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’s strength with professional traders has it positioned to stake its claim as the tech-forward Nasdaq to Coinbase’s NYSE.</li><li>Deep pools of liquidity on its exchange allow it to support emerging crypto payments use-cases like high volume B2B transactions involving fiat & stablecoin on/off ramps that rely on instant settlement and tight spreads.</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 of the exchange to serve the wide diversity of users, use cases & geographies and to foster innovation in the ecosystem.</li></ul>

Kraken’s strength with professional traders has it positioned to stake its claim as the tech-forward Nasdaq to Coinbase’s NYSE.Deep pools of liquidity on its exchange allow it to support emerging crypto payments use-cases like high volume B2B transactions involving fiat & stablecoin on/off ramps that rely on instant settlement and tight spreads.With the exchange as the platform, Kraken’s approach is to build—and partner with developers to build—apps and services on top of the exchange to serve the wide diversity of users, use cases & geographies and to foster innovation in the ecosystem.

Arjun Sethi, co-CEO Of Kraken, On Building The Nasdaq Of Crypto

<ul><li>ThoreCoin (THR) reached a peak market capitalization of approximately $147 million in mid-2019, when the token traded at $1,700 with a reported circulating supply of 86,686 THR.</li><li>As of early 2025, THR trades at $119 per token with a daily trading volume under $40,000, implying a current market capitalization between $10.3M and $11.9M.</li><li>The project positions itself as an investment token or "index" within the cryptocurrency space, though without clear utility or revenue-generating mechanisms.</li></ul>

ThoreCoin (THR) reached a peak market capitalization of approximately $147 million in mid-2019, when the token traded at $1,700 with a reported circulating supply of 86,686 THR.As of early 2025, THR trades at $119 per token with a daily trading volume under $40,000, implying a current market capitalization between $10.3M and $11.9M.The project positions itself as an investment token or "index" within the cryptocurrency space, though without clear utility or revenue-generating mechanisms.

<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>Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 36%, as they benefited from counter-cyclical demand from regulators and law enforcement agencies investigating crypto crimes like the $8B collapse of FTX.</li><li>Chainalysis continued to grow into 2023 albeit at a slower rate with counter-cyclical demand from law enforcement agencies and regulators, contracts which now make up 66% of revenue.</li><li>Chainalysis’s focus has returned to its crypto customers, building new use cases and workflows for fraud prevention, product analytics and CRM around its data moat.</li></ul>

Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 36%, as they benefited from counter-cyclical demand from regulators and law enforcement agencies investigating crypto crimes like the $8B collapse of FTX.Chainalysis continued to grow into 2023 albeit at a slower rate with counter-cyclical demand from law enforcement agencies and regulators, contracts which now make up 66% of revenue.Chainalysis’s focus has returned to its crypto customers, building new use cases and workflows for fraud prevention, product analytics and CRM around its data moat.

<ul><li>Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.</li><li>As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.</li><li>While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.</li></ul>

Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.

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)

Arjun Sethi, co-CEO Of Kraken, On Building The Nasdaq Of Crypto

What do you and David Ripley bring to the table as co-CEOs, and how does that dynamic work? But perhaps more importantly, why now for Kraken? What...

Sacra

Primer: Thore Network - 12 Feb 2025

Cryptocurrency suite offering staking, non-custodial exchange, and AI-powered trading tools

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

Chainalysis At $190M ARR

TL;DR: Sacra estimates that Chainalysis hit $190M of annual recurring revenue (ARR) in 2023, up 36%, as they benefited from counter-cyclical demand...

Sacra

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

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