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>Kraken’s strength with professional traders has it positioned to stake its claim as the tech-forward Nasdaq to Coinbase’s NYSE.</li><li>Deep pools of liquidity on its exchange allow it to support emerging crypto payments use-cases like high volume B2B transactions involving fiat & stablecoin on/off ramps that rely on instant settlement and tight spreads.</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 of the exchange to serve the wide diversity of users, use cases & geographies and to foster innovation in the ecosystem.</li></ul>

Kraken’s strength with professional traders has it positioned to stake its claim as the tech-forward Nasdaq to Coinbase’s NYSE.Deep pools of liquidity on its exchange allow it to support emerging crypto payments use-cases like high volume B2B transactions involving fiat & stablecoin on/off ramps that rely on instant settlement and tight spreads.With the exchange as the platform, Kraken’s approach is to build—and partner with developers to build—apps and services on top of the exchange to serve the wide diversity of users, use cases & geographies and to foster innovation in the ecosystem.

Arjun Sethi, co-CEO Of Kraken, On Building The Nasdaq Of Crypto

<ul><li>ThoreCoin (THR) reached a peak market capitalization of approximately $147 million in mid-2019, when the token traded at $1,700 with a reported circulating supply of 86,686 THR.</li><li>As of early 2025, THR trades at $119 per token with a daily trading volume under $40,000, implying a current market capitalization between $10.3M and $11.9M.</li><li>The project positions itself as an investment token or "index" within the cryptocurrency space, though without clear utility or revenue-generating mechanisms.</li></ul>

ThoreCoin (THR) reached a peak market capitalization of approximately $147 million in mid-2019, when the token traded at $1,700 with a reported circulating supply of 86,686 THR.As of early 2025, THR trades at $119 per token with a daily trading volume under $40,000, implying a current market capitalization between $10.3M and $11.9M.The project positions itself as an investment token or "index" within the cryptocurrency space, though without clear utility or revenue-generating mechanisms.

<ul><li>Kraken (2011) launched its crypto exchange in 2013, finding product-market fit as the only place to buy and sell Bitcoin with euros—revenue grew from about $160M in 2017 to $2B in 2021.</li><li>After crypto peaked in November 2021, exchanges saw sharp multi-year declines in revenue, with trading volume plummeting—after peaking at $2B, Kraken’s revenue fell to $954M in 2022 and $863M in 2023.</li><li>Sacra projects that Kraken is on track to generate $1.2B in revenue in 2024, up 42%, as transaction volume re-accelerates to $343B (up 55%)—as the only major US exchange to never be hacked, Kraken is the clear #2 trusted exchange behind Coinbase.</li></ul>

Kraken (2011) launched its crypto exchange in 2013, finding product-market fit as the only place to buy and sell Bitcoin with euros—revenue grew from about $160M in 2017 to $2B in 2021.After crypto peaked in November 2021, exchanges saw sharp multi-year declines in revenue, with trading volume plummeting—after peaking at $2B, Kraken’s revenue fell to $954M in 2022 and $863M in 2023.Sacra projects that Kraken is on track to generate $1.2B in revenue in 2024, up 42%, as transaction volume re-accelerates to $343B (up 55%)—as the only major US exchange to never be hacked, Kraken is the clear #2 trusted exchange behind Coinbase.

<ul><li>We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.</li><li>We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.</li><li>Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.</li></ul>

We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

<ul><li>Kraken's trading volume has reached new heights with significant growth in the last quarter.</li><li>The company has expanded its services to include more cryptocurrency pairs.</li><li>Revenue projections indicate a substantial increase over the next fiscal year.</li></ul>

Kraken's trading volume has reached new heights with significant growth in the last quarter.The company has expanded its services to include more cryptocurrency pairs.Revenue projections indicate a substantial increase over the next fiscal year.

Kraken Revenue, Growth, And Trading Volume

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)

Arjun Sethi, co-CEO Of Kraken, On Building The Nasdaq Of Crypto

What do you and David Ripley bring to the table as co-CEOs, and how does that dynamic work? But perhaps more importantly, why now for Kraken? What...

Sacra

Primer: Thore Network - 12 Feb 2025

Cryptocurrency suite offering staking, non-custodial exchange, and AI-powered trading tools

Sacra

Kraken At $1.2B

TL;DR: Sacra projects that Kraken is on track to hit revenue of $1.2B for 2024, up 42%. As the clear #2 trusted crypto exchange behind Coinbase,...

Sacra

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

What is Rain in short and what inspired you guys to build it...

Sacra

Kraken Revenue, Growth, And Trading Volume

Sacra model for Kraken's revenue, growth rate, and trading volume.

Sacra

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