Each tender cycle costs more than the deal it closes.

CFO + People Ops + legal + comms, months of leadership time, twice a year. And the cycle still leaves a gap. Employees who can't wait until the next window go to SPV chains that fragment your cap table. You spend executive bandwidth on a process that doesn't even meet the demand.

Cost

~3-6 months

of cross-functional time per tender cycle

Result

Liquidity that lags demand

SPV chains form between cycles, fragmenting the cap table

Reality

Secondary trading happens anyway

The only question is whether it's on your terms

Opportunity

Make liquidity continuous

Issuer-controlled, on-cap-table, by-design

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