Hiive

“On Hiive, one of the main platforms where private shares change hands, the top 20 companies accounted for 86.4% of secondary trading value in Q4 2025, with the top five alone at 55.6%.”

“The top five startups accounted for half of all secondary trading value on Hiive in Q2 2026, and the top 20 accounted for 86%. Direct secondary volume has more than doubled in seven quarters, reaching an annualized total of $121.7 billion.”