Paradigm Operations LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Paradigm Operations LP reported 3 stock positions worth $1.4 billion. Its top holding was Coinbase Global Class A (COIN) at 71.0% of the portfolio, followed by Robinhood Markets Class A (HOOD, 27.5%) and Hyperliquid Strategies (PURR, 1.5%). Compared with Q3 2025, it opened 1 new position and added to 1. The biggest buy was a new position in Hyperliquid Strategies (PURR).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001911136
Portfolio Value
$1.4B (Q4 2025)
SEC Filing
0001104659-26-015670 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.0B Q2 2024 Q3 2024: $804.5M Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $711.0M Q1 2025 Q2 2025: $1.8B Q2 2025 Q3 2025: $1.9B Q3 2025 Q4 2025: $1.4B $1.4B Q4 2025 Q1 2026: $954.1M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 3 stocks · $1.4B
COIN Coinbase Global Inc. Class A 71.01% 4,262,458 $963.9M Add +3.3%
HOOD Robinhood Markets Inc. Class A 27.49% 3,300,000 $373.2M No change
PURR Hyperliquid Strategies 1.50% 5,709,852 $20.3M New

Portfolio Sells Q3 2025 → Q4 2025
None this quarter.

Portfolio Buys Q3 2025 → Q4 2025
PURR Hyperliquid Strategies New 1.50% +1.50
COIN Coinbase Global Inc. Class A Add +3.3% 71.01% −3.67

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$1.0BHOOD, COIN, AMBR, PURR
Q1 2026 3$954.1MCOIN, HOOD, PURR
Q4 2025 3$1.4BCOIN, HOOD, PURR
Q3 2025 2$1.9BCOIN, HOOD
Q2 2025 2$1.8BCOIN, HOOD
Q1 2025 1$711.0MCOIN
Q4 2024 1$1.0BCOIN
Q3 2024 1$804.5MCOIN
Q2 2024 1$1.0BCOIN
Q1 2024 1$1.2BCOIN