Nasdaq Private Market Alleges Rival Hiive Stole Technology

June 20, 2026 - 10:52

Nasdaq Private Market has filed a lawsuit against Vancouver-based competitor Hiive, alleging the company stole proprietary technology and trade secrets. The legal complaint, submitted in a U.S. federal court, claims that Hiive misappropriated confidential information related to Nasdaq's private market trading platform. Nasdaq Private Market, which operates a secondary trading venue for shares of private companies, argues that Hiive used the stolen data to build its own competing system.

The dispute centers on allegations that a former employee of Nasdaq Private Market took sensitive documents and software code before joining Hiive. According to the lawsuit, this individual then helped Hiive replicate key features of Nasdaq's platform, including its matching engine and user interface. Nasdaq is seeking unspecified damages and an injunction to prevent Hiive from using the allegedly stolen technology.

Hiive has denied the accusations, calling them baseless and vowing to defend itself in court. The company stated that it developed its platform independently and that the lawsuit is an attempt to stifle competition. Both firms operate in the growing market for private company stock trading, where demand has surged as more startups delay public listings. The case highlights the fierce competition in this niche but rapidly expanding sector, where technology and speed are critical differentiators. A trial date has not yet been set.