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>Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.</li><li>Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.</li><li>Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.</li></ul>

Alpaca hit $60M in annualized revenue in 2024, up 150% YoY as trading volume tripled to ~$180B.Alpaca (2015) launched to do the same for the rest of the world, enabling fintechs in Asia &amp; the Middle East to bolt U.S. equities, margin, and option trading into their apps.Over the next year, Alpaca is adding global equities, fixed income, and deeper options capabilities, building towards coverage of every major asset class.

<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

<ul><li>In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.</li><li>Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.</li><li>The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.</li></ul>

In Latin America's volatile business environment—currency fluctuations, shifting trade tariffs, and unpredictable interest rate cycles— Kapital has adapted to monetize in any economic condition, generating revenue from deposits when rates are high, financing "buy now, pay later" through Kapital Flex when rates fall, and providing stablecoin options when local currencies destabilize.Starting in Mexico, Kapital initially expanded to Colombia over Brazil, looking to expand into large markets first in LatAm and then globally that lack competition to servicing SMEs (less than 250 employees, ~50% of global employment), particularly where incumbent banks consider them too small for relationship banking and fintechs focus on consumer.The lack of competition in these markets has given Kapital a head start to roll up the bank account (Mercury), corporate card (Brex), expense management (Ramp), AP/AR (Bill.com), and treasury (Meow) into an all-in-one, with line of sight into rolling up the entire SME backoffice including HR, payroll, and employee benefits.

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

<ul><li>eToro reached $931M revenue in 2024, up 46% YoY, after a flat year in 2023.</li><li>Earlier this year, eToro filed its F-1, targeting a Q2 2025 IPO at a $5B valuation.</li><li>eToro is building a WhatsApp-like global social investing brokerage for the rest of the world.</li></ul>

eToro reached $931M revenue in 2024, up 46% YoY, after a flat year in 2023.Earlier this year, eToro filed its F-1, targeting a Q2 2025 IPO at a $5B valuation.eToro is building a WhatsApp-like global social investing brokerage for the rest of the world.

<ul><li>Kraken posted a Sacra-estimated $1.5B in revenue for 2024 (up 128% YoY) as trading volumes rapidly re-accelerated.</li><li>We last covered Kraken in early Q3 2024 when we projected, based on rebounding crypto trading volumes, that it would hit $1.2B in revenue for 2024—undershooting Kraken’s $1.5B in revenue for 2024 based on the post-election Nov-Dec ‘24 runup.</li><li>With the exchange as the platform, Kraken’s approach is to build—and partner with developers to build—apps and services on top that leverage the deep liquidity pools on the exchange.</li></ul>

Kraken posted a Sacra-estimated $1.5B in revenue for 2024 (up 128% YoY) as trading volumes rapidly re-accelerated.We last covered Kraken in early Q3 2024 when we projected, based on rebounding crypto trading volumes, that it would hit $1.2B in revenue for 2024—undershooting Kraken’s $1.5B in revenue for 2024 based on the post-election Nov-Dec ‘24 runup.With the exchange as the platform, Kraken’s approach is to build—and partner with developers to build—apps and services on top that leverage the deep liquidity pools on the exchange.

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)

Alpaca At $60M/year Growing 150% YoY

TL;DR: Alpaca is building the global equivalent of Apex Fintech Solutions—providing embedded brokerage APIs for fintechs outside the US to offer...

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

Fernando Sandoval, co-founder Of Kapital, On Tropicalizing Brex For LatAm

I'd like to begin by framing everything - what were the things that really gave you momentum last year? And which areas of the business did you...

Sacra

eToro Vs Robinhood

TL;DR: Founded in Tel Aviv in 2007, eToro pioneered the social investing model with a Twitter-like feed for investing ideas and the ability to copy...

Sacra

Kraken At $1.5B Up 128% YoY

TL;DR: After the crypto decline in 2022-2023, Kraken posted a Sacra-estimated $1.5B in revenue for 2024 (up 128% YoY) as trading volumes rapidly re...

Sacra

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