9AT: PARADIGM OPERATIONS LP

other names

PARADIGM OPERATIONS LP

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 07/26/2019
Other registrations (2)	SEC, ERA - Withdrawn, 06/26/2019 California, ERA - Withdrawn, 06/26/2019
Former registrations	PARADIGM OPERATIONS LP
ADV Location	SAN FRANCISCO, CA, United States
Contact Info	415 xxxxxxx
Websites

AUM^*	11,869,698,738 18%
of that, discretionary	11,869,698,738 18%
Private Fund GAV^*	11,869,698,738 -6%
Avg Account Size	1,483,712,342 -26%
SMA’s	No
Private Funds	14 9

Adviser Type

- Large advisory firm

Number of Employees 61 3%

of those in investment advisory functions 13

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeHedge Fund	Count1	GAV$6,844,813,658
Fund TypePrivate Equity Fund	Count7	GAV$5,024,885,080
Fund TypeVenture Capital Fund	Count6	GAV$

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser VELT PARTNERS INVESTIMENTOS LTDA.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.2b	#Funds-
Adviser IBEX INVESTORS LLC	Hedge Fund548.3m	Liquidity Fund-	Private Equity Fund563.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund10.4m	Total Private Fund GAV1.1b	AUM1.2b	#Funds37
Adviser ALTA PARK CAPITAL, LP	Hedge Fund1.1b	Liquidity Fund-	Private Equity Fund675.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.8b	AUM1.8b	#Funds16
Adviser JUNIPER INVESTMENT COMPANY	Hedge Fund310.2m	Liquidity Fund-	Private Equity Fund138.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV448.7m	AUM451.1m	#Funds6
Adviser KKR CREDIT ADVISORS (SINGAPORE) PTE. LTD.	Hedge Fund573.2m	Liquidity Fund-	Private Equity Fund4.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund132.5m	Total Private Fund GAV4.8b	AUM4.9b	#Funds15
Adviser SAGARD HOLDINGS MANAGER LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund2.1b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund424.4m	Other Fund-	Total Private Fund GAV2.9b	AUM8.6b	#Funds23
Adviser SCIENS DIVERSIFIED MANAGERS LLC	Hedge Fund6.2m	Liquidity Fund-	Private Equity Fund914.4m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV920.6m	AUM896.7m	#Funds37
Adviser OCTAHEDRON CAPITAL MANAGEMENT, L.P.	Hedge Fund315.1m	Liquidity Fund-	Private Equity Fund279.1m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV594.2m	AUM594.2m	#Funds17
Adviser SB CAPITAL MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.2b	#Funds-
Adviser PAMPLONA CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund2.8b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.8b	AUM2.8b	#Funds4

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker19260Q107	Stock NameCOINBASE GLOBAL INC	$ Position$963,912,252	% Position71.00%	$ Change	# Change
Stck Ticker770700102	Stock NameROBINHOOD MKTS INC	$ Position$373,230,000	% Position27.00%	$ Change	# Change
Stck Ticker44916Y106	Stock NameHYPERLIQUID STRATEGIES INC	$ Position$20,327,073	% Position1.00%	$ Change	# Change

Brochure Summary

Overview

For purposes of this brochure, the “Adviser” means Paradigm Operations LP, a Delaware limited partnership, together (where the context permits) with its affiliated general partners of the Funds (as defined below). The Adviser provides investment advisory services to one or more investment vehicles (“Funds”) that are exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). The Funds primarily invest in blockchain assets, crypto-related assets, and crypto and crypto- related companies, projects, and protocols, as discussed in further detail in Item 8 below. The Adviser’s advisory services consist of investigating, identifying, and evaluating investment opportunities, structuring, negotiating, and making investments on behalf of the Funds, managing and monitoring the performance of such investments, and disposing of such investments. The Adviser provides investment advisory services to the Funds in accordance with the limited partnership agreement of each Fund and separate investment management agreement (each, an “Advisory Agreement”). Investment advice is provided directly to the Funds,

subject to the discretion and control of the applicable general partner, and not individually to the investors in a Fund. Services are provided to a Fund in accordance with the Advisory Agreement with a Fund and/or organizational documents of a Fund. Investment restrictions for a Fund, if any, are established in the organizational or offering documents of such Fund, Advisory Agreements and/or side letter agreements negotiated with investors in such Fund (such documents collectively, a Fund’s “Organizational Documents”). The descriptions of the Funds in this brochure, including the type of investments made and strategies used, fees and expenses charged, risk factors and conflicts of interests that may arise in the Adviser’s management of such Funds are qualified in their entirety by reference to each Fund’s Organizational Documents. The principal owners of the Adviser are Matthew Huang and Frederick Ernest Ehrsam III. The Adviser has been in business since 2018. As of December 31, 2023, the Adviser managed approximately $10,077,295,617 in regulatory assets under management on a discretionary basis. The Adviser does not manage assets on a non-discretionary basis.

PARADIGM OPERATIONS LP

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