StubHub Holdings (Class A Common): Madrone Capital–affiliated entities filed a Schedule 13G reporting beneficial ownership of 75,780,055 shares, representing 22.1% of the class as of September 30, 2025. Percentages are based on 343,063,283 shares outstanding as of September 18, 2025.
The filing details include: Madrone SHV Partners with 53,279,250 shares (15.5%), Madrone Partners with 21,111,915 shares (6.2%), and Madrone Opportunity Fund with 1,388,890 shares (0.4%). Thomas Patterson also holds 12,765 shares issuable upon settlement of vested RSUs. Voting and dispositive power are reported as shared across the Madrone entities; Patterson has sole power over his RSUs and shares authority over the Madrone-held shares. The Reporting Persons expressly disclaim status as a group.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
StubHub Holdings, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.001 per share
(Title of Class of Securities)
86384P109
(CUSIP Number)
09/30/2025
(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)
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Madrone SHV Partners, LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
53,279,250.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
53,279,250.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
53,279,250.00
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)
15.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Madrone Partners, L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,111,915.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,111,915.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,111,915.00
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)
6.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Madrone Opportunity Fund, L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,388,890.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,388,890.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,388,890.00
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)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Madrone Capital Partners, LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,780,055.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,780,055.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,780,055.00
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)
22.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Gregory Boyd Penner
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,780,055.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,780,055.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,780,055.00
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)
22.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Jameson J. McJunkin
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,780,055.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,780,055.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,780,055.00
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)
22.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Thomas Patterson
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
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
12,765.00
6
Shared Voting Power
75,780,055.00
7
Sole Dispositive Power
12,765.00
8
Shared Dispositive Power
75,780,055.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,792,820.00
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)
22.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
StubHub Holdings, Inc.
(b)
Address of issuer's principal executive offices:
175 Greenwich Street, 59th Floor, New York, NY, 10007.
Item 2.
(a)
Name of person filing:
The names of the persons filing this report (collectively, the "Reporting Persons") are:
Madrone SHV Partners, LLC ("Madrone SHV")
Madrone Partners, L.P. ("Madrone Partners")
Madrone Opportunity Fund, L.P. ("Madrone Opportunity")
Madrone Capital Partners, LLC ("Madrone Capital")
Gregory Penner ("Penner")
Jameson McJunkin ("McJunkin")
Thomas Patterson ("Patterson")
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.
(b)
Address or principal business office or, if none, residence:
PO Box #6476
Denver, CO 80206
(c)
Citizenship:
Madrone SHV Delaware
Madrone Partners Delaware
Madrone Opportunity Delaware
Madrone Capital Delaware
Penner United States
McJunkin United States
Patterson United States
(d)
Title of class of securities:
Class A Common Stock, par value $0.001 per share
(e)
CUSIP No.:
86384P109
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:
Row 9 of each Reporting Person's cover page to this Schedule 13G sets forth the aggregate number of securities of the Issuer beneficially owned by such Reporting Person as of September 30, 2025 and is incorporated by reference.
The Reporting Persons' ownership of the Issuer's securities consists of (i) 53,279,250 shares of Class A common stock held directly by Madrone SHV, (ii) 21,111,915 shares of Class A common stock held directly by Madrone Partners, (iii) 1,388,890 shares of Class A common stock held directly by Madrone Opportunity, and (iv) 12,765 shares of Class A common stock issuable upon the settlement of vested restricted stock units held by Patterson.
Madrone Capital is the manager of Madrone SHV and the general partner of Madrone Partners and Madrone Opportunity and shares voting and investment authority over the shares held by each of Madrone SHV, Madrone Partners and Madrone Opportunity. Penner, McJunkin and Patterson are the managing members of Madrone Capital and share voting and investment authority over the shares held by each of Madrone SHV, Madrone Partners and Madrone Opportunity.
(b)
Percent of class:
Row 11 of each Reporting Person's cover page to this Schedule 13G sets forth the percentages of the securities of the Issuer beneficially owned by such Reporting Person as of September 30, 2025 and is incorporated by reference. The percentage set forth in each row 11 is based upon 343,063,283 shares of the Issuer's Class A common stock outstanding as of September 18, 2025, as reported in the Issuer's prospectus dated September 16, 2025 as filed with the Securities and Exchange Commission (the "SEC") on September 17, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Row 5 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of September 30, 2025 and is incorporated by reference.
(ii) Shared power to vote or to direct the vote:
Row 6 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to vote or to direct the vote of securities of the Issuer beneficially owned by such Reporting Person as of September 30, 2025 and is incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
Row 7 of each Reporting Person's cover page to this Schedule 13G sets forth the sole power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of September 30, 2025 and is incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
Row 8 of each Reporting Person's cover page to this Schedule 13G sets forth the shared power to dispose or to direct the disposition of securities of the Issuer beneficially owned by such Reporting Person as of September 30, 2025 and is incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
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.
Madrone SHV Partners, LLC
Signature:
/s/ Thomas Patterson
Name/Title:
By Madrone Capital Partners, LLC, its Manager, By Thomas Patterson, Manager
Date:
11/14/2025
Madrone Partners, L.P.
Signature:
/s/ Thomas Patterson
Name/Title:
By Madrone Capital Partners, LLC, its General Partner, By Thomas Patterson, Manager
Date:
11/14/2025
Madrone Opportunity Fund, L.P.
Signature:
/s/ Thomas Patterson
Name/Title:
By Madrone Capital Partners, LLC, its General Partner, by Thomas Patterson, Manager
Who are the individual reporting persons in the STUB 13G?
Individuals include Gregory Penner, Jameson J. McJunkin, and Thomas Patterson.
What voting/dispositive power is reported over STUB shares?
Madrone entities report shared voting and dispositive power; Patterson has sole power over 12,765 RSU-settleable shares and shares authority over Madrone-held shares.
Does the STUB filing state the reporters are a group?
The Reporting Persons expressly disclaim status as a group.
What is the CUSIP and class reported for STUB?
CUSIP is 86384P109; class is Class A Common Stock, par value $0.001 per share.
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