Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>tZERO completed a $15 million Series B funding round in August 2022, with participation from Intercontinental Exchange and Overstock.</li><li>In October 2025, tZERO announced plans to pursue a public listing.</li><li>The launch of tZERO Chain in 2025 introduces additional revenue lines, allowing the company to capture transaction fees, compliance module revenues, and on-chain data services.</li></ul>

tZERO completed a $15 million Series B funding round in August 2022, with participation from Intercontinental Exchange and Overstock.In October 2025, tZERO announced plans to pursue a public listing.The launch of tZERO Chain in 2025 introduces additional revenue lines, allowing the company to capture transaction fees, compliance module revenues, and on-chain data services.

<ul><li>Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.</li><li>Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.</li><li>The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.</li></ul>

Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.

<ul><li>Gemini generated $68.6M in revenue in H1 2025, down 8% YoY as institutional volume surged 60% to $21.5B (87% of total) and compressed its blended take rate to 0.18%.</li><li>While Gemini's trading volume surged 50% to $24.8B in H1 2025 from $16.6B in H1 2024, revenue declined 8% YoY to $68.6M as lower-fee institutional trading volume ($21.5B in H1’25, up from $13.4B) grew to 87% of overall volume while retail was flat (~$3.3B), causing Gemini’s blended take rate to decline from 0.31% to 0.18%.</li><li>Gemini, Kraken & Coinbase form the holy trinity of US-native, compliant crypto exchanges for retail (Coinbase), pro traders (Kraken), and institutional (Gemini), with banks & hedge funds using Gemini to place large, low-fee BTC-focused trades without moving the order book & keep assets with a NY-regulated qualified custodian.</li></ul>

Gemini generated $68.6M in revenue in H1 2025, down 8% YoY as institutional volume surged 60% to $21.5B (87% of total) and compressed its blended take rate to 0.18%.While Gemini's trading volume surged 50% to $24.8B in H1 2025 from $16.6B in H1 2024, revenue declined 8% YoY to $68.6M as lower-fee institutional trading volume ($21.5B in H1’25, up from $13.4B) grew to 87% of overall volume while retail was flat (~$3.3B), causing Gemini’s blended take rate to decline from 0.31% to 0.18%.Gemini, Kraken & Coinbase form the holy trinity of US-native, compliant crypto exchanges for retail (Coinbase), pro traders (Kraken), and institutional (Gemini), with banks & hedge funds using Gemini to place large, low-fee BTC-focused trades without moving the order book & keep assets with a NY-regulated qualified custodian.

<ul><li>Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.</li><li>Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.</li><li>Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.</li></ul>

Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.

<ul><li>Kraken posted a Sacra-estimated $1.5B in revenue for 2024 (up 128% YoY) as trading volumes rapidly re-accelerated.</li><li>We last covered Kraken in early Q3 2024 when we projected, based on rebounding crypto trading volumes, that it would hit $1.2B in revenue for 2024—undershooting Kraken’s $1.5B in revenue for 2024 based on the post-election Nov-Dec ‘24 runup.</li><li>With the exchange as the platform, Kraken’s approach is to build—and partner with developers to build—apps and services on top that leverage the deep liquidity pools on the exchange.</li></ul>

Kraken posted a Sacra-estimated $1.5B in revenue for 2024 (up 128% YoY) as trading volumes rapidly re-accelerated.We last covered Kraken in early Q3 2024 when we projected, based on rebounding crypto trading volumes, that it would hit $1.2B in revenue for 2024—undershooting Kraken’s $1.5B in revenue for 2024 based on the post-election Nov-Dec ‘24 runup.With the exchange as the platform, Kraken’s approach is to build—and partner with developers to build—apps and services on top that leverage the deep liquidity pools on the exchange.

United States

Cryptocurrency exchange platform for users to trade digital assets, access financial services, and engage with blockchain technology

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Binance (BINANCE US)

Primer: tZERO - 28 Oct 2025

Financial technology company providing blockchain-based solutions for capital markets, including tokenized securities and digital asset trading

Sacra

Primer: Fireblocks - 11 Sep 2025

Software for businesses to securely store, transfer, and manage digital assets

Sacra

Gemini At $69M/year

TL;DR: Founded in 2014 after Mt. Gox’s collapse, Gemini pitched itself as the first regulated crypto exchange for institutions, with SOC audits,...

Sacra

Primer: Midas - 23 Aug 2025

Investment platform enabling users to trade Turkish and U.S. stocks, mutual funds, and cryptocurrencies

Sacra

Kraken At $1.5B Up 128% YoY

TL;DR: After the crypto decline in 2022-2023, Kraken posted a Sacra-estimated $1.5B in revenue for 2024 (up 128% YoY) as trading volumes rapidly re...

Sacra

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