Whetstone Capital Advisors, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Whetstone Capital Advisors, LLC reported 54 stock positions worth $265.8 million. Its top holding was Cloudflare Class A (NET) at 22.7% of the portfolio, followed by Dave (DAVE, 14.7%) and Alphabet Class C (GOOG, 12.8%). Compared with Q4 2025, it opened 10 new positions, sold out of 10, added to 22 and reduced 15. The biggest buy was a new position in Phreesia (PHR) and the biggest sale Dave (DAVE, shares −18%).

Most Recent 13F
Q2 2026
Location
SHAWNEE MISSION, KS
CIK
0001607278
Portfolio Value
$265.8M (Q1 2026)
SEC Filing
0001214659-26-006433 ↗ filed May 15, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $228.4M Q1 2024 Q2 2024: $215.5M Q2 2024 Q3 2024: $207.5M Q3 2024 Q4 2024: $262.7M Q4 2024 Q1 2025: $226.3M Q1 2025 Q2 2025: $354.0M Q2 2025 Q3 2025: $361.1M Q3 2025 Q4 2025: $320.5M Q4 2025 Q1 2026: $265.8M $265.8M Q1 2026 Q2 2026: $377.4M Q2 2026

Holdings 54 stocks · $265.8M
NET Cloudflare Inc. Class A 22.75% 293,031 $60.5M No change
DAVE Dave Inc. 14.68% 224,155 $39.0M Reduce -17.6%
GOOG Alphabet Inc. Class C 12.80% 118,630 $34.0M Reduce -9.0%
AMZN Amazon.com Inc. 7.29% 93,104 $19.4M No change
OPRX Optimizerx Corp. 3.56% 1,508,303 $9.5M No change
TOST Toast Inc. Class A 3.35% 336,049 $8.9M No change
PHR Phreesia Inc. 3.01% 953,928 $8.0M New
XYZ Block Inc. 2.80% 123,825 $7.5M Add +7.3%
RPAY Repay Holdings Corp. 2.63% 2,690,639 $7.0M Reduce -1.4%
SERA Sera Prognostics Inc. Class A 2.53% 3,306,889 $6.7M Reduce -4.4%
KLAR Klarna Group PLC 2.51% 509,939 $6.7M New
XZO Exzeo Group Inc. 2.27% 411,353 $6.0M Add +122.7%
HCAT Health Catalyst Inc. 2.04% 4,268,141 $5.4M Add +13.8%
BLZE Backblaze Inc. Class A 1.97% 1,520,055 $5.2M No change
WLTH Wealthfront Corp. 1.90% 546,407 $5.1M New
LPRO Open Lending Corp. 1.79% 3,799,105 $4.7M Reduce -36.8%
COIN Coinbase Global Inc. Class A 1.66% 25,260 $4.4M New
ETOR Etoro Group Ltd. Class A 1.57% 139,087 $4.2M New
REAL BROKERAGE INC/THE filed as THE REAL BROKERAGE INC 1.55% 1,650,593 $4.1M Add +737.0%
HOOD Robinhood Markets Inc. Class A 1.31% 50,336 $3.5M New
PGY Pagaya Technologies Ltd. Class A 1.30% 296,038 $3.4M New
ASAN Asana Inc. Class A 0.92% 381,716 $2.4M No change
LFMD Lifemd Inc. 0.49% 360,250 $1.3M Reduce -48.8%
BODI The Beachbody Co. Inc. filed as THE BEACHBODY COMPANY INC 0.42% 102,172 $1.1M Reduce -65.7%
MRDN Meridian Holdings Inc. 0.17% 63,319 $457K New
GOOGL Alphabet Inc. Class A 0.13% 1,209 $348K No change
LYB Lyondellbasell Indu Class A 0.11% 3,547 $286K Reduce -32.3%
SNY Sanofi-ADR 0.10% 5,774 $278K Add +21.5%
PSX Phillips 66 0.10% 1,469 $268K Reduce -16.5%
GSK GSK PLC-Spon ADR 0.10% 4,760 $263K Add +1.4%
BX Blackstone Inc. 0.10% 2,284 $263K Add +55.9%
JNJ Johnson & Johnson 0.10% 1,070 $262K Reduce -2.5%
APO Apollo Global Management Inc. 0.10% 2,339 $261K Add +53.5%
BAH Booz Allen Hamilton Holdings 0.10% 3,307 $258K Add +24.7%
CG The Carlyle Group Inc. 0.10% 5,312 $257K Add +43.7%
CI The Cigna Group 0.10% 963 $257K Add +16.2%
NEE Nextera Energy Inc. 0.10% 2,746 $255K Reduce -3.5%
OWL Blue Owl Capital Inc. 0.10% 27,880 $255K New
BAM Brookfield Asset Mgmt-A 0.10% 5,721 $254K New
CNQ Canadian Natural Resources 0.10% 5,201 $253K Reduce -26.3%
QSR Restaurant Brands Intern 0.09% 3,383 $250K Add +4.3%
MO Altria Group Inc. 0.09% 3,787 $250K Reduce -2.7%
MDT Medtronic PLC 0.09% 2,874 $249K Add +23.0%
MMM 3M Co. 0.09% 1,712 $249K Add +19.7%
OUT Outfront Media Inc. 0.09% 9,347 $248K Reduce -0.9%
KVUE Kenvue Inc. 0.09% 14,327 $247K Add +6.4%
SMG Scotts Miracle-Gro Co. 0.09% 4,056 $247K Add +5.6%
WSO Watsco Inc. 0.09% 668 $243K Add +1.8%
PM Philip Morris International 0.09% 1,461 $242K Add +2.3%
UNH Unitedhealth Group Inc. 0.09% 888 $240K Add +26.3%
KREF KKR Real Estate Finance Trus 0.09% 38,108 $233K Add +43.2%
MTN Vail Resorts Inc. 0.09% 1,777 $228K Add +16.4%
UL Unilever PLC-Sponsored ADR 0.08% 3,893 $222K Add +11.0%
BLND Blend Labs Inc. Class A 0.02% 38,889 $66K Reduce -96.7%

Options reported separately and not counted above: NET puts ($20.6M), HCAT calls ($1.9M).

Portfolio Sells Q4 2025 → Q1 2026
DAVE Dave Inc. Reduce -17.6% 14.68% −4.10
RELY Remitly Global Inc. Sold out 0.00% −2.49
TRUE Truecar Inc. Sold out 0.00% −2.17
PRG Prog Holdings Inc. Sold out 0.00% −1.68
SEZL Sezzle Inc. Sold out 0.00% −1.14
LPRO Open Lending Corp. Reduce -36.8% 1.79% −1.12
BLND Blend Labs Inc. Class A Reduce -96.7% 0.02% −1.09
OPRA Opera Ltd.-ADR Sold out 0.00% −1.08
FVRR Fiverr International Ltd. Sold out 0.00% −0.78
SERA Sera Prognostics Inc. Class A Reduce -4.4% 2.53% −0.66
BODI The Beachbody Co. Inc. Reduce -65.7% 0.42% −0.54
RPAY Repay Holdings Corp. Reduce -1.4% 2.63% −0.48
LFMD Lifemd Inc. Reduce -48.8% 0.49% −0.26
SEAT Vivid Seats Inc. Class A Sold out 0.00% −0.19
GOLDEN MATRIX GROUP INC Sold out 0.00% −0.10
DDI Doubledown Interactive -ADR Sold out 0.00% −0.05
AMWL American Well Corp. Class A Sold out 0.00% −0.04
CNQ Canadian Natural Resources Reduce -26.3% 0.10% +0.02
OUT Outfront Media Inc. Reduce -0.9% 0.09% +0.02
MO Altria Group Inc. Reduce -2.7% 0.09% +0.02
NEE Nextera Energy Inc. Reduce -3.5% 0.10% +0.02
JNJ Johnson & Johnson Reduce -2.5% 0.10% +0.03
PSX Phillips 66 Reduce -16.5% 0.10% +0.03
LYB Lyondellbasell Indu Class A Reduce -32.3% 0.11% +0.04
GOOG Alphabet Inc. Class C Reduce -9.0% 12.80% +0.04

Portfolio Buys Q4 2025 → Q1 2026
PHR Phreesia Inc. New 3.01% +3.01
KLAR Klarna Group PLC New 2.51% +2.51
WLTH Wealthfront Corp. New 1.90% +1.90
COIN Coinbase Global Inc. Class A New 1.66% +1.66
ETOR Etoro Group Ltd. Class A New 1.57% +1.57
REAL BROKERAGE INC/THE Add +737.0% 1.55% +1.33
HOOD Robinhood Markets Inc. Class A New 1.31% +1.31
PGY Pagaya Technologies Ltd. Class A New 1.30% +1.30
XZO Exzeo Group Inc. Add +122.7% 2.27% +0.87
XYZ Block Inc. Add +7.3% 2.80% +0.46
MRDN Meridian Holdings Inc. New 0.17% +0.17
OWL Blue Owl Capital Inc. New 0.10% +0.10
BAM Brookfield Asset Mgmt-A New 0.10% +0.10
SNY Sanofi-ADR Add +21.5% 0.10% +0.03
APO Apollo Global Management Inc. Add +53.5% 0.10% +0.03
CG The Carlyle Group Inc. Add +43.7% 0.10% +0.03
BX Blackstone Inc. Add +55.9% 0.10% +0.03
BAH Booz Allen Hamilton Holdings Add +24.7% 0.10% +0.03
GSK GSK PLC-Spon ADR Add +1.4% 0.10% +0.03
CI The Cigna Group Add +16.2% 0.10% +0.03
QSR Restaurant Brands Intern Add +4.3% 0.09% +0.03
MDT Medtronic PLC Add +23.0% 0.09% +0.02
SMG Scotts Miracle-Gro Co. Add +5.6% 0.09% +0.02
MTN Vail Resorts Inc. Add +16.4% 0.09% +0.02
WSO Watsco Inc. Add +1.8% 0.09% +0.02
MMM 3M Co. Add +19.7% 0.09% +0.02
KVUE Kenvue Inc. Add +6.4% 0.09% +0.02
KREF KKR Real Estate Finance Trus Add +43.2% 0.09% +0.02
PM Philip Morris International Add +2.3% 0.09% +0.02
UNH Unitedhealth Group Inc. Add +26.3% 0.09% +0.02
UL Unilever PLC-Sponsored ADR Add +11.0% 0.08% +0.01
HCAT Health Catalyst Inc. Add +13.8% 2.04% −0.76

Options Activity Q4 2025 → Q1 2026
NET Cloudflare Inc. Class A put New 100,000 $20.6M
HCAT Health Catalyst Inc. call New 1,515,000 $1.9M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 67$377.4MDAVE, NET, GOOG, AMZN, FRMI
Q1 2026 54$265.8MNET, DAVE, GOOG, AMZN, OPRX
Q4 2025 54$320.5MDAVE, NET, GOOG, AMZN, OPRX
Q3 2025 56$361.1MNET, DAVE, GOOG, OPRX, AMZN
Q2 2025 32$354.0MDAVE, NET, MNDY, GOOG, AMZN
Q1 2025 28$226.3MNET, DAVE, GOOG, MNDY, AMZN
Q4 2024 28$262.7MNET, GOOG, DAVE, AMZN, MNDY
Q3 2024 37$207.5MNET, MNDY, GOOG, AMZN, BLZE
Q2 2024 38$215.5MNET, GOOG, MNDY, AMZN, PRO
Q1 2024 31$228.4MNET, GOOG, MNDY, AMZN, BLZE