[Skip to content](https://kingscrowd.com/kingscrowd-podcast-episode-052/#main-content) Go [Companies](https://kingscrowd.com/companies/)[Deal Explorer](https://kingscrowd.com/explore/) [Advanced Search](https://kingscrowd.com/companies/search/) [Exits and Failures](https://kingscrowd.com/company-exit-tracker/) [Company Updates](https://kingscrowd.com/company-update/) [Analyst Reports](https://kingscrowd.com/companies/analyst-reports/) [Trending Companies](https://kingscrowd.com/companies/trending/) [Our Funds](https://kingscrowd.com/capital/)[Profitability Fund (New)](https://kingscrowd.com/capital/profitability-fund/) [Outperform Fund 1](https://kingscrowd.com/capital/fund-1/) [Markets](https://kingscrowd.com/markets/)[Market Trends](https://kingscrowd.com/markets/) [Funding Reports](https://kingscrowd.com/category/funding-reports/) [Insights](https://kingscrowd.com/kingscrowd-podcast-episode-052/#)[Knowledge Base](https://kingscrowd.com/knowledge-base/) [Podcasts](https://kingscrowd.com/deal-type/podcasts/) [Events](https://kingscrowd.com/events/) [Weekly Newsletter](https://newsletter.kingscrowd.com/) [Startup Valuation Tool](https://kingscrowd.com/startup-valuation-tool/) [My Portfolio](https://kingscrowd.com/portfolio/) [Login](https://kingscrowd.com/login/ "Login") [Sign Up](https://kingscrowd.com/subscribe/ "Sign Up") Open main menu Go - Companies - [Companies Overview](https://kingscrowd.com/companies/) - [Deal Explorer](https://kingscrowd.com/explore/) - [Advanced Search](https://kingscrowd.com/companies/search/) - [Exits and Failures](https://kingscrowd.com/company-exit-tracker/) - [Company Updates](https://kingscrowd.com/company-update/) - [Analyst Reports](https://kingscrowd.com/companies/analyst-reports/) - [Trending Companies](https://kingscrowd.com/companies/trending/) - Our Funds - [Our Funds Overview](https://kingscrowd.com/capital/) - [Profitability Fund (New)](https://kingscrowd.com/capital/profitability-fund/) - [Outperform Fund 1](https://kingscrowd.com/capital/fund-1/) - Markets - [Markets Overview](https://kingscrowd.com/markets/) - [Market Trends](https://kingscrowd.com/markets/) - [Funding Reports](https://kingscrowd.com/category/funding-reports/) - Insights - [Insights Overview](https://kingscrowd.com/kingscrowd-podcast-episode-052/#) - [Knowledge Base](https://kingscrowd.com/knowledge-base/) - [Podcasts](https://kingscrowd.com/deal-type/podcasts/) - [Events](https://kingscrowd.com/events/) - [Weekly Newsletter](https://newsletter.kingscrowd.com/) - [Startup Valuation Tool](https://kingscrowd.com/startup-valuation-tool/) - [My Portfolio](https://kingscrowd.com/portfolio/) [Login](https://kingscrowd.com/login/ "Login") [Sign Up](https://kingscrowd.com/subscribe/ "Sign Up") [Sam Fiske](https://kingscrowd.com/author/samkingscrowd-com/) Dec 14, 2025 Copy link [Share on Twitter](https://twitter.com/intent/tweet?url=https://kingscrowd.com/kingscrowd-podcast-episode-052/&text=Inside%20the%20Pink%20Sheets%20of%20Private%20Secondary%20Markets:%20TerraCycle%20&%20Liquidity&via=kingscrowd "Share on Twitter") [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://kingscrowd.com/kingscrowd-podcast-episode-052/&t=Inside%20the%20Pink%20Sheets%20of%20Private%20Secondary%20Markets:%20TerraCycle%20&%20Liquidity "Share on Facebook") [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://kingscrowd.com/kingscrowd-podcast-episode-052/&title=Inside%20the%20Pink%20Sheets%20of%20Private%20Secondary%20Markets:%20TerraCycle%20&%20Liquidity&summary=TerraCycle%E2%80%99s%20secondary%20sweep%20on%20StartEngine,%20ATS%20momentum,%20and%20a%20practical%20playbook%20for%20spotting%20mispriced%20private%20shares. "Share on LinkedIn") Inside the Pink Sheets of Private Markets: TerraCycle & Liquidity [Simplecast](https://simplecast.com/ "Simplecast Homepage") Kingscrowd Podcast \| EP52 Kingscrowd Podcast \| EP52 Kingscrowd Podcast \| EP52 Inside the Pink Sheets of Private Markets: TerraCycle & Liquidity Inside the Pink Sheets of Private Markets: TerraCycle & Liquidity Inside the Pink Sheets of Private Markets: TerraCycle & Liquidity Powered by [Simplecast](https://simplecast.com/ "Simplecast") Kingscrowd Podcast \| EP52 Kingscrowd Podcast \| EP52 Kingscrowd Podcast \| EP52 Powered by [Simplecast](https://simplecast.com/ "Simplecast") [Privacy](https://www.simplecast.com/privacy "Simplecast Privacy Policy") ShareSubscribe 1x 1515 [Privacy](https://www.simplecast.com/privacy "Simplecast Privacy Policy") ShareSubscribe Close Copy Link [More Options](https://kingscrowd-podcast.simplecast.com/episodes/52-E8qAI4wa?share=true "More Sharing Options") [Simplecast](https://simplecast.com/ "Simplecast Homepage") Close Subscribe - [Apple Podcasts](https://podcasts.apple.com/us/podcast/kingscrowd-podcast/id1807219611 "Apple Podcasts") - [Spotify](https://open.spotify.com/show/7yUancha1KWh42ma5KQ1qF "Spotify") - [RSS Link](https://feeds.simplecast.com/gmYE1CCM "RSS Link") [Simplecast](https://simplecast.com/ "Simplecast Homepage") Secondaries just got more interesting. Brian and Scott break down the sudden wave of buy orders in [TerraCycle](https://kingscrowd.com/terracycle-on-dealmaker-securities-2025/) on StartEngine’s secondary marketplace—why shares listed well below the current round price got scooped, how to sanity-check classes and terms, and what real liquidity might look like as ATSs roll out. We also talk through risk profiles, adverse selection vs. forced sellers, and a quick note on GigaStar’s announced ATS timing for creator revenue shares. If you invest in online private markets, this is your playbook for spotting mispricing and avoiding traps. TerraCycle The revolutionary recycling company recycles what most consider non-recyclable, including coffee pods, candy wrappers, and kids’ car seats, and is developing complete solutions for its business model. TerraCycle combines strategy, science and technology, and logistics for its clients to change non-recyclable products into raw material for new products. The company has been featured in over 140,000 articles globally and has reported a 75% revenue growth from 2020 to 2024. $4,862,177 /$5,000,000 97% 10/22/202501/07/2026 - Closed - Industrial Services Valuation: $465,000,000 Security: Equity - Preferred Platform: DealMaker Securities [View Deal Page](https://kingscrowd.com/terracycle-on-dealmaker-securities-2025/) Highlights include… - TerraCycle case study: why a flood of sub-$1 asks vanished when a new round priced higher - How to read secondary listings (common vs preferred, splits, terms, round context) - Liquidity ≠ exits: why paper discounts still carry long hold risk - The buyer’s edge: catalysts, filings, platform data, and timing - Why more ATSs (e.g., creator revenue shares) could change retail behavior - What needs to improve: volume, price discovery, better issuers, clearer order flow https://youtu.be/Fy0odEpJi8A Copy link * * * ###### About: Sam Fiske [View more articles by Sam](https://kingscrowd.com/author/samkingscrowd-com/) * * * ## Recent Posts [Apr 23, 2026 **Alaffia: Building a Profitable Social Enterprise Connecting West Africa to Global Markets**\\ \\ Alaffia CEO Olowo-n’djo Tchala shares how he built a profitable ethical consumer brand by connecting West African cooperatives to global markets.\\ \\ \\ Sam FiskeApr 23, 2026\\ \\ Inside Startup Investing\\ \\ [Apr 21, 2026 **The New “Buffet” of Private Market Investing**\\ \\ Crowdfunding has expanded beyond startups into collectibles, creators, and more. We break down what’s changed — and why investors are struggling to keep up.\\ \\ \\ Sam FiskeApr 21, 2026\\ \\ Kingscrowd Podcast\\ \\ [Apr 21, 2026 **Where Deep Tech Is Winning in Climate Crowdfunding**\\ \\ Kingscrowd analyzes deep tech climate startups, showing how breakthrough technologies raise more capital and command higher valuations despite representing a minority of crowdfunding deals.\\ \\ \\ Léa Bouhelier-GautreauApr 21, 2026\\ \\ Industry Analysis\\ \\ Link Copied! Dismiss ### Want More Startup Investing Insights? Unlock insights into top startup deals and market trends. Get data-driven expert analysis delivered to your inbox every week with our free Kingscrowd newsletter. embeds.beehiiv.com # embeds.beehiiv.com is blocked This page has been blocked by an extension - Try disabling your extensions. 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