Paradigm Operations LP

Key Holdings

The sole position in the portfolio is Coinbase Global Inc. (COIN), which accounts for the entire $1.39 billion in value. The holding consists of 4.13 million shares. The fact that this is the only holding indicates that Paradigm Operations LP is not merely bullish on the crypto sector but is specifically leveraging Coinbase as a primary proxy for the industry. The 20.7% decline in total portfolio value from the previous quarter is directly attributable to the price performance of COIN during that period, as no other positions existed to offset the loss. This creates a portfolio return profile that is identical to the volatility and returns of the underlying stock.