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>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.

<ul><li>Kraken (2011) launched its crypto exchange in 2013, finding product-market fit as the only place to buy and sell Bitcoin with euros—revenue grew from about $160M in 2017 to $2B in 2021.</li><li>After crypto peaked in November 2021, exchanges saw sharp multi-year declines in revenue, with trading volume plummeting—after peaking at $2B, Kraken’s revenue fell to $954M in 2022 and $863M in 2023.</li><li>Sacra projects that Kraken is on track to generate $1.2B in revenue in 2024, up 42%, as transaction volume re-accelerates to $343B (up 55%)—as the only major US exchange to never be hacked, Kraken is the clear #2 trusted exchange behind Coinbase.</li></ul>

Kraken (2011) launched its crypto exchange in 2013, finding product-market fit as the only place to buy and sell Bitcoin with euros—revenue grew from about $160M in 2017 to $2B in 2021.After crypto peaked in November 2021, exchanges saw sharp multi-year declines in revenue, with trading volume plummeting—after peaking at $2B, Kraken’s revenue fell to $954M in 2022 and $863M in 2023.Sacra projects that Kraken is on track to generate $1.2B in revenue in 2024, up 42%, as transaction volume re-accelerates to $343B (up 55%)—as the only major US exchange to never be hacked, Kraken is the clear #2 trusted exchange behind Coinbase.

<ul><li>Link-in-bio companies like Linktree and Beacons reinvented About.me for Gen Z as a website generator that lets you route traffic from super-platforms like Instagram and TikTok to your content and sources of income.</li><li>Linktree ended 2021 with 24M users and $26M ARR—today, they’re at around $33M ARR with ~31M users, growing 29% YoY.</li><li>Link-in-bio sits at the strategic position where creators route traffic off platform onto an owned property which gives it the opportunity to capture traffic, de-anonymize traffic and monetize traffic.</li></ul>

Link-in-bio companies like Linktree and Beacons reinvented About.me for Gen Z as a website generator that lets you route traffic from super-platforms like Instagram and TikTok to your content and sources of income.Linktree ended 2021 with 24M users and $26M ARR—today, they’re at around $33M ARR with ~31M users, growing 29% YoY.Link-in-bio sits at the strategic position where creators route traffic off platform onto an owned property which gives it the opportunity to capture traffic, de-anonymize traffic and monetize traffic.

Linktree: The $33M ARR About.Me For Gen Z

Friends with Benefits / Private Capital Markets

<ul><li>The amount of FWB you need to hold goes up every three months or so, and you can earn FWB by engaging with the community, by doing different things.</li><li>We&#39;ve had a variety of funds and firms get in touch with us saying, &quot;Hey, how can we bulk purchase FWB? How can we invest in FWB?&quot;</li><li>A million tokens were minted, and it will always remain at a million tokens.</li></ul>

The amount of FWB you need to hold goes up every three months or so, and you can earn FWB by engaging with the community, by doing different things.We&#39;ve had a variety of funds and firms get in touch with us saying, &quot;Hey, how can we bulk purchase FWB? How can we invest in FWB?&quot;A million tokens were minted, and it will always remain at a million tokens.

Q&A With Raihan Anwar And Colby Holliday From Friends With Benefits

United States

Token-gated community for creatives exploring the intersection of Web3, art, and culture

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Friends with Benefits (BENEFITS US)

$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

Kraken At $1.2B

TL;DR: Sacra projects that Kraken is on track to hit revenue of $1.2B for 2024, up 42%. As the clear #2 trusted crypto exchange behind Coinbase,...

Sacra

Linktree: The $33M ARR About.Me For Gen Z

Link-in-bio companies found initial product-market fit as a demilitarized zone (DMZ) that created a buffer between authoritarian, puritanical...

Sacra

Q&A With Raihan Anwar And Colby Holliday From Friends With Benefits

Our Sacra discord interview and Q&A with Raihan Anwar, co-founder of Web3 community Friends with Benefits, and FWB member Colby Holliday.

Sacra

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