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SecondMarket Financial
SECONDMARKET FINANCIAL, LLC is an SEC-registered investment adviser in NEW YORK, NY, registered since 2025. The firm manages approximately $150 million in...
SecondMarket Financial
SECONDMARKET FINANCIAL, LLC is an SEC-registered investment adviser in NEW YORK, NY, registered since 2025. The firm manages approximately $150 million in regulatory assets. It employs 19 staff and 3 investment advisers.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Sector focus
Frequently asked questions
Who ran SecondMarket and what was its core business?
Barry Silbert founded and led SecondMarket. The firm operated a broker-dealer and Alternative Trading System that allowed accredited investors to buy and sell private company stock, bankruptcy claims, and other illiquid assets. At its peak, it became the dominant venue for pre-IPO secondary trading in companies like Facebook and Twitter. The platform was acquired by Nasdaq in 2015.
How did SecondMarket source deal flow?
SecondMarket sourced supply from early employees, founders, and angel investors in venture-backed companies who held restricted stock and needed liquidity before an IPO. It matched those sellers with institutional buyers — family offices, hedge funds, and sovereign wealth funds — through an electronic marketplace. The firm also developed relationships directly with venture-backed issuers who authorized secondary sales on the platform.
What happened to SecondMarket's cryptocurrency operations?
SecondMarket launched a Bitcoin Investment Trust in 2013, which became one of the earliest regulated vehicles for institutional Bitcoin exposure. When Nasdaq acquired the core SecondMarket business in 2015, Barry Silbert retained all cryptocurrency-related assets. Those holdings became the foundation of Digital Currency Group, now one of the largest crypto conglomerates globally, owning Grayscale, Foundry, and Genesis.
Did SecondMarket operate as a fund or a marketplace?
SecondMarket operated as a registered broker-dealer and Alternative Trading System — a marketplace, not an investment fund. Revenue came from transaction fees on matched trades rather than management fees. This structure meant the firm did not hold or manage investor capital; it earned fees by providing regulatory infrastructure, pricing, and counterparty matching for secondary transactions in illiquid assets.
What is the relationship between SecondMarket and Digital Currency Group?
Digital Currency Group (DCG) is the direct successor to SecondMarket's cryptocurrency division. When Nasdaq acquired SecondMarket's primary platform and client base in 2015, Barry Silbert retained the firm's Bitcoin-related assets and spun them into DCG. DCG now operates as a holding company for crypto-focused subsidiaries including Grayscale Investments and Foundry.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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