Hiive Is Now Clarity: 2026 Review, Fees & Access
Hiive rebranded as Clarity on 22 Sep 2026. Our review covers the $25K minimum, seller and fund fees, settlement time and who can actually use it.
Hiive is now called Clarity. The Vancouver-based private-share marketplace announced the rebrand on 22 September 2026, renamed its regulated entities, and added a funds marketplace and institutional tools. According to independent coverage, the core terms most users care about did not change at the rebrand: a $25,000 minimum transaction, success-only commissions mostly paid by sellers on direct trades, and access limited to accredited investors or local equivalents.
This review covers what changed, what it costs, how a trade actually closes, and where Clarity fits next to EquityZen, Forge and onchain options for non-US readers.
As of October 2026: based on Clarity's announcement and FAQ (updated 22 September 2026), its Form CRS on FINRA BrokerCheck, Business Wire, The Globe and Mail and AltStreet coverage. Fees and terms can change; confirm on clarity.com before transacting.
What happened to Hiive?
Hiive launched in 2022 as a marketplace where employees and early investors could sell private-company stock to accredited buyers. On 22 September 2026 it became Clarity, describing the move as reflecting a shift from a secondary marketplace to a broader platform for primary raises, tender offers and institutional investing. Hiive.com now redirects to clarity.com.
Old name | New name | Role |
|---|---|---|
Hiive Markets Limited | Clarity Capital Limited | US broker-dealer (FINRA/SEC), Canadian exempt market dealer, operator of an SEC-regulated ATS |
Hiive Advisors Inc. | Clarity Investment Management Inc. | Adviser to the platform's fund vehicles |
The Hiive Company | The Clarity Group | Parent company |
Alongside the name, Clarity announced five additions: a funds marketplace (including a resale market for fund interests), deeper pricing and valuation data, an institutional interface that lets large buyers aggregate smaller listings anonymously, institutional-grade execution, and portfolio tracking. The company says it has facilitated more than $6 billion in closed transaction volume and manages more than $2 billion in fund assets, across 3,000+ listed companies.
Hiive (Clarity) review: the essentials
Item | Clarity (formerly Hiive) |
|---|---|
Who can buy | Accredited investors or local equivalent; some funds require Qualified Purchaser status |
Minimum transaction | $25,000 (some deals higher) |
Fee model | Commission only on closed transactions |
Direct share trades | Seller pays; highest standard rate 5.75%, lower above $500,000 |
Private fund investments | Buyer brokerage fee, typically up to 4.85%, lower above $250,000; 7.5% for certain funds |
Other costs | Issuer transfer or legal fees; fund management fees or carry where applicable |
Time to close | Typically 30 to 90 days after the share transfer notice is signed |
Companies covered | 3,000+, typically $500M+ last-round valuation |
Fees in more detail
Clarity's FAQ is explicit that there is no fee to open an account, place a buy or sell indication, or view pricing data. On a direct share transfer, only the seller pays a commission, and only if the trade closes (or if a company's right of first refusal is triggered by an offer found on the platform). If the company blocks the transfer, no fee is charged.
Buyers do pay when investing through Clarity's private funds, and those funds may carry their own management fees or carried interest on top. Read the specific fund's documents: on a fund deal, the platform fee is only part of your total cost.
How a trade closes
Indication. A seller posts a sell indication (price, size, duration); buyers post bids. Both sides stay anonymous until matched.
Negotiation. Counter-offers are common because spreads between ask and bid are often wide.
Share transfer notice (STN). Both sides sign a provisional agreement, conditional on company approval.
Company approval and ROFR. The issuer or existing holders may buy the shares on the same terms instead.
Settlement. Clarity's execution team handles documents and funds flow, typically closing 30 to 90 days after the STN.
That process is normal for private secondaries, and it's the main practical difference from listed or onchain markets. For background, see the pre-IPO secondary market explained.
Pros and cons
Strengths
No buyer fee on direct share trades, which is unusual in the category.
Broad coverage of late-stage names and visible bid/ask indications.
Regulated broker-dealer and ATS; Clarity Capital Limited is on FINRA BrokerCheck (CRD 316580).
New funds marketplace adds a resale route for fund interests.
Limitations
$25,000 minimum and accreditation requirements exclude most retail investors.
Seller commissions up to 5.75% and fund fees up to 7.5% are material.
Trades can fail at the company approval or ROFR stage, which costs time even when no fee is charged.
Weeks-long settlement; no continuous pricing.
Clarity vs EquityZen vs Forge vs OpenStocks
Dimension | Clarity | EquityZen | Forge | OpenStocks |
|---|---|---|---|---|
Instrument | Private shares or fund interests | Fund units (single or multi-company) | Direct shares or Forge funds | BEP-20 tokens: price exposure only |
Minimum | $25,000 | $10,000 standard; $5,000 on select deals | $100,000 direct; some funds from $5,000 | Fractional |
Main fee | Seller up to 5.75% (direct); buyer up to 4.85% or 7.5% (funds) | 2.5% buyer fee up to $1M | Typically 2% to 4% (direct) | Gas and DEX/swap costs |
Settlement | 30 to 90 days | 8 to 11 weeks after fund close | Weeks | Onchain, when liquidity exists |
Ownership rights | Yes (shares) or fund interest | Fund interest | Yes (shares) or fund interest | None |
We review the other two platforms in EquityZen review 2026 and Forge Global review, and compare the whole field in pre-IPO investment platforms.
Can non-US investors use Clarity?
Clarity asks individuals whether they qualify as accredited investors "or have a similar status in the country where they live", and its dealer entity is registered in the US and Canada. Eligibility for residents of Hong Kong, the UAE, the UK or the EU depends on local professional-investor rules and Clarity's onboarding checks. Non-accredited users can sign up as sellers only.
For non-US readers who want price exposure to a few late-stage names without accreditation or a $25,000 ticket, OpenStocks offers tokenized economic exposure on BNB Chain to Anthropic, Figure AI, Anduril and Neuralink. Those tokens confer no ownership, voting, dividends or information rights, and OpenStocks is not available to US persons. It is a different product from a share marketplace, not a substitute for owning shares. OpenStocks vs Hiive and can non-US investors buy pre-IPO stocks? go deeper.
Who Clarity suits, and who it doesn't
Clarity, like Hiive before it, is built around a marketplace where buyers and sellers post and negotiate on individual names. That design has clear trade-offs.
Better fit if you | Weaker fit if you |
|---|---|
Are accredited and want to pick specific companies | Want a diversified basket without researching each name |
Are comfortable negotiating price and waiting for transfer approvals | Need quick settlement or guaranteed liquidity |
Are an employee or early holder looking to sell | Are a non-US retail investor without accreditation or equivalent status |
Can commit $25,000 or more per position | Want small, fractional positions |
What to check before any secondary trade
Share class and rights. Common stock sold by employees ranks behind preferred shares in a sale or liquidation.
Transfer restrictions. Many companies hold a right of first refusal and can block or match a trade weeks after you agree a price.
Structure. Direct share transfer, forward contract or SPV units each carry different counterparty and fee risks.
All-in cost. Add platform fees, SPV fees and carry to the headline price before comparing offers.
Exit path. Know how and when you could sell before an IPO, and what happens at a listing or acquisition.
Key takeaways
Hiive rebranded as Clarity on 22 September 2026; the broker-dealer is now Clarity Capital Limited.
Coverage of the rebrand reported no change to fees, the $25,000 minimum or registrations.
Sellers pay on direct trades (up to 5.75%); buyers pay on fund deals (up to 4.85%, or 7.5% for some funds).
Expect 30 to 90 days to close, with company approval risk.
Best suited to accredited buyers and to employees selling vested shares.
FAQ
Is Hiive the same company as Clarity?
Yes. Hiive renamed itself Clarity on 22 September 2026, and hiive.com redirects to clarity.com.
Is Hiive (Clarity) legit?
Clarity Capital Limited is a FINRA- and SEC-registered broker-dealer operating an SEC-regulated ATS. Regulation doesn't remove investment risk, and private-share trades can fail at company approval.
What are Clarity's fees?
No account or listing fees. Sellers pay a commission on closed direct trades (up to 5.75%); buyers pay a brokerage fee on private fund investments (typically up to 4.85%, or 7.5% for certain funds).
What is the Clarity minimum investment?
$25,000 per transaction, with higher minimums on some deals.
Can I sell shares on Clarity if I'm not accredited?
Yes. Non-accredited users can sign up as sellers, for example employees selling vested shares, subject to company approval. Buying requires accredited investor status or a local equivalent.
Disclaimer
This review is for information only, based on publicly available sources as of October 2026; it is not investment advice. OpenStocks is not affiliated with Clarity, EquityZen, Forge or any company mentioned. OpenStocks tokens represent economic price exposure only, with no ownership, voting, dividends or information rights. Not available to US persons or persons in the United States. Eligibility depends on your jurisdiction; see the Terms for the full list of prohibited jurisdictions. High risk, including possible total loss. Liquidity is not guaranteed.
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