Listing lifecycle
This page follows one listing from seller submission to acquisition or expiry.
For a plain-English overview of the product and roles, start with Assetmarket 101.
Stages
1. List
The seller proves they control the software through domain verification.
After submission, the listing spends 24 hours in pending. It is visible in the app as a pending listing, but trading is off and no listing position exists yet. The seller can still cancel during this window.
2. Price
When the listing goes live, users can buy and sell listing positions. That activity creates a public market price before any buyer submits an offer.
This is the main difference from a normal listing board. The seller does not start by defending an ask. The buyer does not start by anchoring a bid. The market produces the first signal.
The market price is a valuation signal from participants with capital at risk. It gives buyers and sellers a starting point for diligence.
3. Unlock
Everyone can see public listing data for free.
Deeper data requires commitment:
| Level | Requirement | What opens |
|---|---|---|
| Public | Free | Product summary, revenue summary, stack, trend, market data |
| Protected data | 1% listing position + signed NDA with identity verification | Revenue breakdown, customer and churn detail, operating context |
| Offer eligibility | 2% listing position + term sheet | Offer submission and acquisition path |
These thresholds are based on the current listing position size, so the exact amount required can change as other people trade.
For protected data, identity verification is part of the NDA signing flow. Assetmarket asks for it only when non-public data is shared, so the NDA has an identified signer.
4. Offer
A buyer can submit a term sheet after they meet the offer requirements. Assetmarket checks the position threshold and discovery window automatically.
If the checks pass, the listing moves into the acquisition path. The accepted market price becomes the purchase price used for the acquisition path and market participant payout.
5. Diligence
Due diligence runs for 7 to 14 days. The buyer reviews financial, customer, operating, legal, and handover information.
Source code is not shared during DD. Code access starts after closing during handover.
6. Close
After due diligence, the buyer funds escrow in USDC and the parties complete the asset purchase agreement.
If the acquisition closes:
- Market participants receive their acquisition payout.
- The seller receives their seller payout, with the standard holdback.
- The software transfers to the buyer.
- The buyer receives 90-day technical handover support.
7. Expire
If no acquisition closes before the listing timer ends, the listing expires.
When that happens:
- Trading stops.
- Market participants receive their share of the USDC reserve.
- The seller keeps the software.
What listing positions do
Listing positions have three jobs in the lifecycle:
- They let people trade the listing while the market is live.
- They unlock deeper information at position thresholds.
- They receive payout if the listing is acquired or expires.
For money flows and examples, see What happens to my money.
What the seller claim does
When a listing goes live, the seller receives a non-transferable payout right called the seller claim.
It represents the seller's share of the acquisition payout if a deal closes.
The default split is 80% seller and 20% market participants. Listing-specific splits are shown on the live listing page.