Alternative Trading System
An Alternative Trading System (ATS) is an SEC-registered trading venue. GigaStar Securities operates an ATS for secondary Channel Revenue Token (CRT) trading launching March 2026.
Understanding Alternative Trading System
An Alternative Trading System (ATS) is a trading venue that is regulated by the SEC but is not classified as a national securities exchange. ATSs provide a marketplace where buyers and sellers can transact in securities outside of traditional stock exchanges. They must register with the SEC on Form ATS and comply with Regulation ATS, which establishes requirements for fair access, system integrity, and regulatory oversight.
GigaStar Securities, a registered broker-dealer, operates an ATS specifically designed for secondary trading of Channel Revenue Tokens (CRTs). This platform, known as the GigaStar Secondary Market, is launching in March 2026 and will provide a venue where Investors can buy and sell CRTs that have cleared the mandatory 12-month holding period required under SEC Regulation Crowdfunding.
The ATS operated by GigaStar Securities is distinct from GigaStar Market, the funding portal where primary CRT offerings take place. While GigaStar Market handles the initial sale of new CRTs from Creators to Investors, the ATS facilitates trading between Investors in the secondary market. This distinction reflects different regulatory frameworks: the funding portal operates under Regulation CF, while the ATS operates under broker-dealer regulations and Regulation ATS.
It is important for Investors to understand that while the ATS provides a venue for secondary trading, it does not assure liquidity. The ability to buy or sell CRTs at any given time depends on market conditions, the availability of counterparties, and trading volume. CRTs may trade at prices above or below their original offering price, and there may be periods where limited or no trading activity occurs for specific CRTs. FINRA provides regulatory oversight of GigaStar Securities and its ATS operations.
Key Points to Remember
- Alternative Trading System is regulated by the SEC under Regulation Crowdfunding
- All investments carry risk — past performance doesn't guarantee future results
- Review all offering documents carefully before investing
Related Terms
Ask Price
The price a seller is willing to accept for a CRT on the GigaStar Secondary Market. The lowest current ask sets the market ask price for that token.
Bid Price
The price a buyer is willing to pay for a CRT on the GigaStar Secondary Market. The highest current bid sets the market bid price for that token.
Bid-Ask Spread
The difference between the highest bid price and the lowest ask price for a CRT on the GigaStar Secondary Market. Wider spreads typically indicate lower liquidity.
Channel Revenue Token (CRT)
A security representing contractual rights to receive a share of a YouTube Creator's potential future revenue, offered through GigaStar's SEC-registered platform.
FINRA
Financial Industry Regulatory Authority. The self-regulatory organization overseeing broker-dealers and funding portals in the United States.
GigaStar Secondary Market
GigaStar's upcoming SEC-registered Alternative Trading System (ATS) where CRT holders may buy and sell their positions, launching March 2026.
GigaStar Securities
GigaStar Securities LLC (dba GigaStar Trading), an SEC-registered broker-dealer and FINRA/SIPC member that operates a secondary market Digital Alternative Trading System (ATS) for the trading of Creator securities (CRTs).
Holding Period
The mandatory 12-month period after purchasing CRTs during which they cannot be resold on the Secondary Market, as required by SEC regulations.
Liquidity
Liquidity is the ability to buy or sell CRTs. CRTs are illiquid during the 12-month holding period. The GigaStar Secondary Market may provide liquidity but does not assure it.
Secondary Trading
Secondary trading is the buying and selling of Channel Revenue Tokens (CRTs) on the GigaStar Secondary Market after the mandatory 12-month holding period has elapsed.
Frequently Asked Questions
When does the secondary market platform launch?
The GigaStar secondary market platform is scheduled to launch on March 16, 2026. Access will be rolled out in phases to ensure regulatory compliance and platform stability.
Will new features be added?
Yes. The secondary market is expected to evolve, with enhancements introduced as the platform scales and regulations permit.
Will GigaStar provide tax documents?
GigaStar expects to provide applicable tax reporting documents where required by law.