--- title: "Wasabi Ventures Stables Review 2026: Racehorse Club Interests at Cost Plus a $99 Fee per Horse, and the Stallion Funds Beside Them" url: https://altstreet.investments/platforms/reviews/wasabi kind: platform-review updated: 2026-10-19 description: "Wasabi Ventures Stables review 2026: racehorse club interests at cost plus a one-time $99 fee per horse, no further bills on standard racing interests, no SEC filings located for the club, 15.23% of horses reported profitable to members, and stallion funds with unreconciled figures." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Wasabi Ventures Stables Review 2026: Racehorse Club Interests at Cost Plus a $99 Fee per Horse, and the Stallion Funds Beside Them Wasabi Ventures Stables sells club members small percentages of racehorses, foals and yearlings: $25 to join, then for each horse a share of the price Wasabi paid plus a one-time $99 management fee. On its standard racing interest there are no further bills and the agreement says Wasabi absorbs losses beyond the member's payment; weanling and yearling programs add scheduled quarterly bills. Its stats page reports 15.23% of horses as 'profitable to club members' without defining the measure. AltStreet located no SEC filings for the club interests; Wasabi's separate stallion funds for accredited investors file Form Ds, which report $3.2 million raised from 42 investors in the main fund. AltStreet score: 21.4 (F), scored October 19, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Wasabi Ventures Stables | | What it is | Racehorse Ownership Club (No SEC Filings Located for Club Interests) and Affiliated Rule 506(c) Stallion Funds for Accredited Investors | | Asset class | Undivided percentage interests in racehorses, foals and yearlings managed by Wasabi Ventures Stables LLC; membership interests in pooled funds of stallion shares, broodmares and breeding rights | | Website | wasabistables.com | | Review first published | October 19, 2026 | | Last updated | October 19, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Wasabi Ventures Stables, founded in 2017 by venture investor Thomas 'TK' Kuegler, runs a racehorse ownership club. Members pay $25 to join, then buy 0.25% to 4.99% of a racehorse (up to 10% of a foal) at the price Wasabi paid, plus a one-time $99 management fee per horse; Wasabi keeps at least 20% of each horse, has sole authority over training, racing and sale, and pays members their share of any profit when the horse is sold or retired. On the standard racing interest there are no further bills, and the agreement says Wasabi will absorb losses beyond the member's payment; yearling and weanling offerings add four or six scheduled quarterly bills, and the agreement allows program addenda with different terms. The flat fee weighs most on small interests: a first $40 interest costs $164 with the fee and membership. The agreement is plain about the odds ('the majority of thoroughbred racehorses ultimately lose money'), and Wasabi's stats page reports 15.23% of 256 horses as 'profitable to club members' (platform-stated; the page does not define the measure). AltStreet located no SEC filings for the club interests; members receive an unaudited annual cash-flow statement. Alongside the club, the Kueglers run annual stallion funds for accredited investors under Rule 506(c). Those funds file Form Ds, which report $3,225,500 raised from 42 investors in Wasabi Ventures Stallions Fund LLC and $1,240,087 from 33 in WV Sports Funds LLC, and list about 19% of each amount as used or proposed to be used for payments to the named executive officers, directors or promoters, an estimate the filings do not explain. The stallion site's distribution and AUM figures are not reconciled in the public materials reviewed, and no fund financial statements are public. The two halves may overlap: a club foal budget includes breeding payments involving a mare and a stallion the funds list as holdings. - **15.23%** Share of horses Wasabi's stats page reports as 'profitable to club members,' across 256 horses (captured October 19, 2026; another capture showed 14.96% of 254). The page does not say whether horses still racing are counted, how profit is measured or whether the $99 fee is included, so it is not a completed loss rate. - **$99** One-time management fee per member per horse, on top of a share of the price Wasabi paid with no markup. It is not the price of the horse interest: a $40 interest plus the $99 fee and the $25 membership is $164 on a first purchase, so the fee can exceed the interest itself. - **No filings** AltStreet located no SEC filings for the club interests; members get an unaudited cash-flow statement at least annually. The agreement calls them 'undivided Club interests in the Thoroughbred' in which purchasers 'are not involved in the management' but 'financially participate.' - **$3.2M** Raised by Wasabi Ventures Stallions Fund LLC from 42 investors, per its March 2025 Form D amendment (Rule 506(c), accredited only, $5,000 minimum); WV Sports Funds LLC reports $1.24M from 33. - **19%** Share of each fund's reported proceeds that its Form D lists as used or proposed to be used for payments to the named executive officers, directors or promoters ($618,400 of $3,225,500; $230,088 of $1,240,087), each marked as an estimate. A use-of-proceeds disclosure, not a fee schedule: it does not establish what was paid, why, or whether it recurs. - **15.13% vs 28.2%** Two average annual distribution figures on the stallion site, not reconciled in the public materials reviewed: 15.13% 'across all funds' (portfolio page) and 28.2% 'per year back on invested capital' (about page). They may use different periods, cohorts or denominators; distributions can include returned capital, so neither is an investment return, and the site says its figures 'have not been independently verified or audited.' Data note: Club terms from the member agreement (updated February 13, 2023) and site pages captured October 19, 2026; club statistics are platform-stated. Fund figures from the Form D and D/A filings of Wasabi Ventures Stallions Fund LLC (March 24, 2025) and WV Sports Funds LLC (June 14, 2024); stallion return figures are platform-stated. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 15.23% | Wasabi reports few of its horses as profitable to members and does not define the measure, so read it as a summary, not a completed loss rate. | Share of Wasabi's horses its stats page reports as profitable to club members, across 256 horses. Platform-stated, captured October 19, 2026 (another capture: 14.96% of 254); the measure is not defined. | | 19% | Form D use-of-proceeds estimate for payments to named insiders, as a share of the stallion fund's reported proceeds. | $618,400 of $3,225,500 (WV Sports Funds: $230,088 of $1,240,087); does not establish what was paid or why. | | $99 | One-time management fee per member per racing horse, on top of the horse's cost. | Not the price of the interest; standard racing interests carry no further bills. | | No filings | SEC filings AltStreet located for the club interests. | Members receive an unaudited annual cash-flow statement. | | 256 | Horses in the club since 2017 (platform-stated). | $3.9 million of purses; 30 active in 2026. | ## Verdict Wasabi Ventures Stables offers a low-commitment way into racehorse ownership: on its standard racing interest, a share of the horse at Wasabi's cost plus a one-time $99 fee, no further bills, and a contractual cap on additional funding. The flat fee makes very small interests relatively expensive, weanling and yearling programs bill quarterly, AltStreet located no SEC filings for the club interests, and Wasabi's stats page reports 15.23% of horses as profitable to members. Its separate stallion funds file Form Ds, but their distribution figures are unaudited and not reconciled publicly, and the Form Ds list an unexplained use-of-proceeds estimate for payments to named insiders. Buy club interests as entertainment; ask the stallion funds for audited statements. **Best for** - Racing newcomers who want to own part of a horse for under $500 and accept losing it. **Look elsewhere if** - You want a return on capital. - You need filed or audited reporting. - You may need to sell. **Strengths** - Purchase at Wasabi's cost with no markup; flat $99 fee; no further bills on racing horses. - On standard racing interests, no further bills and a contractual undertaking to absorb overruns. - A published profitability rate and an agreement that states the odds. - Stallion funds that file Form Ds. **Limitations** - 15.23% of horses reported profitable to members (platform-stated, measure undefined); the $99 fee weighs on small interests. - No SEC filings or audits located for the club; unaudited annual cash-flow statement. - Sole control, competing horses and termination at Wasabi's value; a foal budget includes breeding payments involving fund-listed assets (potential conflict). - Stallion fund distribution figures unaudited and not reconciled publicly; unexplained use-of-proceeds estimate for payments to named insiders. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Racing newcomers who want to follow a horse for under $500 | well-suited | | | Investors seeking returns | poor-fit | | | Accredited investors considering the stallion funds | neutral | | ## Questions **Is Wasabi Ventures Stables legit?** It is a real racing stable with real horses, trainers and results, and AltStreet found no enforcement action or lawsuit. AltStreet located no SEC filings for the club interests, nothing is audited, and members receive an unaudited cash-flow statement at least annually. Its stats page reports 15.23% of its horses as profitable to club members, without defining the measure. **How much does Wasabi Ventures Stables cost?** $25 to join, then for each horse a percentage of the price Wasabi paid (typically $40 to a few hundred dollars) plus a one-time $99 management fee, so a first $40 interest costs $164 in total. Standard racing interests have no further bills; yearling and weanling offerings add four or six quarterly bills. **Can I lose more than I put in?** On the standard racing interest, the agreement says no: Wasabi absorbs losses beyond your payment. Weanling and yearling programs require scheduled quarterly payments, and the agreement allows addenda with different terms. The cap is a contractual promise; no public financial statements show Wasabi's capacity to honor it. **Do Wasabi club members make money?** Wasabi's stats page reports 15.23% of its 256 horses as profitable to club members, without saying whether active horses are counted or how profit is measured. Members are paid their share of any net profit when the horse is sold, claimed or retired. **What are the Wasabi Ventures Stallions funds?** Annual pooled funds for accredited investors that buy stallion shares, broodmares and breeding rights, under Rule 506(c) with a $5,000 minimum. Their Form Ds report $3.2 million raised from 42 investors in the main fund entity and list about 19% of proceeds as an estimated use for payments to the named insiders, without explanation; the site's distribution figures are unaudited and not reconciled publicly. ## Evidence appendix Platform website captured October 19, 2026. 153-page scrape of wasabistables.com (133 horse pages) and captures of wasabistallions.com; the member agreement; six Form D filings of Wasabi Ventures Stallions Fund LLC and three of WV Sports Funds LLC; legal scan of EDGAR, CourtListener and the web. **Highlights** - Agreement: 'Purchasers are not involved in the management of these horses, but financially participate (on a defined and limited basis) in the expenses and income the horses produce.' - Agreement: 'It is important to note that the majority of thoroughbred racehorses ultimately lose money!' - Agreement: Wasabi 'shall have sole authority and responsibility for the decision to sell any horse via a claiming race, private sale, public auction ... at whatever time and price they deem to be appropriate.' - Terms: 'a risk-free way of learning about and getting exposed to the thrills of horse racing.' **Primary source pages** - Thoroughbred Club Interest Outline (member agreement, updated February 13, 2023): fees, settlement, control, termination, tax election, arbitration. - WV Stables Stats page: 256 horses, $3,896,486 purses, 15.23% profitable to club members (platform-stated). - About-us, benefits, sign-up and terms pages: program mechanics, $25 club fee, 'risk-free' wording, New Hampshire law. - 2027 Straight No Chaser x Giving Spirit foal page: $54,533 budget itemized as estimates. - Wasabi Ventures Stallions Fund LLC Form D/A (March 24, 2025) and WV Sports Funds LLC Form D/A (June 14, 2024). - wasabistallions.com portfolio and about pages: holdings by fund, exits, 15.13% and 28.2% figures. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/wasabi - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/fractional-collectible-platforms --- Source page: https://altstreet.investments/platforms/reviews/wasabi Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.