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

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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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.

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.

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.