Madrone Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Madrone Advisors, LLC reported 6 stock positions worth $2.0 billion. Its top holding was Stubhub Class A (STUB) at 62.8% of the portfolio, followed by Stoneco Class A (STNE, 23.6%) and Qxo (QXO, 8.9%). Compared with Q2 2025, it opened 2 new positions, sold out of 1 and reduced 2. The biggest buy was a new position in Stubhub Class A (STUB) and the biggest sale Qxo (QXO, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- Denver, CO
- CIK
- 0001964563
- Portfolio Value
- $2.0B (Q3 2025)
- SEC Filing
- 0001964563-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 6 stocks · $2.0B
| STUB Stubhub Holdings Inc. Class A | 62.80% | 75,780,055 | $1.3B | New |
| STNE Stoneco Ltd. Class A | 23.58% | 25,339,276 | $479.2M | No change |
| QXO Qxo Inc. | 8.95% | 9,541,394 | $181.9M | Reduce -12.8% |
| VT Vanguard Tot World STK ETF | 2.98% | 440,016 | $60.6M | No change |
| FIG Figma Inc. Class A | 1.38% | 538,956 | $28.0M | New |
| PACB Pacific Biosciences of Calif | 0.31% | 4,976,089 | $6.4M | Reduce -70.3% |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 6 | $1.4B | STUB, STNE, QXO, VT, COF |
| Q1 2026 | 5 | $1.0B | STUB, STNE, VT, QXO, FIG |
| Q4 2025 | 5 | $1.6B | STUB, STNE, QXO, VT, FIG |
| Q3 2025 | 6 | $2.0B | STUB, STNE, QXO, VT, FIG |
| Q2 2025 | 5 | $719.6M | STNE, QXO, VT, PACB, OPRT |
| Q1 2025 | 6 | $597.0M | STNE, QXO, VT, PACB, ILMN |
| Q4 2024 | 6 | $524.8M | STNE, QXO, VT, PACB, ILMN |
| Q3 2024 | 6 | $626.2M | STNE, QXO, VT, PACB, ILMN |
| Q2 2024 | 6 | $569.5M | STNE, VT, PACB, ILMN, OPRT |
| Q1 2024 | 6 | $729.9M | STNE, VT, PACB, ILMN, OPRT |