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>Historically #2 to Coinbase by crypto transaction revenue in the U.S., Kraken has taken the lead in combining tradfi into its crypto exchange.</li><li>Only recently entering tradfi with stock trading in December 2025 (eight months after Kraken), Coinbase (founded 2012) is playing catch up on building the investing super app, with plans to launch stock trading, prediction markets (via Kalshi), and tokenized stocks in 2026.</li><li>Since adding crypto trading in 2018, meme stock app Robinhood (launched 2015) has become the Millennial & Gen Z investing super app that leads on total trading volume at $727B (Q3'2025) vs. Kraken at $577B in trading volume and Coinbase at $295B.</li></ul>

Historically #2 to Coinbase by crypto transaction revenue in the U.S., Kraken has taken the lead in combining tradfi into its crypto exchange.Only recently entering tradfi with stock trading in December 2025 (eight months after Kraken), Coinbase (founded 2012) is playing catch up on building the investing super app, with plans to launch stock trading, prediction markets (via Kalshi), and tokenized stocks in 2026.Since adding crypto trading in 2018, meme stock app Robinhood (launched 2015) has become the Millennial & Gen Z investing super app that leads on total trading volume at $727B (Q3'2025) vs. Kraken at $577B in trading volume and Coinbase at $295B.

<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>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.

<ul><li>With the crash of the NFT market, OpenSea’s average weekly transaction volume dropped 98% from $1.4B in 2022 to less than $20M as of 2025.</li><li>The NFT market's collapse in 2022 marked the end of NFTs as financialized assets—bundled with equity-like upside, pseudo-membership rights, or meme coin appeal—and took down the generalist marketplaces built around that thesis, with OpenSea falling from 97% share in 2022 to 13% in 2024 as exchange-based NFT platforms from Coinbase and Kraken shuttered entirely.</li><li>From the wreckage, luxury has held up as the enduring use case for NFTs, offering a programmable container for creating expensive & scarce digital objects—products like Louis Vuitton’s $40K “Treasure Trunks” and Hublot’s $60K NFT-paired watches that, like traditional luxury goods and fine art, derive value from controlled access & scarcity, high-quality craftsmanship & materials, heritage & provenance and cultural credibility as conferred by institutions like LACMA and MoMA.</li></ul>

With the crash of the NFT market, OpenSea’s average weekly transaction volume dropped 98% from $1.4B in 2022 to less than $20M as of 2025.The NFT market's collapse in 2022 marked the end of NFTs as financialized assets—bundled with equity-like upside, pseudo-membership rights, or meme coin appeal—and took down the generalist marketplaces built around that thesis, with OpenSea falling from 97% share in 2022 to 13% in 2024 as exchange-based NFT platforms from Coinbase and Kraken shuttered entirely.From the wreckage, luxury has held up as the enduring use case for NFTs, offering a programmable container for creating expensive & scarce digital objects—products like Louis Vuitton’s $40K “Treasure Trunks” and Hublot’s $60K NFT-paired watches that, like traditional luxury goods and fine art, derive value from controlled access & scarcity, high-quality craftsmanship & materials, heritage & provenance and cultural credibility as conferred by institutions like LACMA and MoMA.

Duncan Cock Foster, co-founder Of Nifty Gateway, On NFTs As Luxury Goods

United States

Cryptocurrency exchange and custodian for individual investors and institutional clients

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Gemini (GEMINI US)

Robinhood Vs Kraken Vs Coinbase

TL;DR: As crypto exchanges and traditional brokerages converge, Robinhood, Coinbase, and Kraken are racing to become tradfi-crypto hybrid super...

Sacra

$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

Primer: Midas - 23 Aug 2025

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

Sacra

Duncan Cock Foster, co-founder Of Nifty Gateway, On NFTs As Luxury Goods

As someone who's been in the space, directly involved in Nifty Gateway until 2023, how do you see the conversation around NFTs has evolved...

Sacra

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