<SEC-DOCUMENT>0001753926-25-001200.txt : 20250730
<SEC-HEADER>0001753926-25-001200.hdr.sgml : 20250730
<ACCEPTANCE-DATETIME>20250730160549
ACCESSION NUMBER:		0001753926-25-001200
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250730
DATE AS OF CHANGE:		20250730

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Garden Stage Ltd
		CENTRAL INDEX KEY:			0001954269
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94633
		FILM NUMBER:		251167000

	BUSINESS ADDRESS:	
		STREET 1:		201, 2/F, CHINA INSURANCE GROUP BUILDING
		STREET 2:		141 DES VOEUX ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			000
		BUSINESS PHONE:		00852 2688 6333

	MAIL ADDRESS:	
		STREET 1:		201, 2/F, CHINA INSURANCE GROUP BUILDING
		STREET 2:		141 DES VOEUX ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hexstone Capital LLC
		CENTRAL INDEX KEY:			0002066973
		ORGANIZATION NAME:           	
		EIN:				333352314
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		3053 FILLMORE ST., STE. 303
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94123
		BUSINESS PHONE:		4159992132

	MAIL ADDRESS:	
		STREET 1:		3053 FILLMORE ST., STE. 303
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94123
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Hexstone Capital LLC -->
          <cik>0002066973</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Ordinary Shares, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/25/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001954269</issuerCik>
        <issuerName>Garden Stage Limited</issuerName>
        <issuerCusip>G3730L107</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>30th Floor, China Insurance Group Buildi</com:street1>
          <com:street2>141 Des Voeux Road Central</com:street2>
          <com:city>Central</com:city>
          <com:stateOrCountry>K3</com:stateOrCountry>
          <com:zipCode>999077</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Hexstone Capital LLC</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>NV</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>7110764.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>7110764.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>7110764.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>As more fully described in Item 4 of this Statement on Schedule 13G (this ''Schedule 13G''), such shares and percentage (i) are based on 71,168,820 ordinary shares, par value $0.0001 per share, of the issuer (the ''Ordinary Shares'') outstanding following the closing of the offering (''Offering'') disclosed in the issuer's prospectus supplement, dated July 24, 2025, to the registration statement on Form F-3, as amended (File No. 333-283618), declared effective by the U.S Securities and Exchange Commission on March 10, 2025 (the ''Prospectus Supplement'') (which number assumes no exercise of pre-funded ordinary share purchase warrants issued in connection with the Offering (the ''Pre-Funded Warrants'')) and (ii) give no effect to the exercise of any Pre-Funded Warrants directly held by the reporting person, which are subject to a 9.99% beneficial ownership limitation provision (the ''Blocker'').</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Brendan O'Neil</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>7110764.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>7110764.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>7110764.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.9</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>As more fully described in Item 4 of this Schedule 13G, such shares and percentage (i) are based on 71,168,820 Ordinary Shares outstanding upon the closing of the Offering, as disclosed in the Prospectus Supplement (assuming no exercise of the Pre-Funded Warrants) and (ii) give no effect to the exercise of any Pre-Funded Warrants indirectly held by the reporting person, which are subject to a Blocker.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Garden Stage Limited</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>30th Floor, China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>(i) Hexstone Capital LLC, a Nevada limited liability company ("Hexstone"); and

(ii) Brendan O'Neil ("Mr. O'Neil").

The foregoing persons are hereinafter collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to this Schedule 13G, pursuant to which such Reporting Persons have agreed to file this Schedule 13G and all subsequent amendments to the Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Act.

The filing of this Schedule 13G should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the Ordinary Shares reported herein.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business address of each of the Reporting Persons is 3053 Fillmore St, Suite 303, San Francisco, CA 94123.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Hexstone is a limited liability company organized under the laws of the State of Nevada. Mr. O'Neil is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G and is incorporated herein by reference for each such Reporting Person. The share amounts and ownership percentages reported (i) are based on 71,168,820 Ordinary Shares outstanding upon the closing of the Offering, as disclosed in the Prospectus Supplement (which number assumes no exercise of the Pre-Funded Warrants) and (ii) give no effect to the exercise of any Pre-Funded Warrants held by Hexstone, which are subject to a Blocker.

Hexstone holds 7,110,764 Ordinary Shares and Pre-Funded Warrants exercisable for up to 570,505 Ordinary Shares, none of which are deemed beneficially owned by Hexstone as a result of triggering the Blocker in the Pre-Funded Warrants, which prohibits Hexstone from exercising the Pre-Funded Warrants for Ordinary Shares if, as a result of such exercise, the holder thereof, together with its affiliates and any persons acting as a group together with such holder or any of such affiliates, would beneficially own more than 9.99% of the total number of Ordinary Shares then issued and outstanding immediately after giving effect to any such exercise.

Consequently, Hexstone is the beneficial owner of 7,110,764 Ordinary Shares (the "Shares"). Hexstone has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by its managing member, Mr. O'Neil. Mr. O'Neil does not directly own the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. O'Neil may be deemed to beneficially own the Shares which are beneficially owned by Hexstone.</amountBeneficiallyOwned>
        <classPercent>9.9 %</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>(A) Hexstone: 0.00

(B) Mr. O'Neil: 0.00</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>(A) Hexstone: 7,110,764.00

(B) Mr. O'Neil: 7,110,764.00</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>(A) Hexstone: 0.00

(B) Mr. O'Neil: 0.00</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>(A) Hexstone: 7,110,764.00

(B) Mr. O'Neil: 7,110,764.00</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
        <identificationAndClassificationOfGroupMembers>See Exhibit 1 filed herewith.</identificationAndClassificationOfGroupMembers>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Hexstone Capital LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Hexstone Capital LLC</signature>
        <title>Brendan O'Neil, Managing Member of Hexstone Capital LLC</title>
        <date>07/30/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Brendan O'Neil</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brendan O'Neil</signature>
        <title>Brendan O'Neil</title>
        <date>07/30/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>See Exhibit 1 filed herewith.</signatureComments>
  </formData>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>g084898_ex1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<B>EXHIBIT 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13d-1(k)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned acknowledge and agree that the foregoing
statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule
13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned
acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information
concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning
the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. The undersigned hereby
further agree that this Joint Filing Agreement may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original, but all of which counterparts shall together constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Date: July 30, 2025</TD>
  <TD COLSPAN="2">HEXSTONE CAPITAL LLC</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 64%">&nbsp;</TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>By: </TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Brendan O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name: Brendan O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title: Managing Member</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Brendan O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">Brendan O&rsquo;Neil </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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