Lots of chatter in the tech press around the secondary liquidity market.
Evidently there are some venture investors who think that now is an opportune moment to snap up shares of companies they respect at low valuations, given the turmoil in primary round financings.
As the source of truth for 40,000+ startups, Carta has a unique view into these hidden transactions. Which means I have that unique view…which means now you do too.
So what's going on in secondaries these days?
As you can see from the chart above, transactions are taking place but only at steep discounts to the last primary round prices. The chart tracks transactions of blocks worth at least $500,000 in companies worth at least $1B.
Overall trading activity has been inching back up from summertime lows, but still nowhere near the almost $12B that changed hands in Q4 2021. This most recent full quarter saw $3B in secondary blocks trading across Carta companies.
It will be interesting to watch fund behavior in this space as (knock on wood) primary fundraising picks up in early 2024. These two markets typically function in tandem so an uptick in primary activity should boost secondaries as well.
And if secondary data peaks your interest, might I suggest:
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Peter Walker
DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. © 2026 Carta. All rights reserved. Reproduction prohibited.
