# SecondMarket Financial

SecondMarket Financial is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Assets under management:** Undisclosed
- **Website:** secondmarket.com
- **LinkedIn:** https://www.linkedin.com/company/nasdaq-private-market

## Regulatory record

- **CRD number:** 333332
- **SEC file number:** 801-131656
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/333332

## About

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.

## Sectors

- Private Credit
- Secondaries & Special Situations
- FinTech

## Questions

### 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.

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Last updated: 2026-06-03T20:00:00.000Z

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