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name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Plus: = Sizing up GP-led VC secondaries, stablecoins' rise meets friction & mor= e </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">October 26, 2025 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovN= fZdkHTTLk6YdPjx3bq2R3JYM-2B2C1nsaQ1lg-3D-3DwUAY_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr= 56pKi3CmqJkmDq4k8P7IhahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7= Z06AR70lcFFeDIuKFvzI0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf= 1ZHgy2aUHusZTjwUPhcTUsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2B-2FyURY3Q3= OxOkQ-2Bx0SF7bANjACkp63yeRnVh1-2FA0QYg7mMkC0yFybuFHo-2FLp1AmUMD06Wd1ZtkH-2B= miMVaZis1-2FQDxiYko3XpWwEhXNs7Q-2BB1i85hmRTvk0BIj5gv69KofBp4iWSEMgYcAblXr0l= PDKsHTXuEDs2fv-2B-2BJJbMYmJbnpJhQ2GAexDOo0XOkumj1aKBPjCmiqhhjN2h6mvefB2UeeN= 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style=3D"text-decoration: underline; color: #1D5080">Manage your su= bscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPf7IbDvJv7tImoLY320n-2BUw= -3D-3DTbp0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6= 8NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zfypZ4rkvD= Naw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LPMdPzAUPl= 22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2FKb7bf9= VFUIS61FtKAvYZ6-2FydJdV1B9P6ip0JeKKAO7xHWR02wIfDtV6CpJayHnx2qTVBn-2Fv9dMjsR= BrH0GsD-2BEfFyucU5JVNnqzjxKC3TgnE5WfSV3qZntQ3fsJh7xRN9vsZn-2FHRBLXGQbPfv9b9= zNTYsx7rDWgE3JDGFmg910IRmqeeOJStg4KorHFeu1qgcp9-2Fk41WX9Q6-2FQfPQjj2JquWK1w= MFa1vtSHy8A0RwgFPFr3KRy55mwSsQAzVjhfMBAZExPeGw-3D-3D" target=3D"_blank"> <i= mg width=3D'1' height=3D'1' opacity: 0; style=3D'display:none !important; m= so-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6= P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3DIWF7FHPPZ37CQ&= emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYF= SZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img sr= c=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5= zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKi3W-2BpB6E-2FzWSxM59eOW2i= 34x-2BLvl4R98K-2BZpU5T2hzpu0mw-2B8FkHnJ-2FsJu5mqlFS0-2B8-2FC-2F-2B0DQAFnDJt= SFHFOEuwppZcPEdG-2FCIYTzHbf-2FPVlLDDmlimzMln-2FdFKdObKUTZiFj69YVqVM14OaBtML= RuBXsVfs1JNs-2FnXlEY-2FkD6JgFWk1uX9-2B3-2BBmaUxAUDDJrBK-2FFkd-2B-2FxAOo1QBG= 7SwhMbGMiYzvWQNGh-2B6ZBR0hkml9QWMhV56U1cggi8GQ0k4g0fHtFJzfs3EtHFlBOZ9-2FIZ8= -2FJ469yM4fGgFlDZDn6IKfh9yHYPNX-2F5sCh9WU42wLrl8iLZmvybtwjn8AWLLJM7K1vCD1JY= MdBtY8QLnD66P4y-2F7mXVdcehJQYqaNKzypFgkRpln1iLDq39Kf1FVHp1PPqbNki-2FjiW9Ctk= O5e9clwT8b-2FNekDJxWxJimpIvJC4aQ0s0Y8d9aUataPjwWPvcWEMbLdvOJTBkLPhFsFU-3D" = alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !importa= nt;width:1px !important;border-width:0 !important;margin-top:0 !important;m= argin-bottom:0 !important;margin-right:0 !important;margin-left:0 !importan= t;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !imp= ortant;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D= "https://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt= =3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Weekend Pitch</s= pan></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, = PE and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>= Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPUVC3o= 9q7GpybJPnaGDmx7Q-3D-3DQbnH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7I= hahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI= 0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcT= UsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2BX5AnD0ezP8Ep7uWfPFr-2FTwffB85X= CVyEP2E0DL-2FMzhIpVE5Zv6YsVI25myJ0-2F9Y10UJR-2BArqgriJKAgubylU1t5DGM-2BTjgb= esfGx4LLHcPVzPP38lPAYXsyMJZfCxs2qModCderCkuHVaNw5ZywrhCOaoC3zpuQR3ihVKeDlxd= nBkfXZQU9OaZSwJRF1fDrUcF6ekh5QLXc-2FbP8ZDF4k6-2FiRyJsWBPxAo7dl8dD-2BJIg-3D-= 3D" target=3D"_blank" style=3D"text-decoration: underline; color: #476990; = font-size: 16px; font-family: Whitney, Arial;">Fidelity Private Shares</a><= /span></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPPaZnGB7R8= 0Ei6J-2FYWEf6QQ-3D-3Duvtq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7Iha= hpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0B= ILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUs= MydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B9CUTGQplnWKU8SdnmYvqDnfPuT5F7hbFSMF= f3C960LjAyJwu2AQogl4YaXhWOO0Y8QxbacgSTT9nTLgeNpbit-2FZF4O0fMkOEBGtcA0Giy5vw= RspYC5fZmDh1n1Tssmp-2Bpq-2FF9wppbQJzJ64k0V4okIJzdqAVSgADpkhjZfi-2F-2BOSLMfc= 9J-2B66aENm2gvG6k1cXK6BvHblrpZx38Ix6gRasbJrCZrW4aob2MKfaaOUN-2BFQ-3D-3D" un= iversal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbo= ok.com/news/71048.png" style=3D"border: none; max-width: 420px;"> </a></td= > </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Jenna O'Malley/= PitchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">As tec= h startup valuations continue to climb, venture funds focused on filling ou= t pro rata allocations are emerging from obscurity.<br><br> These funds offer a way for smaller VCs to h= old on to investment allocations in high-growth startups without the necess= ary capital=E2=80=94an especially attractive recourse for emerging managers= , who continue to face a tough fundraising market.<br><br> In exchange for helping a seed-stage VC fill= out its allocation in a portfolio company's later funding rounds, these sp= ecialist firms get access to some of the most sought-after startups.<br><br= > There are only a handful of firms in this ca= tegory, such as SaaS Ventures and SignalRank. They represent an alternative= take on startup secondaries, which are also booming amid liquidity needs a= nd soaring valuations.<br><br> "We've observed that the venture ecosystem i= s moving from seed, more traditional VC and growth [equity] to just seed an= d growth," said Rob Hodgkinson, managing director at SignalRank. "So, you'r= e having more and more growth funds come in earlier than before, and this m= eans the seed and pre-seed funds are getting squeezed, and the dilution is = happening earlier."<br><br> I'm Michael Bodley, and this is The Weekend = Pitch. You can reach me at <a href=3D"mailto:michael.bodley@pitchbook.com" = style=3D"color: #1D5080;" test=3D"">michael.bodley@pitchbook.com</a> or on = X <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPs4XOdU203EHYMOJD= U65GPA-3D-3Dh0y2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zfyp= Z4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LPMd= PzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2F= Kb7bf9VFUIS61FtKAvYZ6-2FydJdV1B8IHhsmI-2BGeOgmPuvfInisrujk9AQKgWKzfRGmEUrch= -2F5ZCaQ3AKn2znB8Z9BwEhykC3x9fu7iHKg5xlLljRuTeZnIvvzLImY60cnidRjLDNmkHOyE-2= B5We0QJJyHvE7fLDJlB5sl2qn4xz-2FVOXwIEHDzWnFEO2v5O0LXE9J-2BbvpG87rEtXBzjiLly= Ag7D42gpiHk2RlG-2F-2BkuvIeRf7znI07hry-2Bp1-2BEkRjj8DDFg2HbuA-3D-3D" style= =3D"color: #1D5080;" test=3D"">@michael_bodley</a>.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPPaZnGB7R80Ei6J-2FYWEf6QQ-3D-3= D2o3r_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRJ= rysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zfypZ4rkvDNaw-2= Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LPMdPzAUPl22iXk= 7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2FKb7bf9VFUIS= 61FtKAvYZ6-2FydJdV1B-2FN307o1DNrlGdYjMZqUPNZeVEXG-2BoszKz-2FZSzbv3ESLQMEu4G= 3NPxjL1Rk3bhC-2B0MYh4LQt0VCf6Wnq-2BkcQ0nrbIn7lsR-2Fr8Sj4MM8EJsr5CpA8jbF7CyQ= DL5Q-2B1jmMgEKNrAGcjGBLf6DqHDOD18BsUruTzmUUvavvmzGSeMmamFnpML-2BQZhWx2HE4sg= qp9qDHI5DAsBjY7aITchbTHZ-2F0VE8sLJl1tu5FoMmcL-2Fl8g-3D-3D" style=3D"font-fa= mily: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; co= lor: black; padding-left: 3px" target=3D"_blank" universal=3D"true">More on= this story<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter= /arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" width= =3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Fidelity Private Shares</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573680" id=3D"n_573680" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> So someone told you to get a 4= 09a...now what? </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPUVC3o9q7GpybJPn= aGDmx7Q-3D-3DrrXs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zfy= pZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LPM= dPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2= FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B96f65zjUvbC3jbEBChC0Lg7EfSZk-2FAghPykiQ78Gq= CDy2ThDMBSs2Fj-2B627-2B2w0-2FmB6lJ7jBSIEBWw3IrhbmPuMB2VzGGxtzT2tsfblytWhtEJ= oQkhJ5yzoCSmEiCWHMcwqKoFD-2BV7JJJ4RksaYecCurWh6vfNfQVMvgWYxccLvN5eR4vHIjX-2= FiZsUAM68nEcKaChqztMZcoohaLec5H44m3-2B7KHxuWgYRhhlcJGoZxQ-3D-3D"> <img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70867.png" styl= e=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>You probably weren=E2=80=99t planning= to get a 409A valuation=E2=80=94someone likely told you to get one. Maybe = it was your lawyer, investor, or founder friend. This guide breaks down wha= t a 409A valuation is, why it matters, and how to make sure you=E2=80=99re = not taking a risky shortcut.=20 <ul> <li>Learn why 409A valuations matter and what= happens when they go wrong</li> <li>Understand common myths (like 409A valuat= ion =3D company value)</li> <li>Discover the difference between algorithm= ic speed vs. audit-ready accuracy</li> <li>Get real insights on what questions to as= k during the draft process</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZl= sovNfZdkHTTLk6YdPUVC3o9q7GpybJPnaGDmx7Q-3D-3DQLjg_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqr= Hr56pKi3CmqJkmDq4k8P7IhahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIu= w7Z06AR70lcFFeDIuKFvzI0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcA= Rf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2BsyElte5r= rDreFJ19wNBmKots8-2BTbp4Du8guLejZdYRe1Wv37BvOhM6rzpd7uE-2BvPlIE8TfruVaQPLx2= ZZBDHaKaC5igSUdPi8g61NkN0sJcdJoKBzcUGNwAH3bRQqLI8Q1F4XOGwjKbpHU9hs-2BB8nSR-= 2F6AIZjx2chsPZzB1L5lkWgir8rOcyRHPYhazbKtaqGAzrgqdDqlT64KNHboN3ET-2BtjE8gzmW= 913OuKKirvrQ-3D-3D" style=3D"color: #1D5080;" test=3D"">Download the guide<= /a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> = =20 <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPc-2BdnAwq= aWJk0qPbeI3o46w-3D-3D8UBh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7Iha= hpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0B= ILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUs= MydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B8c6FB6HdOlk2vINXOT9RSM-2FOpg1M6A2Si= -2BQoE7SXtE27EaJIjI-2BjvFGO-2F4wPB-2F2GFjkIyH7LOZ8ZUWT453utel21ruOqd64-2F-2= BcQHRED8uElceUTbehVY49Ok3jDjt5UpatVHz2O-2BuogUJUifoW-2B7aESHXWNg4ighoPftaTW= nNLGgMmgnhEFoudz8-2BtwVllgbIMO586ZV0sM7qK3-2FwGtn5ZzXDq7z6fDkMTU3Ypl6SXYA-3= D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img= .pitchbook.com/news/71017.jpg" style=3D"border: none; max-width: 420px;"> = </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(J. David Ake/Ge= tty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The US= government shutdown is set to enter its fourth week with no end in sight a= nd is now the second-longest in the nation's history. How long did the long= est shutdown last?<br><br> A) 14 days<br> B) 28 days<br> C) 22 days<br> D) 35 days<br><br> Find your answer at the bottom of The Weeken= d Pitch!</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>VC secondaries grow; GP-led deals lag<= /b></h2> </center></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYmPLNTTK= boM-2BXz71gVPWPFg-3D-3Dv-BB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7I= hahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI= 0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcT= UsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B848qDTXGPbw-2BY-2BxbAJqGEnOlU2MFD= IbXzThZbFOuCf7NBjFkULayhKm4c62axqjQNWujjmKCJH1QxK5I4v6hHfW98xpRM4VPytMJCdTY= YsgVDr01XVexAUDPe8YFlSwSawFF9Mdg3deX22PZR8MuK3EPQ1brZbHHI-2BjUDUfEMj2lYr9Na= wHS1irw4D6D4lTWzVic38hMiEBXQNidEwmWhjREhchJvvhb4Of02pJcbR-2BA-3D-3D" univer= sal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.c= om/news/70902.png" style=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Annual= GP-led VC secondaries have reached around $14.6 billion and are projected = to grow by $1.5 billion in the next two years, according to our recent <a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYmPLNTTKboM-2BXz7= 1gVPWPFg-3D-3DMZ67_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zf= ypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LP= MdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-= 2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2B5QEDTqL7fiPMQTDpnzIRr5XGVFyMymdDpSoKLpl= HYLMLo9wcsaw1zPQkjnOI0S1FDCHqPlb85TN8aNf-2FFA10-2FJJLlZqA4sP19iFTGD-2F7x7Og= Rc9SbzS-2BY03yd0ehaU3c4qricQY334qIdpmBuqKzoNbBUnqmGi7nux-2BdW-2BEZsLGKCXj1Z= uTiy-2F-2B8svZ9ShxkHiYXVARj8BTbVABE6jQ1EUS-2B-2BdXgQ5wBoHC6jPNVwiA-3D-3D" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>analyst note</b></= a>, with continuation vehicles driving much of the growth.<br><br> Direct secondaries, meanwhile, are hovering = around $60 billion in annual transactions, up from $50 billion last year.<b= r><br> Much of the activity in the US venture secon= daries market has revolved around direct deals. They're cheaper and require= less due diligence from the buyer, while so-called strip portfolio sales h= ave proven to be a tougher sell. Still, portfolios that include stakes in s= ome of the top AI startups could garner better interest.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYmPLNTTKboM-2BXz71gVPWPFg-3D= -3DTXii_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zfypZ4rkvDNaw= -2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LPMdPzAUPl22i= Xk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2FKb7bf9VFU= IS61FtKAvYZ6-2FydJdV1B9E97lZ-2BzPA2JM7zlZQbuzk3Ix1rVjgE6RI-2BeBf3FA3Zayt5Pm= KYULKd6WZdFES3f-2F61JEQt11EqALIWuzqZoYVlioFNP7uz4fNHJnu6ZIzn-2Fr8r2OlXjYyQq= RTiAykWl9EAo-2Fv3MRH6O6l-2BFz0S3hKLxn8WUlzAcJB4O8uH9FIUl-2BUpl4dkf6qfVCpMMf= 4zW-2FqKO-2FyfoHzg4bqchZTEFv56VVGLDQtAScdcohzMxfcuA-3D-3D" style=3D"font-fa= mily: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; co= lor: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Get our= analyst's note today<img height=3D"24" src=3D"https://fonts.pitchbook.com/= newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8= px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Stablecoins' rise meets friction</b></= h2> </center></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYWa-2FQV= mIdaE-2BxsCtK3Q6UBA-3D-3DaU7t_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P= 7IhahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFv= zI0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPh= cTUsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2BVKIxZgW6VvOB-2BrhCdMQ94sav5P= Gib5UXRl2DySBrdX-2BJ-2Fy2w3v6orKU8CJLjyYvQJ2yQ-2F-2BLA5m7OE5-2FeN17ZMba6LwU= wj8KCnczZ33liMX-2Ftf7wgYmfaSuTk7Jel44ASsawlXKyY6XoQ2Hhbt3ZiUJ-2FCJbyq9jl2jY= sfRAm-2BCRZ8A0Yhb4t5dlpFmzDZx-2BrEVkEMgqBijNkVdGJAUTV4afN79OMpb3EuEwmA6IvKB= Tg-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https:/= /img.pitchbook.com/news/70973.png" style=3D"border: none; max-width: 420px;= "> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Adriana Hansen/= PitchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">As sta= blecoins rapidly become indispensable to traditional financial institu= tions, their limitations are also becoming more difficult to ignore, accord= ing to our <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQ= YBsI0QwLLfFomRfKxcD-2FFWA-3D-3DID6I_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkm= Dq4k8P7IhahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFe= DIuKFvzI0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZ= TjwUPhcTUsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2Bw2Lozprg3ttpv62Du-2FCN= X4i636qf-2ByQe-2FcY715qQ1a1HI-2FdSbvNf8Btel1mdjH6WyCdNwHkaU9bAjar1a6I4jqGFq= t6thKGM2cTA9cEenzMPQlv7w2yeXUzFNnXnLflvRXXB0i3BTCUgjIuoQUnUMJ3Tba1MNBUcf89r= AidA6Y24CKWRUji5PxGt7VgN60tWBjAl3-2BU-2B6Fa6WVfxoI5HZ919E1O-2FuxATvSoAGrwmW= 1A-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>analyst= note</b></a>.<br><br> To deliver on the technology's promise of mi= nimal-cost transactions, stablecoins will likely need more liquidity and lo= wer currency conversion costs to gain market share.<br><br> The market capitalization of all stablecoins= grew more than 66% year-over-year to nearly $290 billion as of Oct. 1, acc= ording to the research. And adjusted annual transaction volume reached more= than $7.2 trillion=E2=80=94more than half of Visa's annual payments proces= sed.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQYWa-2FQVmIdaE-2BxsCtK3Q6UBA-= 3D-3Dcp0I_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq4k8P7IhahpEo7zfypZ4rkvDN= aw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDIuKFvzI0BILVb9LPMdPzAUPl2= 2iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTjwUPhcTUsMydjVa-2FKb7bf9V= FUIS61FtKAvYZ6-2FydJdV1B9T7LOcZECyRO7XNxD4sNP-2B5gdhmIxP0uSoCg6uaK6dIOKUwGI= DY1n16ZDBtGzjj11JQ47awDVd3IpJC5szsL-2BN2dDz8EuQqNz-2BbDt-2FOOK8y8xz4SqLAbu8= Mkw7iOgwkx2WaCNyI7wACkckN5wzMv3usGapVWwfyQtU2ekgfraNhex6IEpf0ftGZqg1zWUNcV-= 2FUEqPXBL27SUI-2F7hqAyN5KpDh4xJmUqdHDjZdT85eCjA-3D-3D" style=3D"font-family= : Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; color:= black; padding-left: 3px" target=3D"_blank" universal=3D"true">Get our ana= lyst's take<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter= /arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" width= =3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Quote/Unquote</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">"There= is more to be gained through discussion and engagement than there is via g= uerrilla warfare."<br><br> =E2=80=94New York State Sen. Andrew Gounarde= s, co-author of the AI safety bill, the RAISE Act, addressing the VC commun= ity during a <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVEHQbgGN9bC0QFpuX-2BQvQ= YxanobRqitqIGmOE5OarKFw-3D-3Diw6k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq= 4k8P7IhahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDI= uKFvzI0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTj= wUPhcTUsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B-2BBGGXCjzcgDjTnKxlbjmADxt6= -2BQok-2F1iiMwKfgNe16-2FRcrz9ehqbBOfvccVso1wNCSQ1Zh-2F3H-2BRYOWI3cDZxJna7Uh= h-2FrXAHRdd9hGC2ZsudIErfIbB6U1WZE2urJO2GT8ztTk19j1k1FttM9iIJgx2NXswb-2FK9tO= -2FTSdmVkGy1KbWiFkrYJ57rfb2UDp7Dp-2BY9cAp3r4pN00OFY-2BIJenUYkSbeZxGrZ4nP7vb= 1uQZvQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Q&a= mp;A with PitchBook's Jacob Robbins</b></a>, in which Gounardes discussed h= is battle against the bill's opponents. The law was passed four months ago,= but hasn=E2=80=99t been signed by Gov. Kathy Hochul.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Stay tuned</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Keep a= n eye out for these insights and research reports coming out this week:=20 <ul> <li>Q3 2025 Enterprise Fintech VC Trends</li> <li>Analyst Note: The Trillion-Dollar Capital= Frontier: Sovereign AI</li> <li>Q3 2025 Global M&A Report</li> <li>Analyst Note: Takeaways From HLTH USA 202= 5</li> <li>Q3 2025 Clean Energy VC Trends</li> <li>Analyst Note: Seed Under Pressure</li> </ul></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Trivia</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Answer= : D.<br><br> Starting in December of 2018 and lasting unt= il January of 2019, the longest US government shutdown lasted 35 days. The = current one <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzURYZlsovNfZdkHTTLk6YdPc= -2BdnAwqaWJk0qPbeI3o46w-3D-3DMUDL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRJrysYAYwvnzPSkcyyymxP2ghRbZgWDqrHr56pKi3CmqJkmDq= 4k8P7IhahpEo7zfypZ4rkvDNaw-2Fx-2BEcMOb3bO48LJmYiYBV9Q-2FCIuw7Z06AR70lcFFeDI= uKFvzI0BILVb9LPMdPzAUPl22iXk7nkwlzmwX75HL4fcCkkx2cq-2B4NmcARf1ZHgy2aUHusZTj= wUPhcTUsMydjVa-2FKb7bf9VFUIS61FtKAvYZ6-2FydJdV1B8FAyoEoe7Gv3nlx22oJuzVMJSdK= 5mGvjBEUP1cgjeaaktrNyPWFlQYZWkfT1hlYqBnwxYSmZ23JwRtWg-2BD0gNgYiXqKGx9zgp9a6= pU1EybVfsFS-2BVfkQlmltqYEdPM9IoIFKm0SGfWESebTUuMFqIbtBtUSQYBUE4KUYSKB9Uin-2= FTAXHkR5cwT2QycRTgQuU6RHbX-2B89yrZRGPaU9OKdCZpKBdcbsqSXTcnDZJclGf7Q-3D-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>has put IPOs on i= ce</b></a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <center> <h2><b>Sign up for our newsletter</b></h2> </center></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">This e= dition of The Weekend Pitch was written by Michael Bodley and Jacob Robbins= . It was edited by Kia Kokalitcheva and John Moore.<br><br><em>Were you for= warded The Weekend Pitch? 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margin: 0px; border: 0px; display: block;"></a><= /td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"width: 20px; min-width: 20px;"></td> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si= nce yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 32%= ; min-width: 32%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 19 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 32%; width: 32%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 98 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; 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