7M), OKTA puts ($1.5M).
Portfolio Sells Q3 2025 → Q4 2025
| COINBASE GLOBAL INC | Sold out | 0.00% | −39.10 |
| SAMSARA INC | Sold out | 0.00% | −5.43 |
| AIRBNB INC | Sold out | 0.00% | −3.35 |
| OKTA Okta Inc. | Reduce -37.1% | 2.58% | −1.77 |
| HOOD Robinhood Markets Inc. Class A | Reduce -4.0% | 5.33% | −1.69 |
| DIGITALOCEAN HLDGS INC | Sold out | 0.00% | −1.43 |
| PINTEREST INC | Sold out | 0.00% | −0.63 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.56 |
| DASH DoorDash Inc. Class A | Reduce -8.3% | 0.25% | −0.08 |
| MSFT Microsoft Corp. | Reduce -6.9% | 0.43% | −0.06 |
| AMZN Amazon.com Inc. | Reduce -15.0% | 0.44% | −0.05 |
| OPEN Opendoor Technologies Inc. | Sold out | 0.00% | −0.03 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.03 |
| NVDA Nvidia Corp. | Reduce -4.4% | 0.58% | −0.03 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.02 |
| WDAY Workday Inc. Class A | Sold out | 0.00% | −0.02 |
| SONY Sony Group Corp. - SP ADR | Sold out | 0.00% | −0.02 |
| NTAP Netapp Inc. | Sold out | 0.00% | −0.02 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.02 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.02 |
| HD Home Depot Inc. | Reduce -0.4% | 0.04% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -0.5% | 0.04% | −0.00 |
| AMD Advanced Micro Devices | Reduce -28.2% | 0.06% | −0.00 |
| CMCSA Comcast Corp. Class A | Reduce -4.3% | 0.03% | −0.00 |
| UNH Unitedhealth Group Inc. | Reduce -0.5% | 0.05% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -6.3% | 0.02% | −0.00 |
| ADBE Adobe Inc. | Reduce -8.4% | 0.02% | −0.00 |
| PFE Pfizer Inc. | Reduce -6.3% | 0.02% | −0.00 |
| ABT Abbott Laboratories | Reduce -0.3% | 0.02% | −0.00 |
| BSX Boston Scientific Corp. | Reduce -5.5% | 0.02% | −0.00 |
| TXN Texas Instruments Inc. | Reduce -1.1% | 0.02% | −0.00 |
| DUK Duke Energy Corp. | Reduce -1.6% | 0.02% | −0.00 |
| CL Colgate-Palmolive Co. | Reduce -2.4% | 0.02% | −0.00 |
| ACN Accenture PLC Class A | Reduce -6.8% | 0.02% | +0.00 |
| HWM Howmet Aerospace Inc. | Reduce -1.9% | 0.02% | +0.00 |
| BNY Bank of New York Mellon Corp. | Reduce -2.7% | 0.03% | +0.00 |
| AIG American International Group | Reduce -2.5% | 0.02% | +0.00 |
| CMI Cummins Inc. | Reduce -11.6% | 0.02% | +0.00 |
| ADI Analog Devices Inc. | Reduce -3.0% | 0.03% | +0.00 |
| RTX RTX Corp. | Reduce -2.8% | 0.05% | +0.00 |
| CRM Salesforce Inc. | Reduce -0.4% | 0.04% | +0.00 |
| JNJ Johnson & Johnson | Reduce -1.5% | 0.06% | +0.01 |
| C Citigroup Inc. | Reduce -1.6% | 0.05% | +0.01 |
| MS Morgan Stanley | Reduce -0.9% | 0.07% | +0.01 |
| CFLT Confluent Inc. Class A | Reduce -24.9% | 0.06% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -1.4% | 0.68% | +0.15 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -2.7% | 18.26% | +0.32 |
| IVV iShares Core S&P 500 ETF | Reduce -89.1% | 2.46% | +1.28 |
Portfolio Buys Q3 2025 → Q4 2025
| COIN Coinbase Global Inc. Class A | New | 26.21% | +26.21 |
| IOT Samsara Inc. Class A | New | 4.67% | +4.67 |
| VTI VG Morningstar TS MKT ETF-US | New | 4.35% | +4.35 |
| IEUR iShares Core MSCI Europe ETF | New | 3.76% | +3.76 |
| ABNB Airbnb Inc. Class A | New | 3.44% | +3.44 |
| AVGO Broadcom Inc. | Add +125.5% | 3.97% | +2.29 |
| VEA Vanguard Ftse Developed ETF | Add +673.1% | 1.87% | +1.64 |
| RVMD Revolution Medicines Inc. | New | 1.16% | +1.16 |
| META Meta Platforms Inc. Class A | Add +74.7% | 3.14% | +1.14 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.95% | +0.95 |
| DIS The Walt Disney Co. | New | 0.61% | +0.61 |
| DOCN Digitalocean Holdings Inc. | New | 0.54% | +0.54 |
| AFRM Affirm Holdings Inc. | Add +678.4% | 0.61% | +0.53 |
| PINS Pinterest Inc. Class A | New | 0.51% | +0.51 |
| OMDA Omada Health Inc. | New | 0.20% | +0.20 |
| AAPL Apple Inc. | Add +30.6% | 0.54% | +0.15 |
| CART Maplebear Inc. | Add +366.0% | 0.17% | +0.14 |
| BITB Bitwise Bitcoin ETF | Add +216.4% | 0.19% | +0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.6% | 0.24% | +0.06 |
| IAUM iShares Gold Trust Micro | New | 0.06% | +0.06 |
| LLY Eli Lilly & Co. | Add +14.7% | 0.12% | +0.04 |
| CRCL Circle Internet Group Inc. | New | 0.03% | +0.03 |
| MU Micron Technology Inc. | Add +11.6% | 0.06% | +0.03 |
| CEG Constellation Energy | New | 0.02% | +0.02 |
| SPGI S&P Global Inc. | New | 0.02% | +0.02 |
| LRCX Lam Research Corp. | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | Add +11.3% | 0.15% | +0.02 |
| EXPD Expeditors Intl Wash Inc. | New | 0.02% | +0.02 |
| PEP Pepsico Inc. | New | 0.02% | +0.02 |
| ING ING Groep N.V.-Sponsored ADR | New | 0.02% | +0.02 |
| STLD Steel Dynamics Inc. | New | 0.02% | +0.02 |
| CBOE Cboe Global Markets Inc. | New | 0.02% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | New | 0.02% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +6.9% | 0.10% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +15.6% | 0.13% | +0.01 |
| GEV GE Vernova Inc. | Add +18.1% | 0.06% | +0.01 |
| WMT Walmart Inc. | Add +4.4% | 0.10% | +0.01 |
| AMAT Applied Materials Inc. | Add +14.7% | 0.03% | +0.01 |
| GE General Electric | Add +7.7% | 0.10% | +0.01 |
| WDC Western Digital Corp. | Add +8.5% | 0.03% | +0.01 |
| HSBC HSBC Holdings PLC-Spons ADR | Add +12.5% | 0.04% | +0.01 |
| MAR Marriott International Class A | Add +1.1% | 0.05% | +0.01 |
| SAN Banco Santander SA-Spon ADR | Add +25.8% | 0.03% | +0.01 |
| CAT Caterpillar Inc. | Add +4.4% | 0.04% | +0.01 |
| GM General Motors Co. | Add +1.2% | 0.03% | +0.01 |
| COF Capital One Financial Corp. | Add +2.0% | 0.05% | +0.01 |
| WFC Wells Fargo & Co. | Add +4.9% | 0.05% | +0.01 |
| MRK Merck & Co. Inc. | Add +4.3% | 0.03% | +0.01 |
| MFG Mizuho Financial Group-ADR | Add +60.5% | 0.02% | +0.01 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Add +13.2% | 0.02% | +0.01 |
Options Activity Q3 2025 → Q4 2025
| COIN Coinbase Global Inc. Class A | put | New | 125,000 | $28.3M |
| NU Nu Holdings Ltd./Cayman Isl-A | put | Sold out | 1,696,500 | $27.2Mbefore exit |
| IOT Samsara Inc. Class A | put | New | 615,500 | $21.8M |
| ABNB Airbnb Inc. Class A | put | New | 60,100 | $8.2M |
| COINBASE GLOBAL INC | put | Sold out | 134,800 | $6.7Mbefore exit |
| DOCN Digitalocean Holdings Inc. | put | New | 138,200 | $6.7M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 5,000 | $3.3Mbefore exit |
| HOOD Robinhood Markets Inc. Class A | put | Reduce -48.0% | 22,100 | $2.5M |
| CART Maplebear Inc. | put | New | 37,600 | $1.7M |
| SAMSARA INC | put | Sold out | 703,900 | $1.6Mbefore exit |
| OKTA Okta Inc. | put | New | 17,700 | $1.5M |
| DIGITALOCEAN HLDGS INC | put | Sold out | 422,200 | $274Kbefore exit |
| AIRBNB INC | put | Sold out | 50,400 | $4Kbefore 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 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 |