Hiive Platform Highlights
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60.5%
Average Transaction Price
(% of Last Round)
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Our first monthly report: a strong buyer's market
Welcome to our inaugural Private Market Report. It's exciting to note that we generated the data in this report directly from customer orders on our platform. We present it here on an aggregated basis.
Our initial data shows that there continues to be a significant imbalance in the secondary market for shares of late stage VC-backed companies. Supply significantly outstripped demand, as listings (orders to sell) exceeded bids (orders to buy) by a roughly 2 to 1 margin during the month of November. The result is a buyer's market with declining pricing and an average discount of 39.5%, relative to last primary funding valuation, across transactions agreed on Hiive.
Our report includes measures of market momentum as well as the most active securities on the Hiive platform, which this month count some familiar names such as Addepar, Rubrik, Flexport, Airtable, and Discord, as well as a number of newer additions. Please see the end of the report for a discussion of our methodology.
Sim Desai, Founder and CEO
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In order to view specific price quotes, listings and bids for securities trading on Hiive, please login/sign-up. Or, if you would like to discuss pricing for completed transactions, have questions about securities not listed in our report, or you would like a platform demo, feel free to schedule a call with one of our security specialists.
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Momentum in the private market is decidedly negative at the moment with all key metrics pointing toward deteriorating valuations and a heavy tilt in favor of buyers. We expect this trend to continue until the public market shows a more sustained recovery.
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Median Bid
The median discount, among all bids on the platform, relative to last funding round value. A premium(discount) indicates positive(negative) pressure on valuations in the primary market.
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Bid/Ask Ratio
The ratio of the total number of bids to the total number of listings on the platform. A low(high) ratio indicates a buyers(sellers) market and negative(positive) pricing momentum.
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Average Bid/Ask Spread
The average difference, as a percentage of the ask price, between the average bid and ask for securities with both a bid and an ask. A higher(lower) spread indicates lower(higher) liquidity.
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The Hiive Most Active is determined by the total number of customer orders to buy and sell that were open on the Hiive platform during the month of November. In order to view specific price quotes, listings, and bids for securities trading in the Hiive Most Active, please login/sign-up to Hiive.
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Methodology and Sources: All data in this report is generated by actual customer orders that were open on the Hiive platform during the month of November, 2022 (including orders initiated before November). All pricing data is quoted by reference to the valuation (in price per share terms) of the private issuer’s last primary funding round (“last round value”). Last round values are estimates based on public and private data collected by Hiive, and are not verified. Any datapoints which are based on, or which reference, last round value, exclude securities for which Hiive does not have an estimate of price per share for the last primary funding round. Average Transaction Price is calculated based on bids accepted by sellers on the Hiive platform (irrespective of whether those transactions have yet, or ultimately did, close). Data in this report is generally presented on an aggregated basis to comply with United States securities laws.
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The marketplace for private stock
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Securities offered by Hiive Markets Limited, member FINRA / SIPC. Brokerage fees apply. This material is for informational and illustrative purposes only and all data contained herein is subject to revision and completion. This document does not constitute or form part of an offer to sell any securities, nor does it constitute investment advice. The information presented may change with market conditions and other factors. To the extent such information includes estimates of value and/or financial performance there is no guarantee that such estimates can be achieved in the marketplace. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future.
Find Hiive on BrokerCheck. Before you work with Hiive you should review the Form CRS and these important disclosures. Nothing in this email message represents an offer to buy or sell, or a solicitation of an offer to buy or sell, any security. Investing in private securities is highly speculative and very risky, and can result in the loss of your entire investment.
Our mailing address is 300 - 34 West 8th Avenue, Vancouver, BC, CANADA V5Y 1M7.
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