What Alpaca actually allows
Every private-company stock transfer goes through a layer of approval. The company's bylaws and your grant agreement define whether you can sell, to whom, and under what conditions. Most late-stage cos maintain a right of first refusal (ROFR) on any proposed sale; some run quarterly company-approved transfer windows. There is no confirmed active secondary market for Alpaca shares. That does not mean sales are impossible, only that they will require direct negotiation with the company or a relationship-based buyer.
Tax treatment
A secondary sale of vested RSU-origin shares is a capital gain event with basis equal to the vest-date FMV. For ISO-origin shares, the treatment splits based on holding periods: qualifying dispositions (two years from grant, one year from exercise) produce long-term capital gains on the full spread; disqualifying dispositions treat part of the spread as ordinary income.
The ROFR question
Before you list shares, request the current transfer-restriction language from your stock plan administrator. ROFR periods typically run 30-60 days. Buyer-side pricing in the secondary market already accounts for this wait; plan for the tax event in the quarter the sale actually closes, not when you list.
Frequently asked
- Is Alpaca stock publicly tradable?
- No. Alpaca is a late-stage private company. Shares can only be transferred through private sales subject to the company’s transfer restrictions; no active secondary market has been confirmed publicly.
- When should I exercise ISOs at Alpaca?
- The answer depends on the current 409A, your own AMT capacity, and the probability of a liquidity event in the next 12-24 months. Model AMT before any exercise larger than $50k of bargain element.
- Does QSBS apply to my Alpaca stock?
- Potentially, if Alpaca was a C-corporation at issuance with under $50M in gross assets, and you acquired the stock at original issuance (or via ISO/NSO exercise) and will hold it five years from acquisition. Request a QSBS attestation letter from the company before you need it at sale.
- Should I participate in a Alpaca tender offer?
- Usually yes for some portion, to reduce concentration risk. The full-stack question is: what percentage of your net worth is in Alpaca? What's the tender price versus 409A? What's your tax rate on the gain? Run the secondary-sale calculator before responding.