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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Kraken grew contracted accounts +28% year-on-year to 95m in FY26 and is ‘closing in’ on its FY27 100m target.</li><li>Kraken reported revenue of £300m for FY26, up +21% year-on-year, with 75% of customers on multi-product offerings as at FY26.</li><li>EBITDA declined to -£9m for FY26 (versus £62m the year prior), citing migration delivery costs related to bringing contracted customer accounts online.</li></ul>

Kraken grew contracted accounts +28% year-on-year to 95m in FY26 and is ‘closing in’ on its FY27 100m target.Kraken reported revenue of £300m for FY26, up +21% year-on-year, with 75% of customers on multi-product offerings as at FY26.EBITDA declined to -£9m for FY26 (versus £62m the year prior), citing migration delivery costs related to bringing contracted customer accounts online.

<ul><li>Meridian Energy (MEL) delivered a record June 2026 and a record 4Q26 to cap a remarkable FY26 turnaround from FY25.</li><li>Favourable operating conditions reduced the need for expensive hedges as sales volumes and margins continued to grow.</li><li>While we have pulled back our medium-term outlook slightly on lower ASX futures prices, we upgrade MEL to NEUTRAL from UNDERPERFORM following recent soft share price performance that has seen MEL underperform the market by -8.6% in the past six weeks.</li></ul>

Meridian Energy (MEL) delivered a record June 2026 and a record 4Q26 to cap a remarkable FY26 turnaround from FY25.Favourable operating conditions reduced the need for expensive hedges as sales volumes and margins continued to grow.While we have pulled back our medium-term outlook slightly on lower ASX futures prices, we upgrade MEL to NEUTRAL from UNDERPERFORM following recent soft share price performance that has seen MEL underperform the market by -8.6% in the past six weeks.

Meridian Energy Powering to the Finish Line 4Q26 Op Stats

<ul><li>Sacra estimates eToro hit $931M in commission revenue in 2024, up 46% from $630M in 2023.</li><li>Net income surged to $192M in 2024, up 1,161% from $15M in 2023, while Adjusted EBITDA reached $304M.</li><li>eToro completed its initial public offering on May 15, 2025, pricing 13,711,470 shares at $52.00 per share.</li></ul>

Sacra estimates eToro hit $931M in commission revenue in 2024, up 46% from $630M in 2023.Net income surged to $192M in 2024, up 1,161% from $15M in 2023, while Adjusted EBITDA reached $304M.eToro completed its initial public offering on May 15, 2025, pricing 13,711,470 shares at $52.00 per share.

<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.

United States

Kraken is a US-based cryptocurrency exchange. The exchange allows investors to trade Bitcoin, Ethereum and 500+ other cryptocurrencies. Kraken enables more advanced trading strategies, including margin trading, indices, futures, OTC trading, and staking.

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Kraken (KRAK123D US)

Primer: Hyperliquid - 31 Aug 2026

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

Sacra

Gentrack (GTK) - Kraken FY26 Results

Kraken grew contracted accounts +28% year-on-year to 95m in FY26 and is ‘closing in’ on its FY27 100m target. Kraken reported revenue of £300m for...

Forsyth Barr

Meridian Energy Powering to the Finish Line 4Q26 Op Stats

Meridian Energy (MEL) delivered a record June 2026 and a record 4Q26 to cap a remarkable FY26 turnaround from FY25. Favourable operating...

Forsyth Barr

Primer: eToro - 15 Jun 2026

Brokerage app with social feed and copy trading across stocks, crypto, and forex

Sacra

Primer: Binance - 25 May 2026

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

Sacra

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