Hiive: Platform Profile

Hiive is a broker-dealer-operated marketplace for private-company securities.

Its core product is not a managed portfolio and not a public exchange.

Hiive connects eligible buyers and sellers of private, unregistered securities and gives participants a centralized place to:

• view bids and asks;
• review recent market activity;
• place bids;
• list shares;
• communicate with counterparties;
• negotiate transaction terms;
• complete transaction documentation;
• use Hiive execution and settlement support.

The platform also offers private funds that can provide indirect exposure to specific private companies.

The distinction matters because a Hiive investor can encounter two materially different ownership structures:

1. direct private-company shares; or
2. units/interests in a private fund that owns the shares directly or indirectly.

Not every Hiive investment is direct stock ownership.

May fit better for

• accredited investors seeking late-stage private-company exposure;
• existing shareholders looking for secondary liquidity;
• investors who want visible private-market bids, asks, and transaction data;
• investors comfortable negotiating a private-market transaction;
• investors able to hold illiquid securities for an uncertain period;
• investors who understand issuer transfer restrictions and rights of first refusal.

May fit less well for

• non-accredited U.S. buyers;
• investors with less than the applicable transaction minimum;
• investors requiring daily liquidity;
• investors expecting public-exchange execution.

Broker-dealer status

Hiive Markets Limited is a U.S. SEC-registered broker-dealer and FINRA/SIPC member, CRD 316580.

Hiive is also registered as an exempt market dealer in multiple Canadian provinces.

Hiive is not an investment adviser. Its Form CRS states that Hiive:

• does not make investment recommendations;
• does not manage investments;
• does not monitor investments;
• does not have discretionary investment authority.

The customer makes the investment decision.

Standard minimum transaction

Hiive's current U.S. Form CRS, dated June 1, 2026, states a standard minimum transaction of $25,000.

Certain private funds can impose higher minimum investments, so the $25,000 figure is not a universal minimum for every fund or every transaction.

Direct shares vs. private funds

Hiive offers two broad investment structures.

Direct securities

A direct transaction can give the buyer shares of the private issuer itself.

That structure can provide direct ownership, but the transaction can require:

• issuer approval;
• satisfaction of transfer restrictions;
• waiver or expiration of a right of first refusal;
• share-transfer documents;
• legal or transfer fees;
• settlement steps specific to the issuer.

Private funds

Hiive also offers interests in private funds organized by Hiive affiliates or third parties.

A fund can hold:

• the issuer's shares directly; or
• an interest in another fund that owns the issuer's shares.

The investor owns the fund interest—not the underlying private-company shares directly.

Hiive's current educational material describes single-asset and multi-asset Hiive Funds.

Marketplace mechanics

Hiive's current disclosures state that listings, bids, and standing bids are non-binding indications of interest.

The platform does not automatically match orders like a public exchange.

A user must respond to the relevant listing or bid and proceed through the private-market transaction process.

Current marketplace features include:

• seller listings;
• buyer bids;
• market activity data;
• anonymous browsing/standing bids;
• direct counterparty communication at applicable stages;
• standardized transaction documentation;
• execution and settlement support.

Hiive is not a continuous exchange with guaranteed fills.

Company approval and ROFR risk

Private-company stock frequently carries transfer restrictions.

Hiive's current materials warn that a proposed purchase can remain subject to:

• company approval;
• right of first refusal;
• other contractual transfer restrictions.

A buyer and seller can agree on economics and still fail to close if the issuer exercises rights or refuses the transfer.

An accepted bid is not the same as a completed share transfer.

Hiive Price

Hiive publishes a model-derived indicative price called Hiive Price for supported securities.

Effective May 29, 2026, the current methodology states that Hiive Price is calculated daily using a time-decayed, volume-weighted blend of:

• confirmed transactions; and
• the bid/ask midpoint, weighted toward bids.

The relative weighting depends on trading frequency, with time decay calibrated to trailing 90-day activity.

Confirmed transactions include:

• closed transactions; and
• pending transactions with agreed terms.

Hiive Price is useful private-market data.

It is not:

• an exchange quote;
• guaranteed executable price;
• independent appraisal;
• promise that a buyer or seller will transact at that value.

Current U.S. transaction fees

Hiive's June 1, 2026 Form CRS gives current tier ceilings for successful direct transactions brokered by Hiive:

• seller commission: highest rate 5.75%, decreasing for transactions over $500,000;
• buyer/private-fund brokerage fee: highest rate 4.85%, decreasing for transactions over $250,000.

The exact rate depends on:

• transaction size;
• transaction type;
• services provided.

Hiive states that it does not charge the transaction commission unless the transaction successfully closes.

Hiive also states there is no account-opening fee and no separate execution and settlement services fee.

These are the highest current tiers stated in the Form CRS, not universal flat rates.

Direct transactions can also have issuer-level:

• legal fees;
• transfer fees;
• other transaction expenses.

Private funds can have separate:

• management fees;
• administrative fees;
• carried interest;
• embedded fund expenses,

depending on the fund.

Hiive Funds have their own stated fee structures and are separate from the direct-share commission.

Hiive Funds fees

Hiive's current fund guide states that Hiive Funds do not charge traditional management fees or carried interest.

Its 2026 SPV article describes two primary Hiive Funds charges:

• brokerage fee at initial investment;
• administrative fee on distributions.

This fee model does not apply to every third-party private fund available through Hiive. Third-party funds can have different economics.

Price discovery has limits

Hiive provides materially more visible price data than a traditional opaque private-stock broker.

That does not make private-company pricing equivalent to a liquid public market.

Current disclosures warn that private securities:

• can trade infrequently;
• can have small sample sizes;
• can differ by share class and rights;
• can have incomplete public information;
• can move materially from one transaction to another.

An ask is not a valuation.

A recent transaction is not a guarantee of the next price.

A Hiive Price is not a public-exchange NBBO.

Liquidity

A marketplace can improve the ability to find a counterparty.

It does not eliminate private-market illiquidity.

A holder may encounter:

• no active buyer;
• wide bid/ask spreads;
• issuer transfer restrictions;
• company approval delays;
• ROFR;
• lockups after an IPO;
• limited financial disclosure;
• uncertain timing of a liquidity event.

SIPC is not private-stock price insurance

Hiive is a SIPC member.

SIPC does not insure:

• investment performance;
• private-company valuation;
• loss caused by an issuer failing;
• inability to find a buyer;
• an overpriced private-market transaction.

SIPC membership applies in a limited brokerage-custody context and is not a statement that a private-stock investment is protected.

Assessment

Hiive's strongest differentiator is not simply access to private companies.

It is market structure.

A traditional private-stock broker can leave a buyer with limited visibility into competing bids, asks, or recent trades.

Hiive gives eligible investors a centralized marketplace with observable activity and direct negotiation.

That improves price discovery.

It does not solve the underlying private-market problems:

• thin trading;
• incomplete information;
• issuer control over transfers;
• uncertain liquidity;
• complex share rights.

The ownership structure also matters.

A direct-share purchase and a Hiive Fund investment can both provide exposure to the same company while giving the investor different legal claims, fees, tax reporting, and control.

Hiive makes the most sense for an investor who understands that private stock is a negotiated, restricted, illiquid security—not a public stock with a harder-to-find ticker.