Issuers sit at the center of private-market liquidity. They care about control, compliance, clean cap tables, and protecting valuation. This Issuer GTM Playbook outlines what issuers value, how Hiive approaches them, what metrics matter, and how to turn issuers into long-term liquidity partners.
In The Cold Start Problem, Andrew Chen proposed that dual-sided marketplaces succeed by conquering "atomic networks" first. That is, small, stable clusters of high-density engagement.
For Hiive, one way to build these atomic ICP profiles is to base it on issuer sentiment towards secondary markets and governance sophistication. We focus on the core outcome: improve issuer engagement with Hiive as a platform for managing their secondaries workflows.
For these issuers, liquidity is a retention tool. They value clean cap tables, run organized tenders, and view controlled secondary markets as strategic.
Issuer GTM is not a lead-gen initiative. The optimal issuer GTM is half product and half governance. Our goal is not just selling ‘liquidity’; we should sell a compliant, standardized workflow with a view to reduce issuer "calories spent" per secondary transaction.
Issuers are the gatekeepers of liquidity. If we cannot systematically increase approvals, refine workflows, and de-risk transfers, the marketplace can never scale. So here's an attempt at a Playbook that operationalizes issuer GTM into repeatable, data-driven processes.
Real-time issuer diagnostics.
Decision latency heatmap (last 90 days)
By making all outbound requests issuer-aligned, you flip the default behavior:
“We occasionally approve transfers.”
“We run an organized, controlled liquidity program through Hiive.”
When issuers feel in control, liquidity compounds and the marketplace stabilizes across all buyer tiers.
Build internal proof with issuers who already want liquidity. Focus on speed and successful execution with a goal to find product-market fit fast
Reduce fear and friction for pragmatic issuers. Show them the cost of inaction vs the safety of control.
Change policy certainty to selective approval. Lead with control and guardrails.
Institutionalize Hiive into issuer operations. Move from 'approving trades' to 'running programs'.
Why sequencing matters: If you pitch a Defensive Issuer (Phase 3) before you have the workflow tooling (Phase 2) to guarantee control, you will get a hard "No". Build the proof and tools first.