Pine Ridge Advisers LLC

Pine Ridge Advisers' Q1 2026 13F is a $1.62B, 41-position portfolio that is a multi-asset ETF wrapper with a distinctive cryptocurrency overlay: the portfolio holds both iShares Bitcoin Trust (IBIT, $86.2M, 5.3%) and Fidelity Wise Origin Bitcoin (FBTC, $49.3M, 3.0%), making Pine Ridge one of the few institutional 13F filers with meaningful Bitcoin ETF exposure. AUM fell from $1.68B in Q4 2025 to $1.62B in Q1 2026 (-$52M, -3.1%) from modest mark-to-market erosion. The portfolio's structure is a core-and-sleeve model anchored on broad US equity ETFs: SPDR S&P 500 (SPY, $533.3M, 32.8%) and SPDR S&P 500 (SPY-other-share-class, $215.3M, 13.3%) together account for 46.1% of AUM; iShares Core S&P 500 (IVV, $88.2M, 5.4%), Vanguard Mid-Cap (VO, $87.9M, 5.4%), Invesco QQQ ($82.4M, 5.1%), and iShares Small-Cap (IJH, $73.5M, 4.5%) complete the US equity core at 67.9% of AUM. The international sleeve includes Vanguard Developed Markets (VEA, $63.1M, 3.9%), Vanguard Emerging Markets (VWO, $12.7M), iShares EFA ($25.0M), and Vanguard Total International (VEU, $3.1M). The fixed-income sleeve includes SPDR Gold (GLD, $30.6M, 1.9%) and a long tail of bond ETFs. The single-stock overlay includes Alphabet A+C ($18.1M + $12.3M), NVIDIA ($8.0M), Apple ($7.9M), Amazon ($6.6M), JPMorgan ($6.3M), ASML ($6.0M), Meta ($5.9M), Microsoft ($5.1M), Intel ($4.9M), Tesla ($3.7M), Berkshire Class A ($3.6M), Roivant Sciences ($7.7M), StubHub ($4.1M), Blue Owl Technology Finance ($12.7M), Atlas Energy Solutions ($24.2M), and Atlas Energy Solutions. The quarter's 41 changes (3 new, 1 sold, 10 increased, 1 decreased, 26 unchanged) is surprisingly low turnover: the only decrease was SPY (-$28.3M, -0.4% shares), while the 10 increases were concentrated in Bitcoin ETFs (IBIT +$24.4M value despite +0.7% shares, FBTC +$14.3M), Alphabet (GOOG +31.5% shares), ASML (+48.9%), Tesla (+85.1%), Microsoft (+45.6%), Apple (+14.3%), and VNQ (+1.1%). Three new opens: Invesco QQQ ($82.4M, replacing old QQQ CUSIP 04609e107 sold in the same quarter -- a CUSIP migration), NVIDIA ($8.0M, 100,000 shares, a new mega-cap tech opening), and StubHub ($4.1M). A 77.25 whaleScore on $1.62B reflects both AUM and the 41-position diversification. This is best read as a traditional multi-asset ETF allocation manager that added Bitcoin ETF exposure as a new alternative-asset sleeve in Q1 2026 while maintaining its core SPY/IVV/VO equity allocation and introducing selective high-conviction single-stock positions in the technology sector.