TRM Labs is a blockchain intelligence and security technology company that helps detect, investigate, and disrupt crypto-related fraud and financial crime. It serves governments, financial institutions, and crypto businesses with analytics and threat intelligence tools.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Latest Price
$6.0B
Series B, Nov 2021, Perplexity
UpMarket Estimate
$5.6B
Based on UpMarket valuation model
Previous Price
$3.0B
Series A Jun 2021
How to Invest in TRM Labs Through UpMarket
TRM Labs shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
Step 01
Verify accredited investor status
Confirm eligibility under SEC Rule 501 of Regulation D. Income or net worth threshold applies.
Step 02
Create an UpMarket account
Complete KYC/AML onboarding. Typically 1–2 business days. Licensed rep assigned on signup.
Step 03
Review available TRM Labs offerings
Full offering memoranda and risk disclosures provided before any commitment is required.
Step 04
Complete subscription documents
Review and sign subscription agreement. All documents handled digitally through the platform.
Step 05
Fund your investment
Wire transfer or ACH. $50K minimum. Funds held in custodial account until close.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
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Valuation Growth Over Time
Post-money valuation by round
Previous roundsMost recent
Date
Round
PPS (split-adj.)
Valuation
Nov 2021
Series B
$6.0B
Jun 2021
Series A
$3.0B
Jun 2018
Seed
Why Investors Are Watching TRM Labs
Growth Signal
TRM Labs said revenue averaged 150% annual growth over 5 years
Thoma Bravo said TRM Labs' revenue growth averaged more than 150% annually over the past five years. The company also closed a $70 million Series C at a $1 billion valuation in February 2026.
Product Milestone
TRM launched AI tools to disrupt criminal networks and threats
TRM Labs says it is building AI solutions to disrupt criminal networks and counter national security threats. Its 2026 Crypto Crime Report also introduced a new illicit-risk metric based on VASP outflows.
Market Opportunity
TRM counts Goldman Sachs, Citi, Visa and JPMorgan as backers
TRM's Series C included returning investors Goldman Sachs, Citi Ventures, DRW VC and Y Combinator, plus new strategic investor Galaxy Ventures. Its backers also span Blockchain Capital, Bessemer Venture Partners, Thoma Bravo and JPMorgan's strategic investment.
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No. As of March 2026, TRM Labs is a private company and does not trade on any public stock exchange. Accredited investors can access TRM Labs shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
TRM Labs does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in TRM Labs shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered more than $500M in alternative investments since 2019.
Pre-IPO investments carry significant risks. TRM Labs shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.
UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
TRM Labs provides blockchain intelligence and security software that detects crypto fraud and financial crime, with revenue averaging 150% annual growth over five years; valued at $5.6B, it serves governments and financial institutions — accredited investors can access TRM Labs stock through UpMarket.