Sim Desai

Founder and CEO @Hiive_Hq. Unlocking private market liquidity.

[Sim Desai @SimDesai]

@DefinedReturns @AnthropicAI @Hiive_HQ We will not be offering new anthropic funds using an anthropic page but if you sign up for hiive you will be notified of resale opportunities in existing anthropic funds

[Sim Desai @SimDesai]

Glad to report that @AnthropicAI has corrected its blog post and removed Hiive’s name. The post was made without any notice to us and caused needless confusion in the investor community plus unfair damage to @Hiive_HQ's reputation.

Let me be clear: every investment through Hiive is 100% legitimate, approved (when approval is required), and cannot be “invalidated”.

If Anthropic came to us about their new policy in the first place, we would have worked with them on a unified message to the market.

The real problem? The private market is filled with unlicensed insiders and VCs peddling access for massive fees (that are essentially brokerage commissions) without being licensed by FINRA. Yet, licensed FINRA member firms like Hiive—who actually bear the substantial compliance burdens—are treated with suspicion.

We will not be slowed down by traditional gatekeepers. Our mission to build state-of-the-art liquidity infrastructure marches forward undaunted.

When truth is on your side, you have nothing to fear.

[Sim Desai @SimDesai]

@noodlesli2016 @Bkclaims Not at all.

[Sim Desai @SimDesai]

Honestly scratching my head about this statement from Anthropic (without any notice to us) and the ensuing wave of misinformed hot takes.

Hiive is an Anthropic shareholder. We are a 200-person organization with an 11-person legal and compliance team. We are tracking for $4 billion in transaction volume and $120 million in revenues in 2026 with 100%+ growth.

We have made it our mission over the last 5 years to bring transparency and standardization to the private market in order to address precisely the concerns that they raise. The market has rewarded us with hundreds of millions in transaction volume through our pipes every single month.

We’ve facilitated transfers of shares in over 400 companies. Some companies use us exclusively to manage liquidity.

We only facilitate share transfers with company approval.

[TFTC @TFTC21]

Anthropic just published a support page that should terrify anyone holding its shares on the secondary market.

"Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records."

Void. Not restricted. Not pending review. Void.

That means if you bought Anthropic shares through Forge, Hiive, or any other secondary platform without board approval, you are not a stockholder. You have no stockholder rights. Your transaction is invalid.

It gets worse. Anthropic says it does not permit SPVs to hold its stock. Any transfer to an SPV is void. Investment funds claiming to offer indirect exposure are "most likely relying on mechanisms that attempt to circumvent our transfer restrictions." Forward contracts, tokenized securities, synthetic exposure products, all of it potentially worthless.

Their advice to investors: "Assume that it is invalid."

There is a multi-billion dollar secondary market in Anthropic shares right now. Platforms are pricing the stock at $265-$1,400+ per share based on a $380 billion valuation. Real people have put real money into these positions. And Anthropic just told them none of it counts.

This is the purest possible illustration of counterparty risk. You can buy a share of a company and have the company itself declare your ownership void because you bought it through the wrong channel.

[Sim Desai @SimDesai]

@RenoHemonc @Hiive_HQ @cerebras Staying independent! We’re too pricey to be acquired 😄

[Sim Desai @SimDesai]

Cerebras Systems investors on @Hiive_HQ over the last several years are probably in a good mood right now.

Investors accessed @cerebras on Hiive in 2 ways. First, through direct share transfers, with the first trade on May 2023 at $12.50/share. Second, through Hiive Funds (SPVs) that pooled investor capital to purchase Cerebras shares at prices ranging from $14.80 to $45/share.

Many Hiive investors realized gains even before Cerebras hit the public markets, selling their direct holdings or fund units to other pre-IPO buyers. 

Post the lock-up, Cerebras’ transfer agent will manage the conversion of private shares into publicly tradable stock (for direct investors) and Hiive Fund investors will get their shares distributed in-kind to their brokerage accounts.

Illustrative per-share returns based on yesterday's closing price for CBRS, $296.65. Gains shown are unrealized, calculated on a per-share basis. Prices will change during the lock-up period.

[Sim Desai @SimDesai]

Past performance is not indicative of future results. Investing in private securities is speculative, illiquid, and involves the risk of loss. Not all private companies will IPO or have a liquidity event. This is not a recommendation to buy or sell any securities. Hiive is not affiliated or associated with, or endorsed by, Cerebras Systems Inc. Securities offered by Hiive Markets Limited, member FINRA/SIPC.

[Sim Desai @SimDesai]

@bartdecrem Bart we obtain approvals when they are required. Our investor team will happily discuss the details of your specific investments with you. Please email them or email me at [email protected] and I will happily connect them with you.

[Sim Desai @SimDesai]

@bmsesteve Thank you @bmsesteve for the support

[Sim Desai @SimDesai]

@Bkclaims The overwhelming majority of our business is direct share transfers and single layer SPVs. No I dont see any real legal or settlement risk as a result of our own activities

[Sim Desai @SimDesai]

@TrevMcKendrick @mattdeuce Where we are investing in a single layer SPV, it would not be possible for the transfer into the first layer to have taken place without board approval.

[Sim Desai @SimDesai]

Most founders treat liquidity as a distraction.

The founders getting this right treat it like a hiring decision: deliberately, early, with a view of what they're building toward.

Today at 11:05AM, I'm on Center Stage at @websummit Vancouver with @KyleHanslovan of @HuntressLabs. @susanliTV of Fox Business is moderating.

If you're there, come find us after.

[Sim Desai @SimDesai]

@hAirJordan01 Thank you for the well wishes.

[Sim Desai @SimDesai]

@VictorKoch Thanks Vic. On it.

[Sim Desai @SimDesai]

@mattdeuce Thanks Matt. We are not aware of any legal basis for the suggestion that Anthropic can invalidate investments made via Hiive. With a few rare exceptions Hiive Funds only invest directly in companies or in single layer funds.

[Sim Desai @SimDesai]

For more information on SPV investing, check out: 
https://t.co/VhT3DAcKLi
https://t.co/CzdlpvNOV8
https://t.co/hPNm1cWata
https://t.co/ykq9SGGPBA

To read the full NYT piece, check it out here: https://t.co/FgEE13SPVT

*For informational purposes only. Post may include forward-looking statements and third-party information provided “as is,” with no guarantee of accuracy or completeness. Hiive is not, by this post, providing financial, legal, tax, or other professional advice, nor should this be the basis for making any decision that may affect your financial or other interests. Hiive is not affiliated with, associated with, or endorsed by any of the companies mentioned herein. All services or trademarks are the property of their respective owners.

[Sim Desai @SimDesai]

When the @SpaceX lockup clears, a lot of investors are going to find out what they actually own. Some of it won't be what they thought.

Four questions investors should be asking before the wire goes out, not after:

1. Are the fund's financial statements audited?
2. Does the GP provide due diligence on their own funds, and what due diligence do they do on the target assets and/or manager?
3. What do the fees add up to across every layer.
4. Is the manager an RIA/ERA, associated with a FINRA member, or neither? And who's on their legal and compliance team.

[Sim Desai @SimDesai]

For informational purposes only. Past performance is not indicative of future results. Implied or estimated valuations at a given price are provided using information from third-party sources; Hiive has not verified that these sources for accuracy or completeness. Not all matches result in a completed transaction. Matches include transactions where Hiive Markets Limited provides a service. Hiive Price data is provided on a best-efforts basis and may be incomplete or subject to change. Hiive does not guarantee the accuracy or completeness of the information and may update or correct it as appropriate.

[Sim Desai @SimDesai]

@Cerebras is reportedly going public. It would be the first pure-play AI chip company to list and a direct competitor to @nvidia.

The public market will be hopping a train that the private market has already been riding for 3 years.

First Cerebras trade on @Hiive_HQ: May 2, 2023. $12.50/share, ~$3B implied valuation. Most recent reported round: ~$23B, $89/share. Hiive Price in recent days: as high as $164.

The IPO will price against a benchmark the private market has already established.

#liquidity