'America First' Trades Dominating Secondary Markets

Secondary Market Dynamics - Secondary market concentrates on top companies due to information scarcity [2] - Over 90% of trading volume on HIVE is in the top 20 companies [3] - $61 billion in secondary market volume represents about 2% of primary unicorn valuations and a third of primary VC asset value [4] - Secondary market serves as a vital liquidity valve with potential for growth [4] IPO and Secondary Market Correlation - Strong correlation exists between primary exit activity (IPOs) and the secondary market [6] - IPO window opening likely leads to increased secondary market activity [8] - Pricing transparency fosters a symbiotic relationship between primary and secondary markets [6] Secondary Market Investors - Secondary investors have shorter timelines compared to primary venture investors [7] - Secondary market attracts family offices, pensions, and non-traditional investors [9] - A wide range of investors participate in the secondary market, including venture firms with dedicated secondary funds [9][10] Sector Focus and IPO Trends - Companies aligned with key policy priorities (crypto, fintech, defense, security) attract interest in the secondary market [11] - IPO success depends on alignment with key sectors or strong fundamentals and profitability [12][13]