Whetstone Capital Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Whetstone Capital Advisors, LLC reported 56 stock positions worth $361.1 million. Its top holding was Cloudflare Class A (NET) at 18.5% of the portfolio, followed by Dave (DAVE, 15.3%) and Alphabet Class C (GOOG, 8.8%). Compared with Q2 2025, it opened 31 new positions, sold out of 7, added to 8 and reduced 4. The biggest buy was a new position in Prog (PRG) and the biggest sale Thryv (THRY, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- SHAWNEE MISSION, KS
- CIK
- 0001607278
- Portfolio Value
- $361.1M (Q3 2025)
- SEC Filing
- 0001214659-25-016665 ↗ filed Nov 14, 2025
Holdings Value
Holdings 56 stocks · $361.1M
| NET Cloudflare Inc. Class A | 18.49% | 311,185 | $66.8M | Reduce -1.4% |
| DAVE Dave Inc. | 15.28% | 276,747 | $55.2M | No change |
| GOOG Alphabet Inc. Class C | 8.79% | 130,373 | $31.8M | No change |
| OPRX Optimizerx Corp. | 8.56% | 1,508,303 | $30.9M | No change |
| AMZN Amazon.com Inc. | 5.67% | 93,240 | $20.5M | No change |
| MNDY Monday.com Ltd. | 4.25% | 79,172 | $15.3M | No change |
| BLZE Backblaze Inc. Class A | 3.75% | 1,460,792 | $13.6M | Add +22.3% |
| TOST Toast Inc. Class A | 3.39% | 334,963 | $12.2M | No change |
| SERA Sera Prognostics Inc. Class A | 3.08% | 3,632,371 | $11.1M | No change |
| HCAT Health Catalyst Inc. | 2.94% | 3,731,350 | $10.6M | No change |
| LPRO Open Lending Corp. | 2.62% | 4,488,741 | $9.5M | Add +2.7% |
| PRO Pros Holdings Inc. | 2.51% | 396,160 | $9.1M | No change |
| GTLB Gitlab Inc. Class A | 2.40% | 192,532 | $8.7M | No change |
| PRG Prog Holdings Inc. | 2.40% | 267,641 | $8.7M | New |
| RELY Remitly Global Inc. | 2.35% | 520,090 | $8.5M | New |
| TRUE Truecar Inc. | 1.72% | 3,376,140 | $6.2M | Add +242.7% |
| DKNG Draftkings Inc. Class A | 1.65% | 159,516 | $6.0M | No change |
| ASAN Asana Inc. Class A | 1.41% | 381,716 | $5.1M | No change |
| DSP Viant Technology Inc. Class A | 1.40% | 585,577 | $5.1M | Add +53.0% |
| OPRA Opera Ltd.-ADR | 1.04% | 181,942 | $3.8M | Reduce -50.9% |
| VERX Vertex Inc. Class A | 0.78% | 113,505 | $2.8M | New |
| KPLT Katapult Holdings Inc. | 0.73% | 221,828 | $2.7M | Add +46.7% |
| LFMD Lifemd Inc. | 0.70% | 370,784 | $2.5M | New |
| BODI The Beachbody Co. Inc. filed as THE BEACHBODY COMPANY INC | 0.66% | 399,567 | $2.4M | Add +12.7% |
| OS Onestream Inc. | 0.57% | 112,307 | $2.1M | New |
| SEZL Sezzle Inc. | 0.48% | 21,676 | $1.7M | New |
| PRTH Priority Technology Holdings | 0.30% | 157,566 | $1.1M | New |
| RPAY Repay Holdings Corp. | 0.20% | 141,227 | $739K | New |
| GOOGL Alphabet Inc. Class A | 0.12% | 1,761 | $428K | No change |
| NTSK Netskope Inc. Class A | 0.11% | 17,000 | $386K | New |
| NEE Nextera Energy Inc. | 0.07% | 3,271 | $247K | New |
| GSK GSK PLC-Spon ADR | 0.07% | 5,696 | $246K | New |
| PSX Phillips 66 | 0.07% | 1,797 | $244K | New |
| JNJ Johnson & Johnson | 0.07% | 1,316 | $244K | New |
| WSO Watsco Inc. | 0.07% | 592 | $239K | New |
| MO Altria Group Inc. | 0.07% | 3,592 | $237K | New |
| CNQ Canadian Natural Resources | 0.07% | 7,378 | $236K | New |
| MTN Vail Resorts Inc. | 0.06% | 1,568 | $235K | New |
| QSR Restaurant Brands Intern | 0.06% | 3,647 | $234K | New |
| MDT Medtronic PLC | 0.06% | 2,448 | $233K | New |
| MMM 3M Co. | 0.06% | 1,490 | $231K | New |
| SNY Sanofi-ADR | 0.06% | 4,891 | $231K | New |
| PM Philip Morris International | 0.06% | 1,422 | $231K | New |
| BAH Booz Allen Hamilton Holdings | 0.06% | 2,303 | $230K | New |
| CI The Cigna Group | 0.06% | 790 | $228K | New |
| OUT Outfront Media Inc. | 0.06% | 12,383 | $227K | Add +7.0% |
| SMG Scotts Miracle-Gro Co. | 0.06% | 3,961 | $226K | New |
| UL Unilever PLC | 0.06% | 3,771 | $224K | New |
| UNH Unitedhealth Group Inc. | 0.06% | 637 | $220K | New |
| LYB Lyondellbasell Indu Class A | 0.06% | 4,478 | $220K | New |
| KREF KKR Real Estate Finance Trus | 0.06% | 24,209 | $218K | Add +18.7% |
| APO Apollo Global Management Inc. | 0.06% | 1,607 | $214K | New |
| CG The Carlyle Group Inc. | 0.06% | 3,379 | $212K | Reduce -17.4% |
| BX Blackstone Inc. | 0.06% | 1,235 | $211K | New |
| KVUE Kenvue Inc. | 0.06% | 12,544 | $204K | New |
| THRY Thryv Holdings Inc. | 0.06% | 16,475 | $199K | Reduce -98.4% |
Portfolio Sells Q2 2025 → Q3 2025
| THRY Thryv Holdings Inc. | Reduce -98.4% | 0.06% | −3.56 |
| FRSH Freshworks Inc. Class A | Sold out | 0.00% | −2.07 |
| ZETA Zeta Global Holdings Corp. Class A | Sold out | 0.00% | −1.82 |
| OPRA Opera Ltd.-ADR | Reduce -50.9% | 1.04% | −0.94 |
| ETOR Etoro Group Ltd. Class A | Sold out | 0.00% | −0.65 |
| CBZ Cbiz Inc. | Sold out | 0.00% | −0.23 |
| LAW CS Disco Inc. | Sold out | 0.00% | −0.10 |
| UIS Unisys Corp. | Sold out | 0.00% | −0.09 |
| FERG Ferguson Enterprises Inc. | Sold out | 0.00% | −0.06 |
| CG The Carlyle Group Inc. | Reduce -17.4% | 0.06% | −0.00 |
| NET Cloudflare Inc. Class A | Reduce -1.4% | 18.49% | +1.03 |
Portfolio Buys Q2 2025 → Q3 2025
| PRG Prog Holdings Inc. | New | 2.40% | +2.40 |
| RELY Remitly Global Inc. | New | 2.35% | +2.35 |
| BLZE Backblaze Inc. Class A | Add +22.3% | 3.75% | +1.90 |
| TRUE Truecar Inc. | Add +242.7% | 1.72% | +1.19 |
| VERX Vertex Inc. Class A | New | 0.78% | +0.78 |
| LFMD Lifemd Inc. | New | 0.70% | +0.70 |
| OS Onestream Inc. | New | 0.57% | +0.57 |
| SEZL Sezzle Inc. | New | 0.48% | +0.48 |
| KPLT Katapult Holdings Inc. | Add +46.7% | 0.73% | +0.39 |
| PRTH Priority Technology Holdings | New | 0.30% | +0.30 |
| BODI The Beachbody Co. Inc. | Add +12.7% | 0.66% | +0.24 |
| LPRO Open Lending Corp. | Add +2.7% | 2.62% | +0.23 |
| RPAY Repay Holdings Corp. | New | 0.20% | +0.20 |
| NTSK Netskope Inc. Class A | New | 0.11% | +0.11 |
| NEE Nextera Energy Inc. | New | 0.07% | +0.07 |
| GSK GSK PLC-Spon ADR | New | 0.07% | +0.07 |
| PSX Phillips 66 | New | 0.07% | +0.07 |
| JNJ Johnson & Johnson | New | 0.07% | +0.07 |
| WSO Watsco Inc. | New | 0.07% | +0.07 |
| MO Altria Group Inc. | New | 0.07% | +0.07 |
| CNQ Canadian Natural Resources | New | 0.07% | +0.07 |
| MTN Vail Resorts Inc. | New | 0.06% | +0.06 |
| QSR Restaurant Brands Intern | New | 0.06% | +0.06 |
| MDT Medtronic PLC | New | 0.06% | +0.06 |
| MMM 3M Co. | New | 0.06% | +0.06 |
| PM Philip Morris International | New | 0.06% | +0.06 |
| SNY Sanofi-ADR | New | 0.06% | +0.06 |
| BAH Booz Allen Hamilton Holdings | New | 0.06% | +0.06 |
| CI The Cigna Group | New | 0.06% | +0.06 |
| SMG Scotts Miracle-Gro Co. | New | 0.06% | +0.06 |
| UL Unilever PLC | New | 0.06% | +0.06 |
| UNH Unitedhealth Group Inc. | New | 0.06% | +0.06 |
| LYB Lyondellbasell Indu Class A | New | 0.06% | +0.06 |
| APO Apollo Global Management Inc. | New | 0.06% | +0.06 |
| BX Blackstone Inc. | New | 0.06% | +0.06 |
| KVUE Kenvue Inc. | New | 0.06% | +0.06 |
| KREF KKR Real Estate Finance Trus | Add +18.7% | 0.06% | +0.01 |
| OUT Outfront Media Inc. | Add +7.0% | 0.06% | +0.01 |
| DSP Viant Technology Inc. Class A | Add +53.0% | 1.40% | −0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 67 | $377.4M | DAVE, NET, GOOG, AMZN, FRMI |
| Q1 2026 | 54 | $265.8M | NET, DAVE, GOOG, AMZN, OPRX |
| Q4 2025 | 54 | $320.5M | DAVE, NET, GOOG, AMZN, OPRX |
| Q3 2025 | 56 | $361.1M | NET, DAVE, GOOG, OPRX, AMZN |
| Q2 2025 | 32 | $354.0M | DAVE, NET, MNDY, GOOG, AMZN |
| Q1 2025 | 28 | $226.3M | NET, DAVE, GOOG, MNDY, AMZN |
| Q4 2024 | 28 | $262.7M | NET, GOOG, DAVE, AMZN, MNDY |
| Q3 2024 | 37 | $207.5M | NET, MNDY, GOOG, AMZN, BLZE |
| Q2 2024 | 38 | $215.5M | NET, GOOG, MNDY, AMZN, PRO |
| Q1 2024 | 31 | $228.4M | NET, GOOG, MNDY, AMZN, BLZE |