How to Buy Pre-IPO Shares: A Guide to Secondary Markets for Accredited Investors

In September 2025 Kraken announced that it had raised $500 million at a value of $15 billion, which it supplemented with another $800 million in November of 2025 at a $20 billion valuation and filed a draft S-1 with the SEC on November 19, 2025 but paused investment plans in March 2026 before proceeding with another run in April 2026. In cases exactly like this there are existing secondary markets where you can make an investment without waiting for what could seem like a moving target of an IPOS date.

When looking for early access to invest you need to become an accredited investor on a platform that is able to put you in contact with a seller. Below is a September 2026 comparison of various different platforms to purchase stock.

EquityZen

Pricing/fees: 2.5% fee on the amount invested after Morgan Stanley acquired the company in January 2026.

Accredited investor verification: Sign-up process allows self-certification of income or net worth, which must then be followed by a tax return upload or CPA letter.

Eligible sellers: Most of the listings are early/former employees, and funds that want to reduce their holdings.

Share classes/transfer restrictions: Because these typically go through single-company SPVs, issuer consent and ROFR are typically still required.

Use cases: The number one use case is employee liquidity. The next use is for accredited investor demand once the fund closes.

Secondary vs waiting for IPO: In order to invest in a single transaction directly though the fund for a minimum investment of $5,000 to $10,000, it’s generally the lowest the cost entry, although it results in you buying fund shares as opposed to direct equity which cannot be sold until the fund liquidates.

Kraken-specific context: EquityZen does not publish its current deals, so listing a Kraken sale is dependent on a seller and fund being aligned.

Financial Independence angle: A small check could offer an ideal hedge, as it limits exposure to whatever is happening on the Kraken swing, making it an attractive satellite position.

Regulatory framework: The structure falls under Regulation D of SEC regulations which sets investor accreditation standards as a net worth exceeding $1 million excluding primary residence or a current income of more than $200,00 for the past two years.

Hiive

Pricing/fees: Fee range up to 4.85% for buyers and 5.75% for sellers on direct transfers which decreases proportionally at larger investments. 

Accredited investor verification: Buyers verify their status prior to execution; this saves sellers the requirement that buyers themselves be accredited, thus opening up greater supply.

Eligible sellers: Primarily current and former employees, initial investors, and existing funds moving stakes in companies worth over $400 million to $500 million.

Share classes/transfer restrictions: Right of first refusal is also managed through Hiive with one source placing right of first refusal at about 18% of eligible trades.

Use cases: Cash needs of employees, Funds restructuring holdings; desired single position instead of a basket of holdings.

Secondary vs waiting for IPO: A live, anonymous order book provides bid/ask as real data, though, combined with the $25,000 minimum plus commission. Go to Hiive’s LinkedIn page to learn more about its live order book.

Kraken-specific context: Among names cited as more active include Ripple, Lightmatter, and SpaceX as well as Kraken where participants get price discovery on a company whose valuation went from $20 billion to $9.6 billion within a year. Hiive’s investment insights for Kraken covers this in more detail.

Financial Independence angle: The 0% carry makes a difference mainly for longer holdings as a compounding management fee can quietly eat into years of upside.

Regulatory framework: Hiive Markets Limited is FINRA and SIPC registered and the same Regulation D regime from the SEC is applicable as with all other platforms listed.

Forge Global

Pricing/fees: Fees are typically 2% to 4% for direct secondaries. Forge Fund allocations start at $5,000 while standard direct transactions require $100,000 minimum. 

Accredited investor verification: Investors are required to submit their income, net worth or licensing documentation during onboarding.

Eligible sellers: Employees, early investors and institutional holders among more than 650 companies with over 27,000 transactions processed by the end of December 2025.

Share classes/transfer restrictions: Direct secondary involves issuer permission and right of first refusal. Special purpose vehicle structure takes out some of the friction but for a fee.

Use cases: Very institutionally skewed – families, RIAs and generally large checks wanting backed by data and good execution rather than the quickest small trade on the market.

Secondary vs waiting for IPO: The company offers deep history on pricing, but the $100,000 buy-in pricepoint blocks all but the everyday investors.

Kraken-specific context: The company provides constantly updated price information for Kraken from funding/trading data – around $37 in June 2026 down to about $29 in August 2026, which tracks along valuation ups and downs of the company.

Financial Independence angle: The minimum buy-in is more geared toward those with established funds rather than those exploring at small prices with funds.

Regulatory framework: Forge Global Holdings was listed on the NYSE but is now wholly owned by Schwab; it is SEC registered, and a FINRA member broker-dealer with the normal restriction as under Regulation D.

Nasdaq Private Market

Pricing/fees: The cost is borne by both buyer and seller, rather than with one posted percentage. Nasdaq Private Market says this saves issuers over competitor offerings with high single-digit seller fees.

Accredited investor verification: It occurs over Nasdaq Private Markets platform for access to company-hosted tender programs.

Eligible sellers: Sellers usually appear through one of these tender programs, and access can be as an employee or invited shareholder.

Share classes/transfer restrictions: Nearly every transaction takes place through an issuer approved tender offer, with a company defining price, sellers, and a timing window (usually more than 20 business days)

Use cases: A company-run liquidity event, not an investor shopping for an individual ticker.

Secondary vs waiting for IPO: Tender offers have fixed pricing and are issuer approved, but an investor looking to buy Kraken when an opportunity arises may find nothing to buy unless Kraken runs one. 

Kraken-specific context: There has been no publicly listed Kraken offer by NPM. Access would be tied to Kraken providing the offer.

Financial Independence angle: Lower minimum for NPM funds vs direct purchase, although it means you trade away control over which company you end up holding.

Regulatory framework: NPM Securities is FINRA/SIPC registered, SEC registered as an ATS and uses the same accredited investor minimums as other platforms.

Carta

Pricing/fees: No set or published standard buyer fee. Carta’s Liquidity product currently runs on custom, issuer-negotiated pricing for tender offers.

Accredited investor verification: Verification happens with a particular issuer’s program since there is not a broader marketplace to self-verify into.

Eligible sellers: Current and former employees and investors of a company running a Carta-administered program.

Share classes/transfer restrictions: Any single transaction has to be individually initiated and approved by the issuer. This removes the right of first refusal surprises but also removes the option to seek out a company individually.

Use cases: Targeted to a company’s finance team administering a liquidity event. This offering is designed more for companies than it is for individual investors.

Secondary vs waiting for IPO: The company pulled back from open-ended secondary markets. Individual investors can’t log in and look for Kraken shares like they might on Forge Global, or find shares of private companies as with Hiive, but a company can pay Carta for facilitated tender offers.

Kraken-specific context: Nothing indicates that Kraken has used, is considering using, or is planning to run, a Carta-administered tender offer.

Financial Independence angle: Carta is not primarily a tool to help financial industry professionals source individual stakes. Rather it appears to serve as the underlying infrastructure on the other side of a given transaction.

Regulatory framework: Carta Capital markets is FINRA/SIPC member, and facilitated trades must be completed under Regulation D.

Comparison at a Glance

 

Platform	Typical Fee	Key Feature	Best For	Limitation
EquityZen	2.5% flat fee	Low $5k to $20k minimums	First-time pre-IPO investors	Fund structure, not direct shares
Hiive	Up to 4.85% buyer / 5.75% seller	Live anonymous order book	Investors wanting visible pricing	High friction on small trades
Forge Global	2% to 4%	Deepest pricing history	Larger, institutional-style checks	$100k standard minimum
Nasdaq Private Market	Split buyer/seller	Issuer approved tender access	Investors invited into structured events	Little to browse without an invitation
Carta	Custom issuer-negotiated	Cap table-integrated tenders	Companies running their own event	No longer an open buy-side marketplace

Frequently Asked Questions

Can I purchase Kraken shares pre-IPO?

Yes, with pre-IPO stock or fund shares through platforms such as Hiive or Forge Global and should there be a seller available and the transfer permitted by Kraken.

Do I have to be an accredited investor to purchase pre-IPO stock?

Yes, on all platforms listed investors need to be accredited according to SEC regulations. Hiive does allow non-accredited sellers to be listed.

How much does it cost to buy shares on a secondary market platform?

Anywhere between 2% and 6%, this depends on the platform and size, plus a spread to the seller and buyer.

What happens if a company delays their IPO after shares have been purchased?

You will not be able to liquidate the shares until such time that the company eventually lists, gets bought or has a marketplace with a buyer that purchases the shares.

Conclusion

The Problem: Kraken’s valuation swung from $9.6 billion to $20 billion in a year, and its pre-IPO timeline keeps moving. Waiting to invest in a pre-IPO company isn’t really an option if you want to invest early.

Key Takeaways: Every platform charges different fees, sets different minimums, and requires accreditation, but none guarantee that pre-IPO shares are actually available.

Next Steps:

1. Get accredited and verified on at least one platform.
2. Compare minimums against how much you want exposed to one name.
3. Set alerts for Kraken listings rather than waiting passively.