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>Coinflow Labs closed a $25M Series A in October 2025 led by Pantera Capital.</li><li>Coinflow operates as a unified payment infrastructure that eliminates the complexity of managing separate card processors, crypto on-ramps, and off-ramps for Web3 companies.</li><li>Coinflow operates a B2B SaaS model serving Web3 companies that need to bridge traditional payments with cryptocurrency settlement.</li></ul>

Coinflow Labs closed a $25M Series A in October 2025 led by Pantera Capital.Coinflow operates as a unified payment infrastructure that eliminates the complexity of managing separate card processors, crypto on-ramps, and off-ramps for Web3 companies.Coinflow operates a B2B SaaS model serving Web3 companies that need to bridge traditional payments with cryptocurrency settlement.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Circle Internet Group / Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes (quantum,nuclear, hydrogen, space, robotics, drones, data centers, solar, biotech, WGMI,ARKK,ARKQ,ARKX,ARKW,ARKG, etc.) have been rolling, and we've been recommending them in this section every week for 1+ months.</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes (quantum,nuclear, hydrogen, space, robotics, drones, data centers, solar, biotech, WGMI,ARKK,ARKQ,ARKX,ARKW,ARKG, etc.) have been rolling, and we've been recommending them in this section every week for 1+ months.


Downgrading Financials to Underweight; Growth Themes Galore; Health Care Breaking Out

<ul><li>Zero Hash achieved unicorn status with a $104 million Series D-2 funding round in September 2025, led by Interactive Brokers.</li><li>Zero Hash operates as crypto infrastructure that abstracts away the complexity of blockchain technology behind simple APIs and SDKs.</li><li>The company monetizes through transaction-based fees across its four service lines: trading, payments, custody, and tokenization.</li></ul>

Zero Hash achieved unicorn status with a $104 million Series D-2 funding round in September 2025, led by Interactive Brokers.Zero Hash operates as crypto infrastructure that abstracts away the complexity of blockchain technology behind simple APIs and SDKs.The company monetizes through transaction-based fees across its four service lines: trading, payments, custody, and tokenization.

<ul><li>Tether closed a $600 million funding round in November 2024, led by Cantor Fitzgerald, which acquired approximately a 5% stake in the company.</li><li>Tether plans to launch USAT, a US-domiciled stablecoin, by the end of 2025.</li><li>Merchant payment adoption has driven USDT&#39;s share of stablecoin payment volume from 13% in January 2024 to 70% by mid-2025.</li></ul>

Tether closed a $600 million funding round in November 2024, led by Cantor Fitzgerald, which acquired approximately a 5% stake in the company.Tether plans to launch USAT, a US-domiciled stablecoin, by the end of 2025.Merchant payment adoption has driven USDT&#39;s share of stablecoin payment volume from 13% in January 2024 to 70% by mid-2025.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Gemini Space Station / Equity Capital Markets

<ul>
<li>Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.</li>
<li>Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.</li>
<li>Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.</li>
</ul>


Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.


Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

United States

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Circle Internet Group (CRCL US)

Primer: Coinflow - 09 Oct 2025

Payment solution enabling Web3 companies to accept card payments and payout customers by converting cryptocurrency to USD

Sacra

Downgrading Financials to Underweight; Growth Themes Galore; Health Care Breaking Out

Downgrading Financials $XLF to Underweight; Growth Themes Galore: quantum, nuclear, hydrogen, space, robotics, drones, data centers, solar,...

Vermilion Research

Primer: Zero Hash - 25 Sep 2025

Infrastructure platform enabling businesses to integrate crypto, stablecoin, and tokenized asset solutions via APIs

Sacra

Primer: Tether - 15 Sep 2025

Issuer of blockchain-based stablecoins pegged to traditional currencies for facilitating digital transactions

Sacra

Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

Gemini Space Station debuts with a strong IPO, pricing shares above range and attracting retail investors, closing at $32.00 after hitting highs...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Coinflow - 09 Oct 2025

Payment solution enabling Web3 companies to accept card payments and payout customers by converting cryptocurrency to USD

Sacra

Downgrading Financials to Underweight; Growth Themes Galore; Health Care Breaking Out

Downgrading Financials $XLF to Underweight; Growth Themes Galore: quantum, nuclear, hydrogen, space, robotics, drones, data centers, solar,...

Vermilion Research

Primer: Zero Hash - 25 Sep 2025

Infrastructure platform enabling businesses to integrate crypto, stablecoin, and tokenized asset solutions via APIs

Sacra

Primer: Tether - 15 Sep 2025

Issuer of blockchain-based stablecoins pegged to traditional currencies for facilitating digital transactions

Sacra

Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

​Gemini Space Station debuts with a strong IPO, pricing shares above range and attracting retail investors, closing at $32.00 after hitting highs...

IPO Boutique

Gemini Space Station debuts with a strong IPO, pricing shares above range and attracting retail investors, closing at $32.00 after hitting highs...