Nasdaq Private Market reports its own platform, not the market

The record

Nasdaq Private Market (NPM) publishes its own periodic reporting on activity across its private-share tender-offer and trading platform. Its Secondary Scene annual report, dated 31 March 2026, states that "closed trades by our Transfer & Settlement team" grew "from $372 million in 2024 to $673 million in 2025," and that the number of issuers with settled direct-transfer trades rose "from 12 issuers with settled trades in 2024 to 31 in 2025." The same report also cites a much larger figure describing the broader market: secondary tenders industry-wide "hit $35 billion" in 2025, a statistic the report attributes to outside sources rather than to NPM's own platform activity.

What the sources establish

The report keeps these two kinds of numbers separate: the Transfer & Settlement figures are framed explicitly "from NPM's perspective," describing transactions that moved across NPM's own systems, while the $35 billion tender figure is sourced externally and describes the private secondary market as a whole. That is the difference between a platform operator's own transaction log and a market-wide estimate compiled from other data. NPM's own description of itself reinforces the platform-specific framing: its headline claim of "$80B+ in liquidity unlocked" is explicitly labeled "cumulative totals since NPM's inception," and includes activity from "NPM Securities, LLC and SMTX, LLC, a former affiliated broker-dealer," meaning the total blends more than one legal entity's history into a single running sum.

Scope and revision

NPM's own about page also revises a common assumption about the company's ownership: it states NPM "spins out from Nasdaq, Inc." in 2021, with a consortium of banks investing alongside Nasdaq, so as retrieved on 16 September 2026, Nasdaq is an investor and strategic partner rather than NPM's sole parent, even though the platform carries the Nasdaq name and traces its founding to Nasdaq's 2013 launch of the service in response to the JOBS Act. A reader treating NPM as a simple wholly owned exchange subsidiary would be describing an arrangement that changed years ago.

The decision in front of you

An operator or investor citing NPM's liquidity figures should keep the platform-specific numbers, settled trades and issuer counts, separate from any market-wide total NPM only reports from external sources, and should note that cumulative since-inception figures span more than one corporate entity. This is an editorial practice rather than an instruction NPM itself gives. It is also worth checking NPM's current corporate relationship to Nasdaq before describing it in a filing or memo.

• Is the liquidity figure being cited NPM's own platform activity, or a market-wide estimate NPM is only reporting?
• Does a cumulative since-inception total include predecessor or affiliated entities beyond NPM Securities, LLC?
• Is NPM currently described accurately as Nasdaq-affiliated rather than Nasdaq-owned?

A platform's own transaction log is a real and useful data point, but it measures that platform, not the market it sits inside.