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>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>Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 36%, as they benefited from counter-cyclical demand from regulators and law enforcement agencies investigating crypto crimes like the $8B collapse of FTX.</li><li>Chainalysis continued to grow into 2023 albeit at a slower rate with counter-cyclical demand from law enforcement agencies and regulators, contracts which now make up 66% of revenue.</li><li>Chainalysis’s focus has returned to its crypto customers, building new use cases and workflows for fraud prevention, product analytics and CRM around its data moat.</li></ul>

Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 36%, as they benefited from counter-cyclical demand from regulators and law enforcement agencies investigating crypto crimes like the $8B collapse of FTX.Chainalysis continued to grow into 2023 albeit at a slower rate with counter-cyclical demand from law enforcement agencies and regulators, contracts which now make up 66% of revenue.Chainalysis’s focus has returned to its crypto customers, building new use cases and workflows for fraud prevention, product analytics and CRM around its data moat.

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/identitymind-global-inc" target="_blank" data-smartkarma-citation="entities:35960:1" rel="noopener">IdentityMind (1254693D US)</a> has a SaaS platform which builds regulatory technologies for fintech companies, crypto trading platforms and ICOs.</li>
<li>Fraud is prevalent in the ICO market and the rise of regulations increasing demand for KYC/AML services will drive the company’s future growth.</li>
<li>IdentityMind was acquired by Acuant (an identity verification company) in April 2020, for an undisclosed amount.</li>
</ul>



IdentityMind (1254693D US) has a SaaS platform which builds regulatory technologies for fintech companies, crypto trading platforms and ICOs.
Fraud is prevalent in the ICO market and the rise of regulations increasing demand for KYC/AML services will drive the company’s future growth.
IdentityMind was acquired by Acuant (an identity verification company) in April 2020, for an undisclosed amount.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/shufti-pro-limited" target="_blank" data-smartkarma-citation="entities:35957:1" rel="noopener">Shufti Pro (1988739D LN)</a> provides AI-based identification verification solutions offering real-time global identity verification for KYC/AML and KYB compliance.</li>
<li>In 2020, the company grew its revenue by over 100% due to strong adoption skills and flexibility allowing to capture the growth in demand due to the COVID-19 pandemic.</li>
<li>While flexibility helps Shufti Pro stand out from competitors, global expansions, growth in identity fraud and a number of strong partnerships would drive company revenues over the medium-term.</li>
</ul>



Shufti Pro (1988739D LN) provides AI-based identification verification solutions offering real-time global identity verification for KYC/AML and KYB compliance.
In 2020, the company grew its revenue by over 100% due to strong adoption skills and flexibility allowing to capture the growth in demand due to the COVID-19 pandemic.
While flexibility helps Shufti Pro stand out from competitors, global expansions, growth in identity fraud and a number of strong partnerships would drive company revenues over the medium-term.


Shufti Pro: Identity Verification Using AI

Hummingbird Technologies / Private Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/hummingbird-technologies-ltd" target="_blank" data-smartkarma-citation="entities:35956:1" rel="noopener">Hummingbird Technologies (1681343D LN)</a> allows companies without easy access to IT or engineering resources carry out anti-money laundering practices.</li>
<li>Unmet demand in the AML market, strong partnerships and expansion to new markets are expected to act as key drivers.  </li>
<li>The company claims to allow clients reduce investigation and reporting times by 70-90%.</li>
</ul>



Hummingbird Technologies (1681343D LN) allows companies without easy access to IT or engineering resources carry out anti-money laundering practices.
Unmet demand in the AML market, strong partnerships and expansion to new markets are expected to act as key drivers.  
The company claims to allow clients reduce investigation and reporting times by 70-90%.


Hummingbird: A Modern RegTech Platform Not Requiring an Integration

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)

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

Chainalysis At $190M ARR

TL;DR: Sacra estimates that Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 36%, as they benefited from counter-cyclical demand...

Sacra

IdentityMind: AML and KYC for Fintech

IdentityMind has a SaaS platform which builds regulatory technologies for fintech companies, crypto trading platforms and ICOs. Fraud is prevalent...

Shifara Samsudeen, FCMA, CGMA

Shufti Pro: Identity Verification Using AI

Shufti Pro provides AI-based identification verification solutions. Flexible and timely solutions have helped Shufti stand out from competitors....

Shifara Samsudeen, FCMA, CGMA

Hummingbird: A Modern RegTech Platform Not Requiring an Integration

Hummingbird is the only platform that allows companies without easy access to IT or engineering resources carry out anti-money laundering...

Shifara Samsudeen, FCMA, CGMA

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