Mainstream distribution is arriving for secondary markets as retail brokerages pilot pre-IPO access and institutions pursue licensed venues. The question now is who captures the value of moving these assets. The platform that can aggregate liquidity and provide trusted access wins the largest share of the market. Anyone can find an Anthropic seller but few can build the venue where the trade clears. In a tokenized world, different platforms can create competing tokenized versions of the same underlying equity with different SPV rights, carry structures, and liquidity profiles. Without a trusted venue, liquidity fragments across dozens of tokens all claiming to represent the same asset. That is why institutions are pursuing BD and ATS licenses in the US. The goal is to be the regulated venue where cap-table movements happen within a licensed framework. Secondary markets are maturing into regulated venues for private equity in the companies the world most wants to own. Whoever owns the rails owns the cycle.(Delphi Digital)