Secondary Trading

Secondary trading refers to the buying and selling of previously issued Channel Revenue Tokens (CRTs) between Investors on the GigaStar Secondary Market. Unlike primary market transactions where Investors purchase newly issued CRTs directly through GigaStar Market, secondary trading involves transactions between existing CRT holders and other Investors.

The GigaStar Secondary Market is operated by GigaStar Securities, a registered broker-dealer that runs an Alternative Trading System (ATS) specifically for CRT trading. This platform is launching in March 2026 and will provide a regulated venue for secondary CRT transactions.

Before CRTs can be traded on the secondary market, they must have cleared the mandatory 12-month holding period required under SEC Regulation Crowdfunding. This means that an Investor who purchases CRTs in a primary offering must wait at least 12 months before listing those tokens for sale on the Secondary Market.

In secondary trading, CRT prices are determined by market dynamics between buyers and sellers. An Investor listing CRTs for sale sets an ask price, while a prospective buyer submits a bid price. When bid and ask prices align, a trade is executed and settled through the platform. CRTs may trade at prices above, below, or equal to the original offering price depending on factors such as the Creator's current revenue performance, market sentiment, and supply and demand dynamics.

Investors should understand that secondary trading does not assure liquidity. There may be limited trading volume for specific CRTs, and finding a buyer or seller at a desired price is not assured. The secondary market provides an opportunity to potentially exit a CRT position earlier than holding indefinitely, but Investors should not rely on the ability to sell as a certainty.