Home › Forge vs EquityZen vs Hiive vs Nasdaq Private Market

Independent comparison · for sellers

Forge vs EquityZen vs Hiive vs Nasdaq Private Market

Q: Can an employee actually sell their pre-IPO shares on Forge, EquityZen or Hiive?

Sometimes, but it is gated. These platforms mostly serve vested holders of larger, well-known, later-stage companies, and they still require your company's approval and a right-of-first-refusal clearance to transfer. You also usually need to have exercised your options and hold real shares, and to meet a minimum transaction size. If you hold a small stake, or shares in an earlier-stage or less-known company, a marketplace often will not help — your realistic route is a company-run tender offer or an approved buyer.

Q: Which platform has the lowest minimum to sell pre-IPO shares?

Minimums are set and change by each platform and are usually framed around the buyer side. As reported in 2026, EquityZen's entry sizes are the lowest (roughly $5,000–$10,000 for select deals), Hiive and Nasdaq Private Market sit around $25,000 and up, and Forge's direct secondaries are around $100,000 (with some fund offerings lower). Always confirm the current figure with the platform for your specific company.

Q: Is Nasdaq Private Market a place where I can list my shares to sell?

No. Nasdaq Private Market is company-sponsored liquidity infrastructure, not a seller-listed marketplace. Your company hires it to run a structured tender offer or buyback; you can only sell when your company launches such a program, during a defined window. You cannot start a sale on it yourself.

If you hold pre-IPO shares and want to sell, these are the four names you'll keep hearing. Most comparisons are written for buyers. This one is written for you, the seller — how each platform actually works, what it costs, the minimums, and the question their own marketing skips: can you even use it? Independent, plain-English, and not affiliated with any of them.

Written & maintained by the PrivateTechShares team · Published October 2026 · Reviewed October 2026

How to read this page. PrivateTechShares is an independent education and tools service. We are not affiliated with, and receive no payment from, Forge, EquityZen, Hiive or Nasdaq Private Market. We don't introduce buyers and sellers, arrange or advise on any transaction, or handle any money. This is information to help you understand your own options — not a recommendation to use any service or to buy or sell any security. Figures below are approximate, reported as of 2026, and change often — always confirm the current terms with each platform for your specific company. Take your own legal and tax advice before acting.

The short version

These four are not really the same kind of thing, and that's the most useful thing to understand first:

Hiive — a live, transparent bid/ask marketplace. You see real prices.
EquityZen — pools buyers into an SPV that buys an approved block; lower entry sizes.
Forge Global — a large, established marketplace + data business; higher minimums, deep coverage.
Nasdaq Private Market (NPM) — not a marketplace you join. It's the infrastructure your company hires to run a tender offer. You can only sell through it when your company runs a programme.

And the fact all four share: none of them lets you bypass your company. Your right of first refusal, transfer restrictions and board approval apply every time.

At a glance

	Hiive	EquityZen	Forge Global	Nasdaq Private Market
Model	Live bid/ask marketplace (order book) + funds	Buyers pooled into SPVs; you sell an approved block	Marketplace: direct secondaries + funds, with price data	Company-sponsored tender / liquidity infrastructure
Who starts the sale	You (list or accept a bid)	A deal opens once the company clears it	You (direct secondary), platform-brokered	Your company — you can't start it yourself
Seller fee (approx.)	Up to ~5% on direct transfers*	~2.5% headline*	~2–5%, usually borne by the seller*	Split buyer/seller, disclosed per deal*
Minimum (approx.)	~$25k (up to $100k+ for hot names)	~$5k–$10k	~$100k direct; ~$5k some funds	~$25k trade, varies by deal
Who can sell	Accredited, verified	Accredited	Accredited, verified	Sellers need not be accredited; buyers do
Best for a seller who…	Wants a live price on a recognised name	Has a smaller block in a covered company	Holds a larger stake in a well-known name	Just wants to join their company's tender

*Fees and minimums are reported, approximate and change; they are often framed around the buyer side. Confirm the current figure with each platform. Sources below.

Hiive

What it is. A live marketplace with an anonymous order book, so you can see genuine bid and ask prices from confirmed buyers and sellers — more price transparency than most. It also runs its own funds.

How you sell. You place or accept an order on the platform; Hiive manages the right-of-first-refusal step during the transaction rather than pre-clearing it. Cost: direct transfers can carry seller-side fees reported at up to around 5%. Minimum: around $25,000, rising to $100,000+ for the most in-demand names. Who: accredited, document-verified participants.

The catch for sellers. Great if you hold a recognised, later-stage name with buyer demand. Less useful for small stakes or lesser-known companies, where there simply won't be bids.

EquityZen

What it is. A secondary platform that pools multiple buyers into a special-purpose vehicle (SPV); the buyers hold an interest in the vehicle rather than your shares directly. The company clears ROFR before a deal opens to investors.

How you sell. You sell an approved block into an SPV deal. Cost: a headline fee reported around 2.5%. Minimum: entry sizes are the lowest of the four, reported around $5,000–$10,000 after a 2026 restructuring, across 450+ companies. Who: accredited investors.

The catch for sellers. The SPV structure and company pre-clearance make it smoother for smaller blocks, but you're dependent on a deal being opened for your company.

Forge Global

What it is. One of the largest and longest-running players — a marketplace for direct secondaries plus funds, with its own indicative pricing data (Forge Price). Publicly listed, with broad company coverage.

How you sell. A direct secondary, brokered through the platform. Cost: roughly 2–5% on direct secondaries, typically borne by the seller. Minimum: around $100,000 for direct transactions (some fund offerings from ~$5,000). Who: accredited, document-verified.

The catch for sellers. The deep coverage and data are a real advantage for a larger stake in a well-known company — but the direct-deal minimum is the highest here, so it's not built for small positions.

Nasdaq Private Market (NPM)

What it is. The odd one out, and the one most people misunderstand. NPM is company-sponsored liquidity infrastructure, not a marketplace you join — tender-offer "plumbing" that companies hire to run their own, structured liquidity programmes.

How you sell. Your company decides to let employees and early investors sell a slice, sets a price and a window, and hires NPM to run it: NPM verifies eligible sellers and buyers, handles Rule 144, the ROFR and settlement. You get a window — generally about 20 business days under SEC Regulation 14E — to choose how many shares to sell. Who starts it: the company. You can't list on NPM yourself. Who can sell: eligible holders — sellers don't need to be accredited (buyers do). Cost / minimum: fees are split and disclosed per deal rather than published as a rate card; a typical minimum trade is around $25,000, varying by deal.

The catch for sellers. If your company runs an NPM tender, it's often the cleanest, safest route you'll get — but you're waiting on your company to launch one. There's nothing to "sign up" for.

So which should a seller consider?

Your company runs a tenderTake it seriously first — a company-sponsored tender (often via NPM or similar) is usually the cleanest, best-priced and lowest-friction route. Ask your stock admin.

Larger stake, well-known nameForge or Hiive are built for this. Hiive if you want a transparent live price; Forge for depth and data.

Smaller block in a covered companyEquityZen's lower entry sizes and SPV model tend to fit best — if a deal is open for your company.

Small stake or lesser-known companyMarketplaces usually won't help. Focus on a company buyback/tender or an approved private buyer — and on being ready when a window opens.

The honest reality (what none of their ads say)

For most employees, the marketplace is not the first move — and often not an available one. Three things decide whether any of this applies to you, long before you pick a platform:

Do you actually hold shares? You usually need to have exercised your options (and paid the tax) to have something to sell.
Does your company allow it? Your right of first refusal and transfer rules govern every route here. None of these platforms overrides them.
Is there demand? Buyers cluster around a few recognisable, later-stage names. For everyone else, a company tender or an approved buyer is the realistic path — see where to find a buyer.

That's why we'd always do the homework first: know what you hold, what it's realistically worth, and your transfer rules — so that when a window opens, you can act in days, not scramble for weeks.

Before you approach any platform — get ready in ten minutes

Free, no sign-up: work out a realistic range for your stake, see what exercising would cost, and check whether you can sell at all.

What's my stake worth?A realistic range in seconds. Value my equity →

Can I even sell?Vesting, ROFR and approval. Check the rules →

Cost to exerciseExercise price plus the AMT hit. Run the numbers →

All the free toolsDilution, exit waterfall, RSU tax and more. See the tools →

Frequently asked questions

Can an employee actually sell their pre-IPO shares on Forge, EquityZen or Hiive?

Sometimes, but it's gated. These platforms mostly serve vested holders of larger, well-known, later-stage companies, and they still require your company's approval and a ROFR clearance to transfer. You usually need to have exercised your options and to meet a minimum size. If you hold a small stake, or shares in an earlier-stage or less-known company, a marketplace often won't help — your realistic route is a company-run tender offer or an approved buyer.

Which platform has the lowest minimum to sell pre-IPO shares?

Minimums are set by each platform, change often and are usually framed around the buyer side. As reported in 2026, EquityZen's entry sizes are lowest (roughly $5,000–$10,000 for select deals), Hiive and Nasdaq Private Market sit around $25,000 and up, and Forge's direct secondaries are around $100,000 (some funds lower). Confirm the current figure with the platform for your company.

Can I sell my private company shares without my company's approval?

Almost never. Your equity documents typically include a right of first refusal, transfer restrictions and a requirement for board or company approval. Every one of these platforms works within those rules — none lets you bypass your company. Start by reading your own equity documents and asking your stock administration what's permitted.

Is Nasdaq Private Market a place where I can list my shares?

No. NPM is company-sponsored liquidity infrastructure, not a seller-listed marketplace. Your company hires it to run a structured tender or buyback; you can only sell when your company launches such a programme, during a defined window. You can't start a sale on it yourself.

Does PrivateTechShares sell shares, run a marketplace or make introductions?

No. PrivateTechShares is an independent education and tools service. We're not affiliated with any platform here, we don't introduce buyers and sellers, arrange or advise on transactions, hold money, or take any fee on a sale. This comparison is information only; the decisions and due diligence are entirely yours.

Keep reading

Where to find a buyer for private company shares — the full map of routes, US & Europe.
How to sell your pre-IPO startup shares or options — the step-by-step.
Can I sell my startup shares before an IPO or exit?
US pre-IPO companies · European unicorns — what your specific company's shares may be worth.

Sources & further reading: platform models, fees and minimums summarised from each platform's own materials and from third-party comparisons, including Allocations — Hiive vs EquityZen vs Forge (2026) and an independent review of Nasdaq Private Market (2026). Figures are approximate and change — verify directly with Forge, EquityZen, Hiive and Nasdaq Private Market before acting.

Nothing here is investment, legal or tax advice, or an offer or solicitation to buy or sell any security. Company and platform names are used for identification only; PrivateTechShares is independent and not affiliated with, endorsed by, or paid by any of them. Private-company shares are illiquid and high-risk. Take your own professional advice before you act.