The pre-IPO market changed. The plumbing didn't.

Tender offers run twice a year. Demand for liquidity runs every day. Without an issuer-controlled venue, secondary trades happen anyway, in opaque SPVs, off your cap table, at prices you didn't set.

$250M+

Hiive's monthly transaction volume

>60%

of US decacorns trade on Hiive

>95%

of tier-1 VCs work with Hiive

Source: Hiive · 20262 / 8