Base Ltda. reports 9.4% stake in Netskope (NTSK) via affiliated holders

Rhea-AI Filing Summary

Netskope, Inc. Schedule 13G: Base Partners Consultoria de Investimentos E Negocios Ltda. and Fernando Spnola report beneficial ownership of 7,967,893 shares of Class A Common Stock as of 12/31/2025, representing 9.4% of the class. The filing breaks the holdings into four direct owners — BGI (1,882,768), BGII (1,194,702), BCSI (1,225,052) and Ace/Maniro combined (3,665,371) — and states that Base Ltda., as managing member and proxy holder, may be deemed to have sole voting and dispositive power over these shares. Mr. Spnola is reported with shared voting and dispositive power. The statement is signed by Mr. Spnola on 03/13/2026.

Insights

Corporate Governance Analyst

Large passive stake reported with centralized voting/dispositive authority.

Base Partners is reported to control 7,967,893 Class A shares and to hold sole voting and dispositive power via affiliated entities as of 12/31/2025. The filing lists the four direct holders and their share counts, and attributes control to Base Ltda. as managing member and proxy holder.

The statement attributes shared voting/dispositive power to Fernando Spnola, a director of Base Ltda. This structure indicates decisions over these shares may be exercised centrally by Base Ltda.; subsequent disclosures would be required if the ownership or control arrangements change.

Equity Ownership Strategist

Stake size is meaningful but below typical control thresholds; monitor further filings.

The reported position equals 7,967,893 shares or 9.4% of Class A as of 12/31/2025. The breakdown shows concentration across affiliated LLCs and two other entities, with Base Ltda. acting as managing member and proxy holder.

This filing is a static ownership snapshot under Schedule 13G reporting; trading intentions or changes to control are not declared here. Future filings could disclose acquisitions, dispositions, or changes to voting arrangements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Netskope, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Base Partners Consultoria de Investimentos E Negocios Ltda.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRAZIL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,967,893.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,967,893.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,967,893.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Of the 7,967,893 shares reported, 1,882,768 shares are owned directly by Base Growth I, LLC ("BGI"), 1,194,702 shares are owned directly by Base Growth II, LLC ("BGII"), 1,225,052 shares are owned directly by Base Crossover Strategy I, LLC ("BCSI"), and 3,665,371 shares are owned directly by Ace Global Holdings Limited ("Ace") and Maniro Limited ("Maniro"). Base Partners Consultoria de Investimentos E Negocios Ltda. ("Base Ltda."), the managing member of BGI, BGII, and BCSI and the proxy holder for Ace and Maniro with respect to such shares, may be deemed to have sole voting and sole dispositive power over such shares. Fernando Spnola ("Spnola"), a director of Base Ltda., may be deemed to have shared power to vote and shared power to dispose of these shares.

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Fernando Spnola

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRAZIL

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,967,893.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,967,893.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,967,893.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Of the 7,967,893 shares reported, 1,882,768 shares are owned directly by BGI, 1,194,702 shares are owned directly by BGII, 1,225,052 shares are owned directly by BCSI, and 3,665,371 shares are owned directly by Ace and Maniro. Base Ltda., the managing member of BGI, BGII, and BCSI and the proxy holder for Ace and Maniro with respect to such shares, may be deemed to have sole voting power and sole dispositive power over such shares. Spnola, a director of Base Ltda., may be deemed to have shared power to vote and shared power to dispose of these shares.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Netskope, Inc.
(b)	Address of issuer's principal executive offices: 2445 Augustine Drive 3rd Floor Santa Clara, CA 95054
Item 2.
(a)	Name of person filing: This Statement is being filed by Base Partners Consultoria de Investimentos E Negocios Ltda. ("Base Ltda.") and Fernando Spnola ("Spnola"). Base Ltda. and Spnola are collectively referred to as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each Reporting Person is c/o Base Partners, Rua Iguatemi 151, Floor 10, Sao Paulo, Brazil 01415-011.
(c)	Citizenship: Base Ltda. is a sociedade limitada organized under the laws of Brazil. Spnola is a citizen of Brazil.
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of the cover page for each Reporting Person.*
(b)	Percent of class: See Row 11 of the cover page for each Reporting Person.*
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of the cover page for each Reporting Person.*
	(ii) Shared power to vote or to direct the vote: See Row 6 of the cover page for each Reporting Person.*
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of the cover page for each Reporting Person.*
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of the cover page for each Reporting Person.*
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Base Partners Consultoria de Investimentos E Negocios Ltda.

Signature:	Fernando Spnola
Name/Title:	Fernando Spnola, Director
Date:	03/13/2026

Fernando Spnola

Signature:	Fernando Spnola
Name/Title:	Fernando Spnola
Date:	03/13/2026

Exhibit Information

Exhibit 1 - Joint Filing Agreement

FAQ

What stake did Base Partners report in Netskope (NTSK)?

Base Partners reported beneficial ownership of 7,967,893 shares, representing 9.4% of Class A common stock as of 12/31/2025. The filing lists four direct owners and attributes voting/dispositive power to Base Ltda.

Who holds the reported shares and how are they allocated?

The filing shows holdings across affiliates: BGI 1,882,768, BGII 1,194,702, BCSI 1,225,052, and Ace/Maniro 3,665,371. Base Ltda. is the managing member and proxy holder cited as having control over those shares.

Does Fernando Spnola have voting control over the reported shares?

Mr. Spnola is reported with shared voting and shared dispositive power over the 7,967,893 shares. The filing states Base Ltda. may be deemed to have sole voting and dispositive power, with Spnola holding shared authority as a director.

What type of SEC filing is this and what does it indicate?

This is a Schedule 13G disclosure reporting beneficial ownership of equity securities. It provides a passive ownership snapshot and identifies voting/dispositive arrangements; it does not itself announce transactions or trading plans.

When was the Schedule 13G signed and filed?

The signature block shows the filing was signed by Fernando Spnola on 03/13/2026. The ownership figures are stated as of 12/31/2025 in the filing header.