---
title: "Hiive Review 2026 (Now Clarity): Fees, $25K Minimum, Is It Legit, How It Works"
url: /platforms/reviews/hiive
kind: platform-review
updated: 2026-09-22
description: "Is Hiive legit? Hiive is now Clarity. Review from 153 SEC-filed vehicles: buyer and seller fees, the $25K minimum, how it works, ROFR rates, fund costs, liquidity."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Hiive Review 2026 (Now Clarity): Fees, $25K Minimum, Is It Legit, How It Works

Clarity, the pre-IPO marketplace known as Hiive until September 22, 2026, is a live-order-book secondary market for direct share transfers and SPV-wrapped fund access: up to 4.85% buyer fees, up to 5.75% seller fees, an 18% ROFR exercise rate in 2024, a $25,000 standard minimum, and no recurring management fee on most fund products.

AltStreet score: 53.5 (B-), scored August 15, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Clarity |
| What it is | Pre-IPO Secondary Marketplace |
| Asset class | Private Company Equity - Late-Stage Pre-IPO |
| Website | clarity.com |
| Review first published | April 23, 2026 |
| Last updated | September 22, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Hiive combines live order-book price discovery with direct transfers and SPV access. Most Hiive Funds eliminate recurring management fees and carried interest, but investors still face transaction and administrative fees, company-approval risk, uneven liquidity, and K-1 complexity.

- **0%** Management fee and carried interest on most Hiive Funds SPVs. Eliminating recurring fees and carry can materially reduce long-hold fee drag, but the actual advantage depends on entry and distribution fees, hold period, returns, and the competing structure.
- **28%** Of direct transfers in 2024 did not result in share delivery — 18% ROFR exercise plus 10% canceled or otherwise not approved. Hiive Funds generally handle company approval and ROFR at the fund-acquisition level, reducing subscribers' direct exposure; the underlying acquisition can still be delayed, modified, or blocked.
- **$541.3M** Documented across 106 Hiive-affiliated vehicles reporting sales in AltStreet's Form D data layer (April 2024 - July 2026), totaling $541.3M from 5,881 investors — restated upward from $342.7M/70 after EDGAR quarterly master-index enumeration and a Form ADV cross-check.
- **Two families** Hiive Funds (retail: 39 vehicles, $134.2M since April 2024) and the HII series (63 vehicles, $383.2M in its first four quarters) — though the filings blur the tiers: implied average checks are nearly identical across families (~$88K vs ~$92K), HII's average check fell 42% from its Q4 2025 peak, and no retail-family vehicle reports a first sale after December 2025.
- **10.60% max** Maximum commissions in Hiive's June 1, 2026 Form CRS across both sides of a direct transaction: up to 4.85% charged to the buyer and up to 5.75% charged separately to the seller. Seller fees may affect negotiated economics but are not automatically an additional buyer fee. EquityZen generally charges a 2.5% buyer fee and separately charges sellers, with lower rates on larger transactions.

Data note: Form D data sourced from SEC EDGAR. AltStreet identified no Hiive-affiliated fund vehicles with reported first sales before April 2024 under its current Form D and Form ADV methodology. Earlier direct-transfer marketplace activity is not represented in Form D data.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| 28% | of direct transfers in 2024 failed to deliver shares | Capital is refunded in both cases — but 30-90 days of opportunity cost is gone |
| 61% | average bid-ask spread in the bottom liquidity quartile | Severe execution friction in the bottom quartile; not representative of the entire catalog |
| 10.60% max | maximum disclosed commissions across both sides of a direct trade | Up to 4.85% charged to the buyer and up to 5.75% charged separately to the seller |
| 0% | management fee and carried interest on most Hiive Funds SPVs | Can materially reduce long-hold fee drag; entry and distribution fees still apply |
| 49.1% | Hiive50 return in 2025 | Top-50 most liquid names only — excludes fees, taxes, and the full catalog |
| $300M+ | monthly transaction volume | Platform-reported on Hiive's homepage, updated June 26, 2026 |


## Verdict

Hiive offers unusually transparent live order-book price discovery and most Hiive Funds charge no recurring management fee or carried interest. It is best suited to accredited investors who can evaluate company-approval risk, security-specific liquidity, transaction fees, and multi-year illiquidity. Investors seeking simpler packaged access should compare its full economics and process with EquityZen rather than assuming either platform charges only one side.

**Best for**

- Long-duration holds where avoiding recurring management fees and carried interest can materially reduce fee drag
- Transaction sizes above $250,000 where tiered fees drop significantly
- Investors targeting securities with active order books, recent transactions, and comparatively tighter spreads

**Look elsewhere if**

- You cannot justify Hiive's explicit buyer commission at your intended transaction size
- You want a simpler packaged process with less direct exposure to company approval and ROFR
- You need capital back within 3-5 years

**Strengths**

- Hiive reports $300M+ in monthly transaction volume and $2B+ in live orders
- Live order book with hourly price updates — one of the clearest visible price-discovery systems among retail-accessible pre-IPO platforms
- 0% management fee, 0% carried interest on most Hiive Funds SPVs
- Hiive reports 3,000+ listed companies — one of the largest catalogs in the category
- SEC-registered broker-dealer; FINRA and SIPC member; Form ATS on file

**Limitations**

- 28% of direct transfers in 2024 did not deliver shares to the external buyer (18% ROFR + 10% canceled or otherwise not approved)
- Maximum commissions total 10.60% across both sides under the June 1, 2026 Form CRS: up to 4.85% buyer and 5.75% seller
- Liquidity is uneven: the bottom quartile reported a 61% average bid-ask spread
- Buyer fees not tiered until $250,000 — retail investors pay maximum rate on small deals
- Public Hiive materials do not establish a firm K-1 delivery date or the frequency of post-April 15 delays


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| institutional | well-suited |  |
| retail | neutral |  |
| esg-saas-embedded | neutral |  |


## Questions

**Is Clarity the same company as Hiive?**

Yes. Hiive announced on September 22, 2026 that it is now Clarity, and hiive.com redirects to clarity.com. Per the company's own disclosures the broker-dealer that runs the order book is Clarity Capital Limited (formerly Hiive Markets Limited, FINRA CRD 316580), the fund adviser is Clarity Investment Management Inc. (formerly Hiive Advisors Inc.) and the parent is The Clarity Group Limited (formerly The Hiive Company Limited). The announcement describes a rename and new institutional tools, not an acquisition, a closure or a change of ownership. As of the evening of September 22 none of the new names had yet appeared on EDGAR or BrokerCheck.

**What happened to Hiive?**

Nothing happened to the business except its name. Hiive rebranded as Clarity on September 22, 2026, keeping the same Vancouver parent, the same FINRA-member broker-dealer, the same SEC-registered alternative trading system and the same SEC-registered adviser under new names. The order book, the direct-transfer and fund pathways, the June 1, 2026 Form CRS fee schedule and the $25,000 standard minimum all continue. The 153 fund vehicles AltStreet tracks on EDGAR keep the Hiive Funds and HII names they were formed under.

**Is Hiive legit now that it is Clarity?**

Clarity operates through regulated entities with a verifiable record. Clarity Capital Limited, formerly Hiive Markets Limited, is a FINRA member and SIPC member (CRD 316580) with zero disclosure events on BrokerCheck as of AltStreet's August 14, 2026 scan, appears on the SEC's list of alternative trading systems with a Form ATS on file, and files audited Form X-17A-5 financial statements. Clarity Investment Management Inc., formerly Hiive Advisors Inc., became an SEC-registered investment adviser effective July 23, 2026. AltStreet has documented 153 affiliated fund vehicles on EDGAR reporting $849.4 million in sales. The open items are civil: two suits by competitor Nasdaq Private Market filed in 2026, which are contested allegations rather than findings, and an Ontario founder-control action whose status is not public.

**What are Clarity's fees for buying pre-IPO shares?**

The operative disclosure is the broker-dealer's Form CRS dated June 1, 2026, which lists maximum commissions of 4.85% for buyers, tiered down above $250,000, and 5.75% for sellers, tiered down above $500,000. Most single-asset fund vehicles charge no recurring management fee or carried interest. The September 22, 2026 rebrand announcement says nothing about fees, so the Hiive schedule remains the Clarity schedule until a new Form CRS is filed. In the Form D record, 84 vehicles report sales commissions totaling $20.3 million on $482.9 million of sales, a median of 3.85%.

**What is the minimum investment on Clarity?**

The standard minimum is $25,000, the same as under the Hiive name. Some high-demand direct transfers require $100,000 to $250,000 because of seller requirements or company transfer policies, and a fund vehicle may offer $25,000 access to a name whose direct-transfer minimum is higher. The rebrand announcement describes no change to minimums.

**How does Clarity compare to EquityZen and Forge?**

Clarity (formerly Hiive) runs a live two-sided order book where buyers and sellers post prices, and charges a commission on each side; EquityZen and Forge Global intermediate packaged transactions with their own fee structures, minimums and ROFR handling. AltStreet's three-way guide compares all three on fees, minimums, price discovery, fund structures, tax reporting and investor fit, and its Hiive vs UpMarket and StartEngine vs Hiive guides cover the other head-to-head questions readers ask most.

**What is Clarity Capital Limited?**

Clarity Capital Limited is the new name of Hiive Markets Limited, the Ontario-incorporated, Vancouver-based broker-dealer that operates the Clarity order book. It is a FINRA and SIPC member (CRD 316580), an SEC-registered alternative trading system with Form ATS on file, and a registered exempt market dealer in six Canadian provinces. It is wholly owned by The Clarity Group Limited. It is unrelated to the other EDGAR registrants whose names begin with Clarity Capital.

**What fees does Hiive charge?**

Hiive charges buyers and sellers on a success-based model. Its June 1, 2026 Form CRS lists maximum commissions of 4.85% for buyers, tiered above $250,000, and 5.75% for sellers, tiered above $500,000. AltStreet identified no separate subscription or platform-access fee. Transaction commissions and applicable fund administrative fees still apply. Most Hiive Funds single-asset vehicles charge no recurring management fee or carried interest, but investors should confirm every fee in the specific offering documents.

**What is the minimum investment on Hiive?**

The effective minimum transaction size is generally $25,000, while some high-demand direct transfers may require $100,000-$250,000 because of seller requirements or company transfer policies. A Double Layer SPV may provide $25,000 access where the direct-transfer minimum is substantially higher, but availability and terms are deal-specific and the structure adds another legal layer.

**What is Hiive ROFR exercise rate and what does it mean for buyers?**

In 2024, 18% of direct share transfers submitted for company approval resulted in the company exercising its right of first refusal — up from 12% in 2023. When ROFR is exercised, the company purchases the shares at the buyer's agreed price; the buyer's capital is refunded, but they receive no shares after the approval process. Another 10% were canceled or otherwise not approved, so roughly 28% did not deliver shares to the external buyer. Hiive Funds generally address approval and ROFR at the fund-acquisition level, reducing the individual subscriber's direct exposure without guaranteeing that the underlying purchase cannot be delayed, modified, or blocked.

**How does Hiive handle tax reporting?**

It depends on the structure. A direct private-share purchase does not necessarily produce an annual investor tax form; reporting at a later disposition depends on the issuer, transfer agent, broker, and transaction structure, so investors should retain complete cost-basis records and confirm responsibilities with a tax adviser. Hiive Funds SPV investors generally receive Schedule K-1s from the fund administrator. Third-party research indicates late-March-to-April delivery, but AltStreet did not identify a public Hiive timing commitment or Hiive-specific delay frequency. Plan for a possible extension rather than assuming one will always be required.

**What is Hiive Funds and how does it differ from a direct share transfer?**

Hiive Funds are Delaware LLC SPVs administered by Sydecar Inc that hold shares in a private company and issue membership interests to investors. Most offerings charge no recurring management fee or carried interest, although brokerage and distribution administrative fees still apply. The fund generally addresses company approval and ROFR during acquisition, reducing the subscriber's direct exposure without guaranteeing that the purchase cannot be delayed, modified, or blocked. Investors generally receive K-1s rather than direct equity. Direct transfers place the buyer on the cap table if the company approves the transfer and does not exercise ROFR.

**What is the Hiive50 and what does its performance actually mean?**

The Hiive50 is an equal-weight price index of 50 liquid private-company securities on Hiive, rebalanced quarterly using a liquidity score. It returned 38.4% in 2024 and 49.1% in 2025. Those are index price changes that exclude transaction fees, taxes, and fund expenses; they are not investor returns. Hiive separately reported a 61% average bid-ask spread for the bottom liquidity quartile in 2024. That finding should not be extrapolated to the middle 50% or the whole catalog without additional data.

**How does the no management fee on Hiive Funds actually benefit me?**

Most Hiive Funds single-asset SPVs advertise no recurring management fee or carried interest. That can reduce long-hold fee drag compared with a vehicle that charges recurring management fees or performance carry, but it does not make the investment fee-free. Investors may still pay an entry brokerage fee, a distribution administrative fee, underlying transaction expenses, taxes, and other fund-specific costs. Compare the complete offering-document fee stack rather than applying a generic 2-and-20 model.

**Who can invest on Hiive?**

U.S. buyers generally must qualify as accredited investors, and some vehicles structured under Section 3(c)(7) require qualified-purchaser status. Eligibility depends on the specific transaction and offering documents; accredited-investor status also includes categories beyond the individual income and net-worth tests. Existing shareholders may be able to sell without satisfying buyer-side accreditation requirements. Canadian eligibility is governed by the applicable provincial exempt-market rules.

**How does Hiive compare to EquityZen?**

Hiive offers a live order book, reports $300M+ in monthly transaction volume, and most Hiive Funds charge no recurring management fee or carried interest. EquityZen uses packaged SPV structures and has a lower posted minimum. EquityZen generally charges a 2.5% buyer fee and separately charges sellers, with lower rates on larger transactions; Hiive's June 1, 2026 Form CRS lists maximum commissions of 4.85% for buyers and 5.75% for sellers. Vehicle-level transfer handling can reduce an individual subscriber's direct ROFR exposure, but it does not guarantee the underlying acquisition. Compare actual deal availability, fees, liquidity, and offering documents.

**What are the main risks of investing through Hiive?**

Key risks include company approval and ROFR on direct transfers, uneven security-level liquidity, transaction fees, multi-year illiquidity, uncertain exits, and fund tax administration. In 2024, 18% of direct transfers involved ROFR exercise and another 10% were canceled or otherwise not approved. Hiive reported a 61% average spread for the bottom liquidity quartile, but that should not be extrapolated to the full catalog. The June 1, 2026 Form CRS lists maximum commissions of 4.85% for buyers and 5.75% for sellers. Fund investors should plan for possible K-1 delays without assuming a Hiive-specific delay frequency that public materials do not establish.

**Is Hiive regulated and legitimate?**

Yes. Hiive Markets Limited is an SEC-registered broker-dealer, FINRA member (CRD 316580), and SIPC member that operates an alternative trading system with Form ATS on file. Form ATS is a regulatory notice and does not constitute SEC approval of the venue or its investments. Regulation Best Interest applies when a broker-dealer makes a covered recommendation to a retail customer, not automatically to every marketplace interaction. Hiive is also registered as an exempt market dealer in several Canadian provinces.

**Where can I get alerts on new Hiive deals and liquidity scores by company?**

AltStreet is building cross-platform deal monitoring and liquidity-analysis tools for pre-IPO investors. Join the early-access waitlist at /early-access for product updates and launch availability.

**What is Hiive Markets?**

Hiive Markets Limited was the SEC-registered broker-dealer (FINRA CRD 316580) that ran the Hiive order book and its alternative trading system. In September 2026 it was renamed Clarity Capital Limited as part of the Hiive to Clarity rebrand. The name still appears on older Form Ds, FINRA records and offering documents, so a search for Hiive Markets lands on the same marketplace this review covers.

**Can you buy Hiive stock?**

No. Hiive, now The Clarity Group Limited, is a private company and does not list its own shares on its marketplace. Searches for Hiive stock usually mean the private-company shares that trade on Hiive, which are sold through direct transfers or through the Hiive fund series (SPVs) documented in this review.

**Who are Hiive's main competitors?**

For direct secondary transfers and pre-IPO SPVs the closest alternatives are EquityZen, Forge Global and UpMarket, with Nasdaq Private Market and Augment serving the institutional and tender-offer side. The differences that matter are the fees (Hiive's Form CRS caps commissions at 4.85% for buyers and 5.75% for sellers, EquityZen charges the buyer 2.5%), the minimum ($25,000 direct on Hiive against $5,000 fund minimums at EquityZen and Forge), price discovery and ROFR handling. AltStreet's EquityZen vs Forge vs Hiive guide and Hiive vs UpMarket guide compare them line by line.


## Update history

**September 22, 2026: Hiive is now Clarity: the broker-dealer, the adviser and the parent are renamed, and nothing in the fee, minimum or registration record changes with them**

On September 22, 2026 Hiive announced by press release and a founder's letter that it is now Clarity, and hiive.com began redirecting to clarity.com the same day. Per the company's own disclosures the broker-dealer that operates the order book and the SEC-registered ATS is Clarity Capital Limited, formerly Hiive Markets Limited; the adviser to the fund vehicles is Clarity Investment Management Inc., formerly Hiive Advisors Inc.; and the parent is The Clarity Group Limited, formerly The Hiive Company Limited. The announcement launches five institutional capabilities and reports company-level figures, and describes no change to the June 1, 2026 Form CRS commission schedule, the $25,000 minimum, the direct-transfer and fund pathways or any registration. This review is retitled Clarity (formerly Hiive) and its URL is unchanged. The body keeps the Hiive name where it describes filings, fees and documents issued under it, because that is what the documents say; no regulatory filing under the new names had appeared at the time of this update.

**September 20, 2026: Ten $0 vehicles amended in one day to $62.3 million, the census passes $849 million, and SpaceX, not Tenstorrent, is the largest underlying**

Five days after the September 15 restatement, the census stands at 153 vehicles, 150 of them reporting $849,395,942 across 9,280 investor slots, up $83.7 million on four new vehicles and one amendment batch. On September 16 ten HII series that had filed initial Form Ds reporting $0 sold against stated investor counts each filed an amendment reporting the amount, $62,270,271 between them, which settles how the $0 filings flagged on August 14 should be read: as placeholders that the amount follows by weeks, not as failed raises. Three remain at $0. The September 15 entry's statement that Tenstorrent is the largest underlying by dollars was wrong; it omitted the two standalone SpaceX Opp Fund vehicles, and SpaceX leads at $138.0 million across nine reporting vehicles. Three new vehicles filed this week, two of them 70 and 81 days after their reported first sale, and the family-wide filing lag is now measured: 59 of 109 HII initial Form Ds were filed beyond Rule 503's 15-day window. Thirty-three signals since September 15 are cleared; 31 census vehicles lacked an entity profile and 8 profiles carried a $0 total against a filed amount, both repaired in the data layer.

**September 15, 2026: Census restated: 149 vehicles and $765.7 million on EDGAR, 40 of them new since July, with Tenstorrent now the largest underlying by dollars**

The census restatement deferred in the August 14 entry is complete. AltStreet re-enumerated every Hiive-affiliated Form D filer on EDGAR by latest filing per CIK, covering the HII institutional series, the retail-branded Hiive Funds, and the out-of-pattern wrappers. The population is now 149 vehicles. The 136 that report a dollar amount total $765,663,269 across 8,337 investor slots; a further 13 report $0 sold while listing 866 investors and are excluded from the paired figures. Against the July 15 baseline of 106 vehicles, $541,345,933 and 5,881 investors, that is 43 more vehicles and $224.3 million more reported sold, and 40 of the vehicles were first filed after July 15. The growth is almost entirely on the institutional side: HII series now number 105 (92 reporting $553,035,046 across 6,071 slots) against 40 Hiive Funds ($188,713,751 across 2,066). The five months from May 2026 account for 69 of the 105 HII vehicles. Tenstorrent is the largest single underlying by dollars at $41,041,420 across four reporting series, which AltStreet covers in a standalone guide. Sixteen signals arrived since August 14: fourteen new-entity detections, one amendment, and one watch-severity 'offering stalled' flag on HII Tenstorrent-05 that is a false positive, explained below. Two vehicles on the ledger were absent from the platform's known-CIK list and have been added. The census counts vehicles by their latest Form D; the money in HII vehicles is paid to selling shareholders, not to the underlying companies, and is never additive with any company's own raise.

**August 14, 2026: Legal scan surfaces two active federal lawsuits from Nasdaq Private Market, an unresolved founder-control action in Ontario, and confirms the RIA registration went effective July 23**

A structured legal and enforcement scan (court dockets via public search, SEC EDGAR full-text search, FINRA BrokerCheck, SEC IAPD, and news archives, August 14, 2026) surfaced four findings the review had not previously documented. First, Nasdaq Private Market has filed two active federal lawsuits against Hiive entities in 2026: a patent-infringement action in the District of Delaware (1:26-cv-00528, filed May 6, 2026) and a trade-secrets and employee-poaching action in the Southern District of New York (1:26-cv-05076, filed June 2026) naming the Canadian parent The Hiive Company Limited among the defendants. Both are active as of the scan date; neither has been adjudicated, and complaint allegations are one side of a contested dispute. Second, the scan surfaced McGrath et al. v. Desai et al. (2023 ONSC 7094), an Ontario shareholder-oppression proceeding in which early participants challenged the founder-control structure; the injunction application was dismissed in December 2023 and the matter was converted to an ordinary action whose current status is unresolved on the public record reviewed. Third, the scan confirmed via SEC IAPD that Hiive Advisors LLC's investment-adviser registration went effective July 23, 2026, with no disclosure flags — resolving the 'pending' status this review previously carried. Fourth, a May 2026 episode in which Anthropic was named in Hiive marketing materials and subsequently removed was verified in press coverage. AltStreet notes the scan's limits: PACER dockets and Ontario court files were not pulled directly, so filing details rest on press coverage and docket-aggregator records. The competitive-litigation findings move AltStreet's reputational-risk assessment from low to moderate — not because the claims are validated, but because two active suits from the incumbent competitor and an unresolved founder-control action are material open legal exposures a prospective user should know exist.

**July 30, 2026: Fifteen Form Ds in three days disclose $159.1M already sold — including a $54.5M standalone SpaceX fund with 541 investors — and eight of the filings arrive past the 15-day window**

Between July 21 and 23, 2026, fifteen new Hiive vehicles filed first Form Ds reporting a combined $159,055,047 sold to 1,643 investors — and every one of the fifteen reports completed sales at first filing, with reported first-sale dates running from April 14 to July 17. This is not formation ahead of demand; it is disclosure of raises already closed. Rule 503 requires Form D within 15 days of first sale, and eight of the fifteen filed beyond that window — Hiive SpaceX Opp Fund-02, LLC at roughly 99 days (first sale April 14, filed July 22), HII SpaceX Series V at roughly 75-77 days, Series IV at 61, both Perplexity series at 50, and the three Lambda series at 29-36 — while the seven vehicles with July first sales filed on time, making the batch read as a catch-up event that trued up a quarter's worth of unfiled April-June raises in three days. The headline vehicle is structural news on its own: Hiive SpaceX Opp Fund-02, LLC is a standalone Delaware LLC outside both the retail and HII series patterns — a third naming architecture — reporting $54,522,325 from 541 investors under 506(b), the largest single raise and by far the largest investor count of any vehicle in the AltStreet census (the prior maximum was 136). The underlying-name concentration is equally unambiguous: SpaceX, Starcloud (first appearance — the Nvidia-backed orbital datacenter startup), Lightmatter, Lambda, Crusoe, Aalo Atomics, Shield AI, and Perplexity make the cohort almost uniformly AI-infrastructure and frontier-tech. Set against the two series the signal wire shows stalled — Polymarket-06 and xAI-01, flat since spring per current amendment records — the filings sketch a marketplace whose issuance engine is accelerating into AI infrastructure while at least two older series have stopped reporting new sales. Census restatement is deferred: these fifteen plus the mid-July additions (including HII Shield AI-05, $9.94M/93 investors, first sale July 10) post-date the July 15 re-enumeration and will be reconciled in a full quarterly census pass.

**July 15, 2026: The census was undercounting by a third: 106 vehicles and $541M, Form ATS status, and an adviser applying for SEC registration after reporting $1.13B of RAUM**

A full re-enumeration of Hiive's Form D population — via EDGAR quarterly master indexes plus a cross-check against the adviser's own Form ADV Schedule D — raises AltStreet's documented census from 70 vehicles and $342.7M to 106 vehicles, $541,345,933 in reported sales, and 5,881 investors through July 15, 2026. The corrected census reveals that the HII line completed its first four quarters with $383.2M across 63 company-named vehicles while its implied average check fell from roughly $128,000 to $74,000 after the Q4 2025 peak; that the original retail family reports no first sale after December 2025; and that two similarly named Standard Fund vehicles filed under Rule 506(c). Their structural relationship is not confirmed. The corporate layer moved in parallel: Hiive Advisors Inc. filed a simultaneous exempt-reporting-adviser withdrawal and initial SEC registration application on June 24, 2026, reporting $1.13 billion in regulatory assets under management across 84 pooled vehicles, and AltStreet verified that Hiive Markets Limited is an SEC-registered broker-dealer operating an alternative trading system with Form ATS on file. Audited FY2022 financials and FINRA's firm record complete the corporate picture: a Canadian-parented complex, founder-controlled at 75%+ through The Hiive Company Limited, with zero disclosure events.


## Evidence appendix

Platform website captured July 15, 2026.

PRIMARY, REGULATORY (updated 2026-07-15). AltStreet enumerated Hiive-affiliated Form D filers through SEC EDGAR quarterly master indexes rather than name-limited EFTS searches, then cross-checked the population against Hiive Advisors Inc.'s Form ADV Schedule D. Inclusion required reported sales plus a verified Hiive affiliation through naming and filing identity, or two-sided verification for exceptions: an adviser Schedule D listing plus matching filer address and phone. This produced AltStreet's best-available identified population of 106 vehicles reporting $541,345,933 sold to 5,881 investors. Two out-of-pattern vehicles — Crossover Fund X, LLC and Standard Fund Series I, LLC — entered through the ADV cross-check. Form D amounts sold are latest-filing snapshots and do not equal Hiive Advisors' $1.13B RAUM, which is a gross regulatory measure across a different fund universe. Corporate evidence includes Hiive Advisors' June 24, 2026 registration application and ERA withdrawal, the SEC ATS list showing Hiive Markets Limited with Form ATS on file, FINRA's detailed CRD 316580 firm report, audited FY2022 Form X-17A-5 financial statements, and Hiive's current Form CRS dated June 1, 2026. SECONDARY evidence includes platform disclosures, Hiive50 methodology, 2025-2026 market reports, and the April 2026 site dossier. K-1 timing remains third-party research because AltStreet did not identify a public Hiive or Sydecar delivery commitment.

**Highlights**

- CURRENT FORM CRS, DATED 2026-06-01: buyer maximum commission 4.85%; tier breakpoint at $250,000
- CURRENT FORM CRS, DATED 2026-06-01: seller maximum commission 5.75%; tier breakpoint at $500,000
- 0% management fee and 0% carried interest on most Hiive Funds single-asset SPVs confirmed
- Hiive Funds administered by Sydecar Inc confirmed
- ROFR exercise rate 18% (2024) up from 12% (2023) confirmed via Hiive platform statistics page
- Company approval rate 72% (2024); seller success rate 90% (2024); 10% canceled or otherwise not approved, based on Hiive's platform statistics
- $25,000 effective minimum confirmed; $100,000-$250,000 for high-demand direct transfers confirmed
- THIRD-PARTY, MEDIUM CONFIDENCE: late-March-to-April K-1 delivery indicated; no public Hiive or Sydecar commitment or Hiive-specific post-April 15 frequency identified
- Direct share purchases do not generate partnership K-1s from Hiive. Other tax reporting depends on later taxable events and the transaction structure.
- Bottom quartile bid-ask spread averaging 61% in 2024 confirmed via Hiive 2024 market data publication
- Hiive50: 38.4% return 2024 (vs. S&P 500 23.3%); 49.1% return 2025 confirmed
- 398% year-over-year increase in monthly active users (December 2024) confirmed
- FINRA BrokerCheck CRD 316580 confirms broker-dealer registration and zero disclosure events; SEC ATS list confirms Form ATS on file

**Primary source pages**

- https://www.hiive.com/
- https://www.hiive.com/funds-investors
- https://www.hiive.com/hiive-funds
- https://www.hiive.com/seller
- https://www.hiive.com/issuer
- https://www.hiive.com/disclosures
- https://www.hiive.com/terms
- https://www.hiive.com/hiive50
- https://www.hiive.com/disclosures/hiive50-disclaimers
- https://www.hiive.com/market-reports/state-of-the-pre-ipo-market-2026-annual-report
- https://www.hiive.com/guides/investing-in-pre-ipo-companies
- https://www.hiive.com/guides/selling-pre-ipo-shares
- https://www.hiive.com/reg-bi
- https://www.hiive.com/form_CRS_April_2024.pdf
- https://www.hiive.com/market-reports/2025-annual-state-of-the-private-market
- https://www.hiive.com/market-reports/2023-in-review
- https://brokercheck.finra.org/firm/summary/316580
- https://files.brokercheck.finra.org/firm/firm_316580.pdf
- https://adviserinfo.sec.gov/firm/summary/335888
- https://adviserinfo.sec.gov/adv
- https://www.sec.gov/foia/frequently-requested-documents/alternative-trading-system-ats-list
- https://www.sec.gov/Archives/edgar/full-index/
- https://www.sec.gov/Archives/edgar/data/1883826/000188382623000003/hiivepublicfsv2.pdf


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- Category hub: https://altstreet.investments/categories/secondary-pre-ipo-markets

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Source page: /platforms/reviews/hiive
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.