Alternative Trading System
An Alternative Trading System (ATS) is an SEC-registered trading venue. GigaStar Securities LLC, dba GigaStar Trading, will operate a digital Alternative Trading System (ATS) for secondary Channel Revenue Token (CRT) trading, launching in 2026.
Understanding Alternative Trading System
An Alternative Trading System (ATS) is a trading venue that is regulated by the SEC but is not classified as a national securities exchange. ATSs provide a marketplace where buyers and sellers can transact in securities outside of traditional stock exchanges. They must register with the SEC on Form ATS and comply with Regulation ATS, which establishes requirements for fair access, system integrity, and regulatory oversight.
GigaStar Securities, a registered broker-dealer, operates an ATS specifically designed for secondary trading of Channel Revenue Tokens (CRTs). This platform, known as the GigaStar Secondary Market, is launching in March 2026 and will provide a venue where Investors can buy and sell CRTs that have cleared the mandatory 12-month holding period required under SEC Regulation Crowdfunding.
The ATS operated by GigaStar Securities is distinct from GigaStar Market, the funding portal where primary CRT offerings take place. While GigaStar Market handles the initial sale of new CRTs from Creators to Investors, the ATS facilitates trading between Investors in the secondary market. This distinction reflects different regulatory frameworks: the funding portal operates under Regulation CF, while the ATS operates under broker-dealer regulations and Regulation ATS.
It is important for Investors to understand that while the ATS provides a venue for secondary trading, it does not assure liquidity. The ability to buy or sell CRTs at any given time depends on market conditions, the availability of counterparties, and trading volume. CRTs may trade at prices above or below their original offering price, and there may be periods where limited or no trading activity occurs for specific CRTs. FINRA provides regulatory oversight of GigaStar Securities and its ATS operations.
Key Points to Remember
- Alternative Trading System is regulated by the SEC under Regulation Crowdfunding
- All investments carry risk — past performance doesn't guarantee future results
- Review all offering documents carefully before investing
Related Terms
Ask Price
The lowest price someone is willing to sell their CRT for.
Bid Price
The price a buyer is willing to pay for a CRT on the GigaStar Secondary Market. The highest current bid sets the market bid price for that token.
Channel Revenue Token (CRT)
A digital asset that represents a percentage of a YouTube channel’s future revenue. A CRT becomes tradable in the secondary market after a 12-month holding period from its initial purchase.
FINRA
Financial Industry Regulatory Authority. The self-regulatory organization overseeing broker-dealers and funding portals in the United States.
GigaStar Secondary Market
GigaStar Trading is GigaStar's upcoming SEC-registered Alternative Trading System (ATS), where CRT holders may buy and sell their positions, launching in 2026.
GigaStar Securities
GigaStar Securities LLC (dba GigaStar Trading), is an SEC-registered broker-dealer and FINRA/SIPC member that operates a secondary market Digital Alternative Trading System (ATS) for the trading of Creator securities (CRTs).
Holding Period
The mandatory 12-month period after purchasing CRTs during which they cannot be resold on the Secondary Market, as required by SEC regulations.
Liquidity
Liquidity is the ability to buy or sell CRTs. CRTs are illiquid during the 12-month holding period. GigaStar Trading may provide liquidity, but does not assure it.
Secondary Trading
Secondary trading is the buying and selling of Channel Revenue Tokens (CRTs) on the GigaStar Secondary Market after the mandatory 12-month holding period has elapsed.
Frequently Asked Questions
What is the GigaStar secondary market?
The GigaStar secondary market platform, called GigaStar Trading, is an SEC-registered digital Alternative Trading System (ATS) that allows eligible investors to buy and sell previously issued Channel Revenue Tokens (CRTs) with other investors after the initial offering period and any applicable restricted period, subject to securities regulations and platform rules. (e.g., Reg CF = 12-month restricted holding period). This secondary market platform enables peer-to-peer trading of existing CRTs. Note that Investment offerings are speculative, illiquid, and involve a high degree of risk, including the risk of loss of your entire investment. Securities purchased in GigaStar Market must be held 12 months before trading in the secondary market. There is no guarantee of an active or liquid secondary market and investments are subject to market risk and will fluctuate in value. Past performance is not a guarantee of future results.
How is the secondary market different from GigaStar Market?
GigaStar Market (Primary Market) is an SEC-registered Funding Portal and member of FINRA that offers securities under a Regulation Crowdfunding (Reg CF) platform. This is the primary marketplace where Channel Revenue Tokens (CRTs) are first issued and sold directly to investors to fund a Creator. GigaStar Trading (Secondary Market) is an SEC-registered broker-dealer (BD) operating a digital Alternative Trading System (ATS) for the trading of Digital Asset Securities. This is a secondary market trading venue separate from the primary market, where eligible investors may buy and sell CRTs with one another. Primary offerings raise capital for Creators. Secondary trading allows existing investors to trade CRTs, transferring ownership, subject to market availability. NOTE: Investment offerings are speculative, illiquid, and involve a high degree of risk, including the risk of loss of your entire investment. Securities purchased in GigaStar Market must be held 12 months before trading in the secondary market. There is no guarantee of an active or liquid secondary market and investments are subject to market risk and will fluctuate in value. Past performance is not a guarantee of future results.
What assets can be traded?
Eligible Channel Revenue Tokens (CRTs) that were issued in primary offerings, have satisfied applicable holding requirements (12-month holding period from initial purchase) and meet platform eligibility standards can be traded on the GigaStar Trading platform.