Initial Statement of Beneficial Ownership (Form 3)

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * WestCap Management, LLC 2. Date of Event Requiring Statement (Month/Day/Year) 01/16/2026 3. Issuer Name and Ticker or Trading Symbol StubHub Holdings, Inc. [STUB] (Last) (First) (Middle) 590 PACIFIC AVENUE 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) SAN FRANCISCO, CA 94133 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Class A Common Stock 31,734,690 I See footnotes(1)(3)

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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series O Preferred Stock, par value $0.001 per share	(4)	(5)	Class A Common Stock	(4)	(4)	I	See footnotes(2)(3)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WestCap Management, LLC 590 PACIFIC AVENUE SAN FRANCISCO, CA 94133		X
Tosi Laurence A 590 PACIFIC AVE. SAN FRANCISCO, CA 94133		X
WestCap Stub Holdco 2024, LLC 590 PACIFIC AVENUE SAN FRANCISCO, CA 94133				See Remarks
WestCap StubHub Opportunity Fund Preferred, LLC 590 PACIFIC AVE SAN FRANCISCO, CA 94133				See Remarks

Signatures

WestCap Management, LLC, By: Laurence A. Tosi, its Managing Member /s/ Laurence A. Tosi		01/21/2026
**Signature of Reporting Person		Date
/s/ Laurence A. Tosi, Laurence A. Tosi		01/21/2026
**Signature of Reporting Person		Date
WestCap Stub Holdco 2024, LLC, By: WestCap Management, LLC, its Manager, By: Laurence A. Tosi, its Managing Member, /s/ Laurence A. Tosi		01/21/2026
**Signature of Reporting Person		Date
WestCap StubHub Opportunity Fund Preferred, LLC, By: WestCap Management, LLC, its Manager, By: Laurence A. Tosi, its Managing Member, /s/ Laurence A. Tosi		01/21/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The securities reported on this line are held directly by WestCap Stub Holdco 2024, LLC ("WestCap Stub").
(2)	The securities reported on this line are held directly by WestCap StubHub Opportunity Fund Preferred, LLC ("WestCap StubHub").
(3)	WestCap Management, LLC ("WestCap") is the managing member of WestCap Stub and WestCap StubHub. Laurence A. Tosi may be deemed to hold voting and investment control over the shares held by WestCap Stub and WestCap StubHub. Each Reporting Person expressly disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein, if any.
(4)	WestCap StubHub holds 133,670 shares of Series O Preferred Stock. The Series O Preferred Stock shall automatically convert into 6,256,893 shares of Class A Common Stock on March 17, 2026, the date that is 180 days after the closing on September 18, 2025 of the issuer's initial public offering, at a price equal to $23.50, the initial public offering price.
(5)	The Series O Preferred Stock has no stated maturity.
Remarks: WestCap Stub holds the shares of Class A Common Stock reported herein. WestCap StubHub holds the shares of Series O Preferred Stock reported herein.

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