StubHub Holdings, Inc.: WestCap Management, LLC, WestCap Stub Holdco 2024, LLC, and Laurence A. Tosi filed a Schedule 13G reporting beneficial ownership of 31,734,690 shares of Class A Common Stock, representing 9.89% of the class.
The Reporting Persons disclose shared voting power over 31,734,690 shares and shared dispositive power over the same amount, with zero sole voting or dispositive power. The date of the event requiring the filing was September 30, 2025. WestCap Management is the investment manager to WestCap Stub Holdco 2024, and Mr. Tosi is the managing member of WestCap.
Positive
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Negative
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Insights
Large passive-style 13G stake at 9.89% with shared control rights.
WestCap Management, WestCap Stub Holdco 2024, and Laurence A. Tosi report 31,734,690 shares of StubHub Class A, equating to 9.89% of the class as of the disclosed event. The filing lists shared voting and shared dispositive power for the full amount and no sole power.
This indicates coordinated voting/disposition authority across the Reporting Persons. The filing does not state transaction plans; it presents ownership and power allocations.
Key reference points are the 09/30/2025 event date and the aggregate amount and percentage. Subsequent filings may update ownership levels if positions change.
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, $0.001 par value 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
WestCap Management, 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
31,734,690.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
31,734,690.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
31,734,690.00
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)
9.89 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
WestCap Stub Holdco 2024, 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
31,734,690.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
31,734,690.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
31,734,690.00
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)
9.89 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
86384P109
1
Names of Reporting Persons
Laurence A. Tosi
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
31,734,690.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
31,734,690.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
31,734,690.00
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)
9.89 %
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, New York 10007
Item 2.
(a)
Name of person filing:
This report on Schedule 13G (this "Schedule 13G"), is being jointly filed by:
(i) WestCap Management, LLC ("WestCap"), a Delaware limited liability company, the investment manager to WestCap Stub Holdco 2024, LLC ("WestCap Stub"), a Delaware limited liability company, with respect to the shares of Class A common stock, $0.001 par value per share (the "Class A Common Stock") of StubHub Holdings, Inc. (the "Company") held by WestCap Stub;
(ii) WestCap Stub, with respect to the shares of Class A Common Stock directly held by it; and
(iii) Laurence A. Tosi, as the managing member of WestCap ("Mr. Tosi"), with respect to the shares of Class A Common Stock held by WestCap Stub.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the Reporting Persons is the beneficial owner of the Class A Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The address for the Reporting Persons is: 590 Pacific Ave., San Francisco, California 94133.
(c)
Citizenship:
Each of WestCap Management and WestCap Stub is organized under the laws of the State of Delaware. Mr. Tosi is a citizen of the United States.
(d)
Title of class of securities:
Class A Common Stock, $0.001 par value 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:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(b)
Percent of class:
9.89%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein 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.
WestCap Management, LLC
Signature:
/s/ Laurence A. Tosi
Name/Title:
Laurence A. Tosi, Managing Member
Date:
11/12/2025
WestCap Stub Holdco 2024, LLC
Signature:
/s/ Laurence A. Tosi
Name/Title:
WestCap Management, LLC, its Manager, By: Laurence A. Tosi, Managing Member
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