Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on May 06, 2025.
Who are Marc Andreessen, Ben Horowitz and Andreessen Horowitz?
Andreessen Horowitz (a16z) is a prominent venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. The firm manages over $35 billion in assets across multiple funds and is renowned for its high-conviction bets on transformative technologies, often maintaining concentrated positions in early-stage to growth-stage companies while also allocating to select public equities through its growth and public market strategies. The overarching investment style emphasizes "software is eating the world," a philosophy coined by Andreessen, prioritizing disruptive innovations in areas like AI, biotech, crypto, consumer tech, and enterprise software. Andreessen and Horowitz focus on founder-led companies with massive market potential, strong network effects, and scalable business models, providing not just capital but extensive operational support through a large team of experts in talent, marketing, and policy. They advocate for long-term compounding through bold, contrarian theses—such as Andreessen's "It's Time to Build" manifesto urging investment in infrastructure and innovation amid societal challenges.
A16z.com
A16Z on X
Marc Andreessen on X
Ben Horowitz on X
Q1 '25 13F filed with SEC
Holdings in Q1 2025
| Ticker | Company | Weight | Change | Value | Option Type |
|---|---|---|---|---|---|
| NU | Nu Holdings | 35.0% | Added (+4%) | $163.25M | |
| XHLF | Bloomberg Six Month | 15.0% | NEW | $70.09M | |
| OKTA | Okta | 13.5% | $62.91M | ||
| COIN | Coinbase | 11.4% | Trimmed (-81%) | $53.24M | Put |
| MUB | National Muni | 5.1% | $23.64M | ||
| VTEB | Tax Exempt Bond | 4.6% | $21.62M | ||
| IVV | Core S&P 500 | 4.3% | $20.03M | ||
| ABNB | Airbnb | 2.8% | Trimmed (-80%) | $12.97M | Put |
| CART | Maplebear | 1.9% | Trimmed (-39%) | $9.09M | |
| MSFT | Microsoft | 1.4% | Trimmed (-95%) | $6.65M | |
| AFRM | Affirm | 1.0% | Added (+108%) | $4.71M | |
| META | Meta | 0.8% | $3.57M | ||
| PINS | 0.7% | $3.05M | |||
| JBBB | B-BBB CLO | 0.4% | NEW | $1.86M | |
| AMZN | Amazon | 0.4% | $1.81M | ||
| RBLX | Roblox | 0.4% | Trimmed (-88%) | $1.63M | Put |
| CRWD | CrowdStrike Holdings | 0.3% | $1.56M | ||
| GOOG | Alphabet | 0.2% | $764.17K | ||
| BITB | Bitwise Bitcoin | 0.2% | $716.33K | ||
| SPY | S&P 500 | 0.1% | $693.08K | ||
| WVE | Wave Life Sciences | 0.1% | $627.16K | ||
| NFLX | Netflix | 0.1% | $524.08K | ||
| ETHW | Bitwise Ethereum | 0.1% | $291.23K | ||
| TEAM | Atlassian | 0.1% | $237.04K | ||
| WDAY | Workday | 0.0% | $209.24K | ||
| RDDT | 0.0% | Added (+1581%) | $118.12K | ||
| DOCN | DigitalOcean | 0.0% | $103.11K | ||
| RCKT | Rocket Pharmaceuticals | 0.0% | $75.6K | ||
| OPEN | Opendoor Technologies | 0.0% | Added (+1044%) | $51.61K | |
| IVVD | Invivyd | 0.0% | $48.34K | ||
| WEAV | Weave Communications | 0.0% | NEW | $35.72K | |
| PGNY | Progyny | 0.0% | NEW | $12.64K | |
| NET | Cloudflare | 0.0% | Trimmed (-96%) | $4.51K | |
| HYGH | IR Hedged High Yield | 0.0% | Exited | $-1.89M | |
| CLOZ | Panagram BBB | 0.0% | Exited | $-509.3K |
Current Investment Strategy
Andreessen Horowitz maintained its "software is eating the world" thesis in Q1 2025 by concentrating holdings in enterprise cybersecurity leaders Okta and CrowdStrike while adding exposure to Bitcoin through the Bitwise Bitcoin ETF, reflecting the firm's conviction in crypto's institutional mainstreaming alongside traditional cloud security infrastructure. The portfolio balanced high-conviction growth bets in Meta, Amazon, and Alphabet with defensive municipal bond positions (MUB, VTEB) and strategic additions in vertical SaaS (Weave Communications, Progyny), while trimming structured credit exposures as the firm positioned for its anticipated convergence of AI, blockchain, and enterprise software trends.
New Investments
Bloomberg Six Month XHLF
Marc Andreessen and Ben Horowitz bought $70.09M of Bloomberg Six Month in Q1 2025. BondBloxx Bloomberg Six Month Target Duration US Treasury ETF benefited from robust fixed income ETF inflows in Q3 2025, driven by investors' anticipation of Federal Reserve rate cuts in September. The fund delivered 2.2% year-to-date returns through September 30, 2025, as investors rotated into fixed income following the Fed's easing cycle that began mid-quarter. With fixed income ETFs setting new inflow records in Q3 2025, capturing $377 billion in flows industrywide, the short-duration treasury positioning proved well-timed for capturing both price appreciation and elevated yields.
- YTD return of 2.2% as of September 30, 2025, with month-over-month performance of 4.6% in September.
- Expense ratio of 0.03% with attractive dividend yield of 4.39% annually.
- Assets under management of $1.749 billion, positioned to capture industry-wide fixed income ETF flows of $377 billion in Q3 2025.
B-BBB CLO JBBB
Marc Andreessen and Ben Horowitz bought $1.86M of B-BBB CLO in Q1 2025. The B-BBB CLO ETF demonstrated improving momentum in Q4 2025, delivering +1.12% returns compared to +0.11% in Q3, reflecting strengthening performance in the collateralized loan obligation market. The security offers an 8.04% annualized yield with defensive characteristics, featuring low correlation to equity markets (0.18 to the S&P 500) and active credit quality management, positioning it as an effective diversifier in volatile market conditions. The floating-rate structure provides resilience against interest rate pressures, supporting consistent performance through shifting macroeconomic environments.
- Q4 2025 total return reached +1.12%, more than 10x the +0.11% recorded in Q3 2025.
- Current annualized yield of 8.04% with strict credit discipline maintaining sub-investment-grade exposure at approximately ≤15%.
- Demonstrates portfolio diversification with 0.18 correlation to S&P 500, significantly below traditional equity and bond correlations.
Weave Communications WEAV
Marc Andreessen and Ben Horowitz bought $35.72K of Weave Communications in Q1 2025. Weave Communications delivered robust Q3 2025 results with revenue of $61.3M, representing 17% YoY growth, while expanding gross margins to a record 73% and generating $5.0M in free cash flow, marking the company's 15th consecutive quarter of beating guidance. The company has raised full-year revenue guidance to $238-$239M and updated non-GAAP operating income guidance to $3.3-$4.3M, reflecting strong operational execution and progress toward sustainable profitability despite remaining operating losses. Growth momentum is driven by payments expanding at over 2x the rate of total revenue growth, AI-powered innovations, and successful penetration into specialty medical verticals including a major 600+ location contract.
- Revenue increased 17% YoY to $61.3M with gross margin improving 50 basis points to 73%.
- Generated $5.0M in free cash flow, up $1.5M YoY, while achieving 15 consecutive quarters of beating guidance.
- Raised full-year revenue guidance to $238-$239M and updated non-GAAP operating income guidance to $3.3-$4.3M.
Progyny PGNY
Marc Andreessen and Ben Horowitz bought $12.64K of Progyny in Q1 2025. Progyny delivered Q3 2025 earnings of $0.45 per share and revenues of $313.35 million, beating consensus by 15.38% and 4.19% respectively despite a sequential EPS decline from Q2's $0.48. The company dramatically raised its full-year 2025 EPS guidance to $1.79-$1.82 versus prior consensus of $1.33, signaling strong confidence in Q4 performance and affirming underlying business momentum. The stock's year-to-date appreciation of 9.5% lags the S&P 500's 15.6% gain, suggesting potential upside given the elevated guidance and analyst consensus target of $25.44.
- Q3 2025 EPS grew 12.5% year-over-year to $0.45, beating consensus estimates by 15.38%.
- Q3 2025 revenue increased 9.3% year-over-year to $313.35 million, surpassing consensus by 4.19%.
- FY 2025 raised EPS guidance of $1.79-$1.82 represents approximately 35% upside versus prior consensus estimate of $1.33.
Added, Trimmed, and Exited
Added
Andreessen Horowitz increased positions in Nu Holdings (NU) by 657,000 shares, Affirm (AFRM) by 54,220 shares, Opendoor Technologies (OPEN) by 46,173 shares, and Reddit (RDDT) by 1,059 shares.
What it means: The additions reveal a concentrated bet on fintech disruptors and alternative tech platforms. The substantial Nu Holdings increase signals continued conviction in Latin American digital banking, while doubling down on Affirm and Opendoor demonstrates confidence in consumer fintech despite macroeconomic headwinds. The Reddit addition, though small in share count, comes after the stock delivered nearly 1,000% returns, suggesting a16z sees continued value in community-driven platforms. This pattern aligns with their "software is eating the world" thesis, focusing on companies rebuilding traditional financial services and real estate with technology.
Trimmed
Andreessen Horowitz significantly reduced PUT positions in Coinbase (COIN) by 1.3M shares (-87%), Airbnb (ABNB) by 424K shares (-81%), and Roblox (RBLX) by 207K shares (-88%), while also trimming Microsoft (MSFT) by 335K shares (-95%), Maplebear (CART) by 145K shares despite +972% returns, and Cloudflare (NET) by 1,000 shares (-96%).
What it means: The dramatic reduction in PUT positions across Coinbase, Airbnb, and Roblox suggests a16z is unwinding downside hedges on portfolio companies, potentially signaling reduced concern about near-term volatility in crypto and consumer tech. The near-complete exit from Microsoft and Cloudflare—both infrastructure plays—may reflect profit-taking after strong runs or rotation toward higher-conviction bets. Most notably, trimming Maplebear despite extraordinary 10x gains demonstrates disciplined risk management, converting paper profits into realized gains rather than letting winner positions become oversized.
Exited
Andreessen Horowitz fully liquidated positions in IR Hedged High Yield (HYGH) worth $1.89M and Panagram BBB (CLOZ) worth $509K.
What it means: Both exits involved fixed income products—a hedged high-yield ETF and a CLO (collateralized loan obligation) fund—signaling a deliberate retreat from defensive, income-oriented allocations. This rotation away from credit instruments suggests a16z is either reducing portfolio hedges amid improving market sentiment or reallocating capital toward higher-growth equity opportunities that align more closely with their venture DNA. The timing coincides with their $70M+ deployment into short-duration treasuries (Bloomberg Six Month), indicating a preference for safer, more liquid cash management tools over complex credit strategies.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
