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>Binance was valued at $35B following its $2B venture round led by MGX in March 2025.</li><li>SoftBank’s PayPay disclosed acquiring a 40% stake in Binance Japan.</li><li>Binance operates as a vertically integrated cryptocurrency conglomerate with a B2C go-to-market model.</li></ul>

Binance was valued at $35B following its $2B venture round led by MGX in March 2025.SoftBank’s PayPay disclosed acquiring a 40% stake in Binance Japan.Binance operates as a vertically integrated cryptocurrency conglomerate with a B2C go-to-market model.

<ul><li>Sacra estimates that Hyperliquid generated $403M in revenue through August 2026, after generating $818M in 2025.</li><li>Hyperliquid has not raised external venture capital funding and remains entirely bootstrapped by its founding team.</li><li>Hyperliquid is a fully on-chain decentralized exchange designed to match the speed of centralized platforms like Binance while maintaining transparency and self-custody.</li></ul>

Sacra estimates that Hyperliquid generated $403M in revenue through August 2026, after generating $818M in 2025.Hyperliquid has not raised external venture capital funding and remains entirely bootstrapped by its founding team.Hyperliquid is a fully on-chain decentralized exchange designed to match the speed of centralized platforms like Binance while maintaining transparency and self-custody.

<ul><li>Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.</li><li>In November 2025, Kraken raised $800 million at a $20 billion valuation, with participants including Apollo, Oppenheimer, Jane Street, HSG, DRW, Tribe Capital, and the family office of Arjun Sethi.</li><li>Kraken Financial's Federal Reserve master account (approved March 2026) further extends this infrastructure layer, unlocking the ability to offer banking-grade settlement and payment services directly on Fed rails and opening a path to compete for treasury management, payroll, and institutional cash management business without bank intermediaries.</li></ul>

Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.In November 2025, Kraken raised $800 million at a $20 billion valuation, with participants including Apollo, Oppenheimer, Jane Street, HSG, DRW, Tribe Capital, and the family office of Arjun Sethi.Kraken Financial's Federal Reserve master account (approved March 2026) further extends this infrastructure layer, unlocking the ability to offer banking-grade settlement and payment services directly on Fed rails and opening a path to compete for treasury management, payroll, and institutional cash management business without bank intermediaries.

<ul><li>Sacra estimates eToro hit $931M in commission revenue in 2024, up 46% from $630M in 2023.</li><li>Net income surged to $192M in 2024, up 1,161% from $15M in 2023, while Adjusted EBITDA reached $304M.</li><li>eToro completed its initial public offering on May 15, 2025, pricing 13,711,470 shares at $52.00 per share.</li></ul>

Sacra estimates eToro hit $931M in commission revenue in 2024, up 46% from $630M in 2023.Net income surged to $192M in 2024, up 1,161% from $15M in 2023, while Adjusted EBITDA reached $304M.eToro completed its initial public offering on May 15, 2025, pricing 13,711,470 shares at $52.00 per share.

Circle Internet Group / Private Capital Markets

<ul><li>Sacra estimates that Circle generated $1.68 billion in revenue in 2024, up 16% from $1.45 billion in 2023.</li><li>Circle completed its NYSE IPO on June 4, 2025, pricing at $31 per share (above the marketed $27-28 range), raising approximately $1.05B.</li><li>Circle announced a strategic collaboration with Fiserv in June 2025 to develop stablecoin-enabled solutions for financial institutions and merchants in the Fiserv ecosystem.</li></ul>

Sacra estimates that Circle generated $1.68 billion in revenue in 2024, up 16% from $1.45 billion in 2023.Circle completed its NYSE IPO on June 4, 2025, pricing at $31 per share (above the marketed $27-28 range), raising approximately $1.05B.Circle announced a strategic collaboration with Fiserv in June 2025 to develop stablecoin-enabled solutions for financial institutions and merchants in the Fiserv ecosystem.

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: Binance - 25 May 2026

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

Sacra

Primer: Hyperliquid - 31 Aug 2026

Decentralized exchange for perpetual futures trading with low fees and high performance

Sacra

Primer: Kraken - 24 Aug 2026

Crypto exchange for professional traders with deep liquidity and strong security infrastructure

Sacra

Primer: eToro - 15 Jun 2026

Brokerage app with social feed and copy trading across stocks, crypto, and forex

Sacra

Primer: Circle - 19 Jan 2026

Regulated stablecoin platform powering USDC/EURC payments, cross-border settlements, and developer treasury APIs

Sacra

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