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>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.

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.

<ul><li>Sacra estimates that Gemini generated $68.6M in revenue in H1 2025, an 8% YoY decline, as institutional volume increased 60% to $21.5B while retail volume remained flat at $3.3B.</li><li>In September 2025, Gemini raised its proposed IPO price range to $24–$26 per share, targeting a valuation of up to $3.08 billion and aiming to raise $433 million on Nasdaq under the “GEMI” ticker.</li><li>Gemini’s stock is down 40% since its September IPO and the company is money-losing per its prospectus, framing prediction markets as a bid to expand beyond its core crypto trading amid ongoing regulatory uncertainty across federal and state regimes.</li></ul>

Sacra estimates that Gemini generated $68.6M in revenue in H1 2025, an 8% YoY decline, as institutional volume increased 60% to $21.5B while retail volume remained flat at $3.3B.In September 2025, Gemini raised its proposed IPO price range to $24–$26 per share, targeting a valuation of up to $3.08 billion and aiming to raise $433 million on Nasdaq under the “GEMI” ticker.Gemini’s stock is down 40% since its September IPO and the company is money-losing per its prospectus, framing prediction markets as a bid to expand beyond its core crypto trading amid ongoing regulatory uncertainty across federal and state regimes.

<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>Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.</li><li>Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.</li><li>The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.</li></ul>

Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.

United States

Software for businesses to securely store, transfer, and manage digital assets

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

Fireblocks (FIREBLOCKS US)

Primer: Reap - 10 May 2026

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

Sacra

Primer: Circle - 19 Jan 2026

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

Sacra

Primer: Gemini - 12 Nov 2025

Cryptocurrency exchange and custodian for individual investors and institutional clients

Sacra

Primer: Zero Hash - 25 Sep 2025

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

Sacra

Primer: Fireblocks - 11 Sep 2025

Software for businesses to securely store, transfer, and manage digital assets

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)