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>Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.</li><li>Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.</li><li>Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.</li></ul>

Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.

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

Circle Internet Group / Equity Capital Markets

<ul>
<li>Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. </li>
<li>The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. </li>
<li>Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   </li>
</ul>


Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. 
The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. 
Circle is a "one-of-a-kind" industry and one that does not have other public companies to compare to. This could mean that more "fireworks" are in store for the short term.   


Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

<ul>
<li>Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.</li>
<li>The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. </li>
<li>The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. </li>
</ul>


Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. 
The deal has a potential "floor" with companies reportedly interested in acquiring Circle Internet. 


Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

<ul>
<li>Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.</li>
<li>Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.</li>
<li>The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. </li>
</ul>


Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.
Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.
The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. 


MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

<ul>
<li>MNTN set terms for its IPO by offering 11.7mm shares at $14-$16 and will debut on Thursday (5/22). </li>
<li>BlackRock is indicating for up to $30 million in this offering as a cornerstone investor and there is a directed share program locking down another 5% of the deal.</li>
<li>Their revenue grew by 47.3% to $64.5 million for the three months ended March 31, 2025, from $43.8 million for the three months ended March 31, 2024.</li>
</ul>


MNTN set terms for its IPO by offering 11.7mm shares at $14-$16 and will debut on Thursday (5/22). 
BlackRock is indicating for up to $30 million in this offering as a cornerstone investor and there is a directed share program locking down another 5% of the deal.
Their revenue grew by 47.3% to $64.5 million for the three months ended March 31, 2025, from $43.8 million for the three months ended March 31, 2024.


MNTN, Inc. (MNTN) -Performance Marketing Platform Sets Terms for IPO; Seeking $1.2b Valuation

United States

Etoro Group Limited provides fintech solutions. The Company offers a platform that gives traders and investors access to different financial assets, including stocks, cryptocurrencies, ETFs, indices, currencies, and commodities. Etoro Group serves clients worldwide.

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Etoro Group (ETOR US)

Primer: Midas - 23 Aug 2025

Investment platform enabling users to trade Turkish and U.S. stocks, mutual funds, and cryptocurrencies

Sacra

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

IPO Boutique

MNTN, Inc. (MNTN) -Performance Marketing Platform Sets Terms for IPO; Seeking $1.2b Valuation

MNTN sets IPO terms on Wednesday, BlackRock shows interest, revenue grows by 47.3% and the company's IPO is set to debut on Thursday, May 22.

IPO Boutique

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Primer: Midas - 23 Aug 2025

Investment platform enabling users to trade Turkish and U.S. stocks, mutual funds, and cryptocurrencies

Sacra

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

​Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

IPO Boutique

Circle Internet Group (CRCL): Acquisition Target Moves Ahead with IPO

​Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

IPO Boutique

MNTN Inc. (MNTN) - "Netflix of Marketing" IPO; Solid Deal Dynamics in a Highly Competitive Industry

​Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

IPO Boutique

MNTN, Inc. (MNTN) -Performance Marketing Platform Sets Terms for IPO; Seeking $1.2b Valuation

​MNTN sets IPO terms on Wednesday, BlackRock shows interest, revenue grows by 47.3% and the company's IPO is set to debut on Thursday, May 22.

IPO Boutique

Circle Internet Group, Inc. IPO soars 168.5% on day one, with potential for more gains in the short term due to unique industry position.

Circle, a stable coin powerhouse, plans to offer 24 million shares at $24-$26 each, valuing the company at $5.2b-$5.65b, with potential...

Self-serve platform MNTN has a grand vision, solid backers, and positive adjusted EBITDA in most quarters. The company is being well-received in...

MNTN sets IPO terms on Wednesday, BlackRock shows interest, revenue grows by 47.3% and the company's IPO is set to debut on Thursday, May 22.