Hiive

Data from the Hiive platform shows a sharp split in the private-market secondary trade: companies that raised fresh rounds in 2026 are selling shares with no discount, while those that raised in 2021 are losing about 59 percent of their value on the same market. The top 20 company names account for 81.1 percent of all secondary trading volume in the first quarter, concentrating activity in a narrow group of winners.