Five of the twelve most in-demand assets on the secondary market right now are AI and deep tech equities: Neuralink, Anthropic, SpaceX, ByteDance, and OpenAI. On the supply side, eight of the top twelve are equities. As per @Second_Lane, the defining buyer of 2025 is a cohort called the crypto-native diversifier. These are participants who used to hold ETH and SOL and are now accumulating equity positions through the same platforms they used for token trades. Tech Development is now the largest sector in the market by average opportunity size at $22.4M, with 92% of activity in equity rather than tokens. Secondary platforms built for SAFT transfers and token blocks are now moving private equity in frontier AI companies to the same buyers who were rotating majors twelve months ago. The distribution layer for onchain capital quietly became a distribution layer for the most sought-after private equities in the world.(Delphi Digital)