{"url":"https://nivawealth.com/firms/paradigm-operations-299210","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/299210","regulatoryAum":11869698738,"crd":"299210","secFileNumber":"801-117048","legalName":"Paradigm Operations LP","displayName":"Paradigm Operations","website":"http://www.paradigm.xyz","linkedinUrl":"https://www.linkedin.com/company/paradigm-xyz","founded":null,"organization":"Delaware limited partnership","fiscalYearEnd":"December","headquarters":{"street":"548 Market Street, Suite 46425","city":"San Francisco","state":"CA","stateName":"California","country":"United States","postalCode":"94104"},"tradeNames":[],"registration":{"secApproved":"26 July 2019","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":61,"advisory":13,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":11869698738,"discretionaryAccounts":8,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":38,"nonAumClients":0},"clientTypes":[{"label":"Pooled investment vehicles","clients":8,"regulatoryAum":11869698738}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Paradigm Operations has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Jordan Qualls","title":"Chief Financial Officer","crd":"5695618"},{"name":"Alexandru Popescu-Negoesti","title":"Chief Compliance Officer","crd":"4635224"},{"name":"Kathryn Biber","title":"Chief Legal Officer","crd":"7682705"},{"name":"Matthew Huang","title":"Co-Founder and Managing Partner","crd":"5547465"},{"name":"Alana Palmedo","title":"Managing Partner","crd":"7147545"}],"ownership":[{"label":"Fe Management LP","detail":"Limited partner in the 10% to 25% ownership band, since October 2022."},{"label":"MH Management Holdings LLC","detail":"Limited partner in the 75% or more ownership band and a control person, since October 2024."},{"label":"Matthew Huang","detail":"Indirect owner: trustee of Mhga Living Trust and a control person, since February 2024. Also a managing member of Paradigm Operations GP LLC in the 75% or more band and a control person, since October 2024.","parent":"Mhga Living Trust"},{"label":"Fe Management Inc.","detail":"Indirect owner: general partner of Fe Management LP and a control person, since December 2021.","parent":"Fe Management LP"},{"label":"Frederick Ernest Ehrsam III Living Trust","detail":"Indirect owner: a shareholder of Fe Management Inc. in the 75% or more band and a control person, since October 2022.","parent":"Fe Management Inc."},{"label":"Mhga Living Trust","detail":"Indirect owner: a member of MH Management Holdings LLC in the 75% or more band and a control person, since July 2024.","parent":"MH Management Holdings LLC"},{"label":"Frederick Ehrsam","detail":"Indirect owner: trustee of Frederick Ernest Ehrsam III Living Trust and a control person, since September 2014.","parent":"Frederick Ernest Ehrsam III Living Trust"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":2,"privateResidences":0},"listedOfficeAddresses":3,"officesByState":[{"state":"California","offices":1,"addresses":[{"street":"548 Market Street, Suite 46425","city":"San Francisco","headquarters":true}]},{"state":"District of Columbia","offices":1,"addresses":[{"street":"1802 Vernon ST","city":"Washington"}]},{"state":"New York","offices":1,"addresses":[{"street":"524 Broadway","city":"New York"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"415-830-5750","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Fixed fees (other than subscription fees)","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)"],"financialPlanningClients":null,"assetMix":[],"privateFunds":8},"sources":{"adv1FilingDate":"5 June 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/299210/PDF/299210.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Paradigm Operations have?","answer":"Paradigm Operations has 8 clients and manages $11.9 billion for them, as of June 2026.","source":"Form ADV Part 1A, Items 5.D and 5.F, filed 5 June 2026","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Paradigm Operations offer?","answer":"Paradigm Operations provides portfolio management for pooled vehicles.","source":"Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Paradigm Operations have?","answer":"Paradigm Operations has 0 investment adviser representatives registered with state securities authorities, out of 61 employees, and 13 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.","source":"Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Paradigm Operations?","answer":"Paradigm Operations is owned through a chain of holding companies by Matthew Huang. Its direct owners are Fe Management LP (10% to 25%) and MH Management Holdings LLC (75% or more).","source":"Form ADV Part 1A, Schedules A and B, filed 5 June 2026","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Paradigm Operations get paid?","answer":"Paradigm Operations is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.","source":"Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/paradigm-operations-299210/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-14","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1911136/000110465926096445/0001104659-26-096445-index.html","totalValue":1031407394,"positionCount":4,"top10Share":1,"top10":[{"issuer":"ROBINHOOD MKTS INC","titleOfClass":"COM CL A","cusip":"770700102","value":474787292,"shares":4734616,"shareType":"SH","priorValue":298265814,"priorShares":4303980},{"issuer":"COINBASE GLOBAL INC","titleOfClass":"COM CL A","cusip":"19260Q107","value":465658568,"shares":3185297,"shareType":"SH","priorValue":626750023,"priorShares":3589428},{"issuer":"AMBER INTL HLDG LTD","titleOfClass":"SPON ADS NEW","cusip":"45113Y203","value":46024999,"shares":30889261,"shareType":"SH"},{"issuer":"HYPERLIQUID STRATEGIES INC","titleOfClass":"COM","cusip":"44916Y106","value":44936535,"shares":5709852,"shareType":"SH","priorValue":29063147,"priorShares":5709852}],"positionsListed":4,"positions":[{"issuer":"ROBINHOOD MKTS INC","titleOfClass":"COM CL A","cusip":"770700102","value":474787292,"shares":4734616,"shareType":"SH","priorValue":298265814,"priorShares":4303980},{"issuer":"COINBASE GLOBAL INC","titleOfClass":"COM CL A","cusip":"19260Q107","value":465658568,"shares":3185297,"shareType":"SH","priorValue":626750023,"priorShares":3589428},{"issuer":"AMBER INTL HLDG LTD","titleOfClass":"SPON ADS NEW","cusip":"45113Y203","value":46024999,"shares":30889261,"shareType":"SH"},{"issuer":"HYPERLIQUID STRATEGIES INC","titleOfClass":"COM","cusip":"44916Y106","value":44936535,"shares":5709852,"shareType":"SH","priorValue":29063147,"priorShares":5709852}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}