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>Sacra estimates that Hyperliquid generated $403M in revenue through August 2026, after generating $818M in 2025.</li><li>Hyperliquid has not raised external venture capital funding and remains entirely bootstrapped by its founding team.</li><li>Hyperliquid is a fully on-chain decentralized exchange designed to match the speed of centralized platforms like Binance while maintaining transparency and self-custody.</li></ul>

Sacra estimates that Hyperliquid generated $403M in revenue through August 2026, after generating $818M in 2025.Hyperliquid has not raised external venture capital funding and remains entirely bootstrapped by its founding team.Hyperliquid is a fully on-chain decentralized exchange designed to match the speed of centralized platforms like Binance while maintaining transparency and self-custody.

<ul><li>Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.</li><li>In November 2025, Kraken raised $800 million at a $20 billion valuation, with participants including Apollo, Oppenheimer, Jane Street, HSG, DRW, Tribe Capital, and the family office of Arjun Sethi.</li><li>Kraken Financial's Federal Reserve master account (approved March 2026) further extends this infrastructure layer, unlocking the ability to offer banking-grade settlement and payment services directly on Fed rails and opening a path to compete for treasury management, payroll, and institutional cash management business without bank intermediaries.</li></ul>

Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.In November 2025, Kraken raised $800 million at a $20 billion valuation, with participants including Apollo, Oppenheimer, Jane Street, HSG, DRW, Tribe Capital, and the family office of Arjun Sethi.Kraken Financial's Federal Reserve master account (approved March 2026) further extends this infrastructure layer, unlocking the ability to offer banking-grade settlement and payment services directly on Fed rails and opening a path to compete for treasury management, payroll, and institutional cash management business without bank intermediaries.

<ul><li>Binance was valued at $35B following its $2B venture round led by MGX in March 2025.</li><li>SoftBank’s PayPay disclosed acquiring a 40% stake in Binance Japan.</li><li>Binance operates as a vertically integrated cryptocurrency conglomerate with a B2C go-to-market model.</li></ul>

Binance was valued at $35B following its $2B venture round led by MGX in March 2025.SoftBank’s PayPay disclosed acquiring a 40% stake in Binance Japan.Binance operates as a vertically integrated cryptocurrency conglomerate with a B2C go-to-market model.

<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>Axiom raised $500,000 in a pre-seed round in March 2025 led by Y Combinator.</li><li>Axiom added a Coinbase-powered fiat on-ramp that lets users buy up to $500 of crypto per week with no KYC.</li><li>Revenue scales directly with trading volume and user activity.</li></ul>

Axiom raised $500,000 in a pre-seed round in March 2025 led by Y Combinator.Axiom added a Coinbase-powered fiat on-ramp that lets users buy up to $500 of crypto per week with no KYC.Revenue scales directly with trading volume and user activity.

United States

Decentralized exchange for perpetual futures trading with low fees and high performance

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

Hyperliquid (HYPERLIQUID US)

Primer: Hyperliquid - 31 Aug 2026

Decentralized exchange for perpetual futures trading with low fees and high performance

Sacra

Primer: Kraken - 24 Aug 2026

Crypto exchange for professional traders with deep liquidity and strong security infrastructure

Sacra

Primer: Binance - 25 May 2026

Cryptocurrency exchange platform for users to trade digital assets, access financial services, and engage with blockchain technology

Sacra

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

Primer: Axiom - 22 Dec 2025

Trading platform for decentralized finance offering memecoins, perpetuals, and yield

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)