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>Sacra estimates that Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 35% year-over-year from roughly $140M in 2022.</li><li>While not yet profitable, Chainalysis maintains a strong cash position with approximately $200 million on its balance sheet.</li><li>Chainalysis is currently valued at $2.5B as of 2024, reflecting a significant adjustment from its previous $8.6B valuation.</li></ul>

Sacra estimates that Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 35% year-over-year from roughly $140M in 2022.While not yet profitable, Chainalysis maintains a strong cash position with approximately $200 million on its balance sheet.Chainalysis is currently valued at $2.5B as of 2024, reflecting a significant adjustment from its previous $8.6B valuation.

<ul><li>Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Reap Technologies Holdings Ltd. for up to $600 million in cash and Payward stock in May 2026.</li><li>Reap is a B2B financial infrastructure provider with a hybrid SaaS and transaction-based revenue model.</li><li>The March 2025 launch of Reap&#39;s card issuance and payment API stack shifts the company from a single-product issuer to a horizontal infrastructure provider.</li></ul>

Payward Inc., the parent company of crypto exchange Kraken, agreed to acquire Reap Technologies Holdings Ltd. for up to $600 million in cash and Payward stock in May 2026.Reap is a B2B financial infrastructure provider with a hybrid SaaS and transaction-based revenue model.The March 2025 launch of Reap&#39;s card issuance and payment API stack shifts the company from a single-product issuer to a horizontal infrastructure provider.

<ul><li>Historically #2 to Coinbase by crypto transaction revenue in the U.S., Kraken has taken the lead in combining tradfi into its crypto exchange.</li><li>Only recently entering tradfi with stock trading in December 2025 (eight months after Kraken), Coinbase (founded 2012) is playing catch up on building the investing super app, with plans to launch stock trading, prediction markets (via Kalshi), and tokenized stocks in 2026.</li><li>Since adding crypto trading in 2018, meme stock app Robinhood (launched 2015) has become the Millennial & Gen Z investing super app that leads on total trading volume at $727B (Q3'2025) vs. Kraken at $577B in trading volume and Coinbase at $295B.</li></ul>

Historically #2 to Coinbase by crypto transaction revenue in the U.S., Kraken has taken the lead in combining tradfi into its crypto exchange.Only recently entering tradfi with stock trading in December 2025 (eight months after Kraken), Coinbase (founded 2012) is playing catch up on building the investing super app, with plans to launch stock trading, prediction markets (via Kalshi), and tokenized stocks in 2026.Since adding crypto trading in 2018, meme stock app Robinhood (launched 2015) has become the Millennial & Gen Z investing super app that leads on total trading volume at $727B (Q3'2025) vs. Kraken at $577B in trading volume and Coinbase at $295B.

<ul><li>Kraken is evolving beyond pure crypto exchange into a tradfi &amp; crypto hybrid family of products, launching derivatives, acquiring futures platform NinjaTrader for $1.5B, and launching tokenized stocks tradable 24/5 on-chain.</li><li>With crypto options &amp; futures trading exploding (up 130% YoY to ~$1.5T monthly) and memecoin trading rebounding (up 60% YoY to ~$228B monthly) after a dip in Q1’25, Sacra estimates that Kraken has already surpassed its 2024 revenue total with $1.55B as of Q3’25 and is pacing toward $2.5B for 2025.</li><li>Kraken can cross-sell its 2.5M funded accounts across assets and across products like Krak (P2P payments) with one KYC, funding source, and login, lowering CAC and lifting revenue per user.</li></ul>

Kraken is evolving beyond pure crypto exchange into a tradfi &amp; crypto hybrid family of products, launching derivatives, acquiring futures platform NinjaTrader for $1.5B, and launching tokenized stocks tradable 24/5 on-chain.With crypto options &amp; futures trading exploding (up 130% YoY to ~$1.5T monthly) and memecoin trading rebounding (up 60% YoY to ~$228B monthly) after a dip in Q1’25, Sacra estimates that Kraken has already surpassed its 2024 revenue total with $1.55B as of Q3’25 and is pacing toward $2.5B for 2025.Kraken can cross-sell its 2.5M funded accounts across assets and across products like Krak (P2P payments) with one KYC, funding source, and login, lowering CAC and lifting revenue per user.

$2.5B/year Robinhood For Professional Traders

<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.

United States

Chainalysis Inc. was founded in 2015. The company's line of business includes designing, developing, and producing prepackaged computer software.

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Chainalysis (1316611D US)

Primer: Chainalysis - 22 Mar 2026

API and software for tracing crypto transactions and investigating blockchain-based financial crime

Sacra

Primer: Reap - 10 May 2026

Financial platform providing corporate credit cards, cross-border payments, and expense management tools for businesses

Sacra

Robinhood Vs Kraken Vs Coinbase

TL;DR: As crypto exchanges and traditional brokerages converge, Robinhood, Coinbase, and Kraken are racing to become tradfi-crypto hybrid super...

Sacra

$2.5B/year Robinhood For Professional Traders

TL;DR: Kraken is evolving beyond pure crypto exchange into a tradfi & crypto hybrid family of products, launching derivatives, acquiring futures...

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

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