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

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 Q3 2025 Q4 2025: $1.3B $1.3B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.2B Q2 2026

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%
PWR Quanta Services Inc. 0.02% 637 $269K Add +10.6%
AIG American International Group 0.02% 3,124 $267K Reduce -2.5%
NVO Novo-Nordisk A/S-Spons ADR 0.02% 5,176 $263K No change
TM Toyota Motor Corp. -Spon ADR 0.02% 1,226 $262K No change
TXN Texas Instruments Inc. 0.02% 1,509 $262K Reduce -1.1%
RDDT Reddit Inc. Class A 0.02% 1,126 $259K No change
PFE Pfizer Inc. 0.02% 10,118 $252K Reduce -6.3%
EBAY eBay Inc. 0.02% 2,886 $251K Add +1.0%
BSX Boston Scientific Corp. 0.02% 2,636 $251K Reduce -5.5%
NOC Northrop Grumman Corp. 0.02% 440 $251K Add +12.0%
AXP American Express Co. 0.02% 678 $251K Add +10.1%
CMI Cummins Inc. 0.02% 490 $250K Reduce -11.6%
CL Colgate-Palmolive Co. 0.02% 3,156 $249K Reduce -2.4%
UL Unilever PLC-Sponsored ADR 0.02% 3,790 $248K No change
SMFG Sumitomo Mitsui-Spons ADR 0.02% 12,699 $245K No change
CEG Constellation Energy 0.02% 668 $236K New
ADBE Adobe Inc. 0.02% 673 $236K Reduce -8.4%
LOW Lowe's Cos Inc. 0.02% 973 $235K Reduce -6.3%
COP Conocophillips 0.02% 2,505 $234K Add +1.5%
PSX Phillips 66 0.02% 1,815 $234K Add +0.6%
ACN Accenture PLC Class A 0.02% 862 $231K Reduce -6.8%
CDNS Cadence Design SYS Inc. 0.02% 730 $228K Add +1.8%
SPGI S&P Global Inc. 0.02% 426 $223K New
LRCX Lam Research Corp. 0.02% 1,290 $221K New
EXPD Expeditors Intl Wash Inc. 0.02% 1,458 $217K New
AMT American Tower Corp. 0.02% 1,237 $217K Add +10.6%
DUK Duke Energy Corp. 0.02% 1,847 $216K Reduce -1.6%
PEP Pepsico Inc. 0.02% 1,498 $215K New
BTI British American Tob-SP ADR 0.02% 3,786 $214K No change
TMUS T-Mobile US Inc. 0.02% 1,054 $214K Add +3.4%
MFG Mizuho Financial Group-ADR 0.02% 28,598 $209K Add +60.5%
STLD Steel Dynamics Inc. 0.02% 1,233 $209K New
ING ING Groep N.V.-Sponsored ADR 0.02% 7,452 $209K New
SPG Simon Property Group Inc. 0.02% 1,123 $208K No change
CBOE Cboe Global Markets Inc. 0.02% 803 $202K New
FE Firstenergy Corp. 0.02% 4,496 $201K Add +1.4%
TMO Thermo Fisher Scientific Inc. 0.02% 346 $200K New
IVVD Invivyd Inc. 0.02% 79,869 $197K No change
HLN Haleon PLC-ADR 0.01% 10,097 $102K No change
ICL Icl Group Ltd. 0.01% 12,896 $74K No change
LYG Lloyds Banking Group PLC-ADR 0.01% 12,345 $65K New
RCKT Rocket Pharmaceuticals Inc. 0.00% 11,335 $40K No change
ADV Advantage Solutions Inc. 0.00% 18,867 $17K No change

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

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