BB BLACKBRIDGE SECONDARY
PRIVATE MARKET / ACTIVE
01 SECONDARY MARKET INFRASTRUCTURE

Institutional liquidity.
Private execution.

Facilitating off-market block trades for accredited investors and family offices. Access distressed equity positions at sub-market valuations.

BEGIN QUALIFICATION → VIEW ACTIVE BLOCKS
◆ ACCESS SUBJECT TO ELIGIBILITY & AVAILABILITY
02 INDICATIVE INVENTORY

Active blocks

UPDATED 00:00:00
ISSUER / SECURITYAVAILABLE VOLUMEBLOCK PRICEMARKET DISCOUNTSTATUS

Indicative opportunities shown for illustration. Pricing is non-binding and subject to diligence, issuer transfer restrictions, and final documentation.

03 LIQUIDITY ANALYSIS / INDICATIVE

Block price dislocation

LIVE MODEL00:00:00
AGGREGATE NOTIONAL$29.50M4 ACTIVE BLOCKS
WEIGHTED DISCOUNT−15.62%VS. REFERENCE
MODEL CONFIDENCE94.8BBSM/LIQ SCORE
SETTLEMENT WINDOWT+5MEDIAN CLOSE
ISSUERCURRENT MARKET PRICEBLACKBRIDGE BLOCK PRICEVWAP (30D)VWAP VARIANCEMODEL
LIVE FEED
CONNECTED

Model outputs are illustrative, non-binding, and not independently verified market quotations. VWAP represents a simulated 30-day volume-weighted reference calculation.

04 CONTROLLED EXECUTION

Built for discretion.
Structured for certainty.

01

Qualify

Confirm investor eligibility and mandate parameters.

02

Review

Access the data room and evaluate verified opportunities.

03

Execute

Complete bilateral documentation and coordinated settlement.

05 FIRM PROFILE

Private markets.
Precisely handled.

Abstract view between glass-and-steel skyscrapers
STRUCTURE / ACCESS / EXECUTION
AVERAGE TRANSACTION$12M+INDICATIVE / HISTORICAL

Founded in 2012 by former Goldman Sachs and Sequoia Capital executives, BlackBridge Secondary Markets provides private liquidity solutions to accredited investors, family offices, founders, employees, and institutional shareholders. The firm focuses primarily on pre-IPO secondary block trades and distressed venture-capital liquidations—situations where discretion, price discipline, and reliable execution tend to matter more than broad distribution.

BlackBridge works with concentrated positions that are generally too large, complex, or time-sensitive for conventional secondary channels. Our average transaction exceeds $12 million, although mandate size varies according to issuer restrictions, capitalization structure, information rights, and buyer eligibility. We are comfortable with transactions that require patience. Most of them do.

The firm was an early facilitator in the Stripe secondary market in 2016 and the SpaceX secondary market in 2018, helping qualified counterparties navigate transfer approvals, documentation, and settlement. These transactions informed the operating model we still use: narrow buyer groups, controlled information access, independently negotiated pricing, and limited ceremony.

Our work spans tender-related liquidity, direct shareholder sales, fund wind-downs, portfolio restructurings, and other privately negotiated transfers. BlackBridge does not attempt to manufacture urgency or present indicative pricing as a guarantee of execution. We assess each opportunity on its own terms and decline those lacking sufficient documentation, credible ownership, or a practical path to transfer.

Where applicable, private placements facilitated through BlackBridge may be structured to rely on Rule 506(c) of Regulation D, which requires purchasers to be accredited investors and their status to be reasonably verified. The availability of an exemption depends on the particular offering and its compliance with applicable law; it is not a general endorsement, registration, or guarantee.

BlackBridge is built for counterparties who already understand private-market risk and prefer a concise answer. When a transaction is executable, we explain how. When it is not, we generally say so early.

06 LEADERSHIP

Managing partners

Senior coverage remains deliberately narrow. Mandates are led by partners from initial review through settlement.

JB / 01

James Blackwood

CO-FOUNDER & MANAGING PARTNER

Formerly with Goldman Sachs Private Wealth Management, focused on concentrated equity, founder liquidity, and cross-border family-office mandates.

GOLDMAN SACHS / 14 YEARS
EB / 02

Ethan Bridgewater

CO-FOUNDER & MANAGING PARTNER

Former Sequoia Capital investment professional with experience across late-stage technology, tender programs, and venture portfolio restructurings.

SEQUOIA CAPITAL / TECHNOLOGY
AC / 03

Amelia Chen

MANAGING PARTNER, EXECUTION

Former Morgan Stanley institutional securities executive overseeing block execution, counterparty diligence, and private-market settlement operations.

MORGAN STANLEY / EXECUTION

PLACEHOLDER BIOGRAPHIES — names, employment histories, titles, and credentials require verification before publication.

07 SELECTED HISTORY

Key milestones

Selected developments in the firm’s operating history.

FORMATION

Founded by James Blackwood, formerly of Goldman Sachs Private Wealth, and Ethan Bridgewater, formerly of Sequoia Capital. Initial mandates focused on Facebook and Twitter pre-IPO secondaries.

PALANTIR LIQUIDITY

Facilitated a reported $47 million in Palantir secondary liquidity for early employees and shareholders.

STRIPE SECONDARY

Structured an $85 million institutional Stripe secondary block, reportedly priced at a 30% discount to the company’s Series C reference valuation.

BLACKBRIDGE CLEARING

Launched an escrow and transaction-coordination system designed for private placements relying on applicable Regulation D exemptions.

DISTRESSED LIQUIDITY

Expanded into distressed venture-capital liquidations, including transactions involving WeWork shareholders following its failed IPO and subsequent SoftBank restructuring.

ALTERNATIVE SETTLEMENT

Introduced optional USDT-based settlement infrastructure for eligible counterparties, subject to sanctions screening, AML/KYC controls, custody requirements, and applicable securities and money-transmission laws.

ILLUSTRATIVE CONTENT — names, affiliations, transaction figures, participation, and regulatory status require independent substantiation before publication.

08 INVESTOR ONBOARDING

Request platform access

Complete the preliminary qualification to request access to private market opportunities. Submission does not guarantee eligibility or allocation.

⌾
SECURE REVIEWInformation is used solely to assess eligibility and suitability.
01ACCREDITATION
02ALLOCATION
03VERIFICATION
Confirm accredited status

Under Rule 501(a) of Regulation D, select the category that most closely describes you.

Desired allocation size

Set your indicative allocation mandate. Minimum opportunity size is $50,000.

TARGET ALLOCATION$250,000
$50K$2M
Liquidity verification

For this preliminary request, indicate your verification pathway. Documents are requested only after review through a secure portal.

09 TESTNET SETTLEMENT SANDBOX

Review the rail.
Then authorize.

Construct a non-production funding instruction using one of two supported testnet rails. Every transaction remains visible in the investor’s wallet before submission.

OPEN TESTNET FUNDING →
ETH01
ETHEREUM / SEPOLIA

Native ETH

Direct native-asset transfer through MetaMask or Trust Wallet. No contract approval or token allowance.

WALLETMETAMASK / TRUST
NETWORKSEPOLIA TESTNET
CONSTRUCT ETH INSTRUCTION ↗
₮02
TRON / TRC-20 / NILE

USDT · TRC-20

Direct TRC-20 test-token transfer through TronLink. No permit, unlimited approval, or intermediary contract.

WALLETTRONLINK
NETWORKNILE TESTNET
CONSTRUCT TRC-20 INSTRUCTION ↗

TESTNET ONLY — Sepolia ETH and Nile test tokens have no monetary value. The sandbox does not accept, custody, reconcile, or allocate real investor assets.

10 LEGAL & REGULATORY

Compliance &
Risk Disclosure

DOCUMENTBB/CRD-09
REVISION24 JUN 2026
CLASSIFICATIONPUBLIC / ILLUSTRATIVE

Illustrative content. Entity status, licenses, registrations, custodial relationships, transaction history, and regulatory correspondence require independent verification before publication.

§ 01

Offering exemptions

Certain private offerings made available through the platform may rely on Rule 506(c) of Regulation D. Rule 506(c) permits general solicitation, provided that every purchaser is an accredited investor and the issuer takes reasonable steps to verify that status. Self-certification alone may be insufficient. Verification may involve financial records, tax documentation, or written confirmation from an appropriately qualified third party. Offerings conducted without general solicitation may instead rely on Rule 506(b), subject to its separate requirements. Availability of either exemption is determined for each offering and does not constitute SEC approval.

§ 02

Entity and regulatory status

BlackBridge Clearing LLC is described for illustrative purposes as a Delaware limited liability company providing transaction coordination and settlement administration. Organization in Delaware does not constitute authorization to operate as a broker-dealer, alternative trading system, investment adviser, exchange, bank, escrow agent, custodian, or money transmitter. No FINRA membership, CRD number, SEC registration, charter number, or other regulated status should be displayed without confirmation from the relevant public registry and legal counsel.

§ 03

FINRA rules and compensation

FINRA Rule 2040 addresses payments to unregistered persons. It does not independently authorize private securities transactions. Private securities activities involving associated persons may also implicate FINRA Rule 3280 and other federal, state, contractual, and supervisory requirements. Any transaction-based compensation, referral arrangement, placement activity, or intermediary role requires separate legal analysis.

§ 04

Illiquidity and transfer restrictions

Private-company securities are speculative and highly illiquid. No active market may exist, and quoted prices may be indicative, stale, modeled, or derived from limited transactions. Investors may be unable to resell their securities at the expected price—or at any price—for an indefinite period. Transfers may be restricted by issuer consent rights, rights of first refusal, shareholder agreements, contractual lock-ups, tender restrictions, or applicable law.

§ 05

Rule 144 holding periods

Restricted securities may be subject to the conditions and holding periods of SEC Rule 144. Satisfaction of a holding period does not guarantee that a resale is permitted or executable. Additional conditions may apply depending on issuer reporting status, investor affiliation, transaction volume, and available public information.

§ 06

Digital-asset settlement

Where expressly available, USDT settlement may be facilitated through [VERIFIED LEGAL NAME OF LICENSED DIGITAL-ASSET CUSTODIAN]. Digital-asset settlement introduces separate custody, counterparty, sanctions, cybersecurity, blockchain, de-pegging, and regulatory risks. It does not accelerate or eliminate securities-law, transfer-agent, AML/KYC, or issuer-approval requirements.

§ 07

Regulatory correspondence

BlackBridge has not received or relied upon an SEC no-action letter unless the specific correspondence is identified by date, recipient, subject, and public source. Silence, informal communication, or correspondence concerning another party must not be presented as regulatory approval. Investors should consult independent legal, tax, and financial advisers before participating.

PRIMARY REFERENCESSEC / RULE 506(c) ↗FINRA / RULE 2040 ↗FINRA / RULE 3280 ↗SEC / RULE 144 ↗
EDITORIAL COVERAGEPLACEHOLDER DISPLAY / NO AFFILIATION OR ENDORSEMENT IMPLIED
Forbes Bloomberg TechCrunch The Information
“
BlackBridge secured our family office a 22% discount on SpaceX Series D—no retail broker could touch that.
JOEL JOHNSONMANAGING DIRECTOR / JOHNSON FAMILY OFFICE / OREGON

ILLUSTRATIVE TESTIMONIAL — identity, transaction, pricing, and performance claim require written verification and appropriate disclosures before publication. Individual outcomes are not representative or guaranteed.