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>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.

Layer2 Financial / Private Capital Markets

<ul><li>Stablecoins are on track to eclipse Visa (NYSE: V) on total payments volume (TPV) in Q2’2024, propelled by their extreme product-market fit for cross-border money movement.</li><li>Stablecoins like Tether (USDT, 2014) and Circle’s USD Coin (USDC, 2018), on-chain assets pegged to the value of the U.S. dollar, emerged to enable traders to move in and out of crypto positions without the high-fee and high-wait experience of offramping into fiat.</li><li>During COVID circa 2020, cross-border money movement exploded with the rise in international migration and corporates like Apple diversifying more of their supply chains to Vietnam and India, with total cross-border payment volume hitting $156 trillion in 2022 (up from $128 trillion in 2018).</li></ul>

Stablecoins are on track to eclipse Visa (NYSE: V) on total payments volume (TPV) in Q2’2024, propelled by their extreme product-market fit for cross-border money movement.Stablecoins like Tether (USDT, 2014) and Circle’s USD Coin (USDC, 2018), on-chain assets pegged to the value of the U.S. dollar, emerged to enable traders to move in and out of crypto positions without the high-fee and high-wait experience of offramping into fiat.During COVID circa 2020, cross-border money movement exploded with the rise in international migration and corporates like Apple diversifying more of their supply chains to Vietnam and India, with total cross-border payment volume hitting $156 trillion in 2022 (up from $128 trillion in 2018).

<ul><li>We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.</li><li>We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.</li><li>Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.</li></ul>

We got really interested in stablecoins, and saw that they might be able to solve some of the problems that we were having really well.We&#39;re making the bet that digital money is going to require the rebuilding of a brand new infrastructure that doesn&#39;t yet exist.Our goal has been to unlock as many of these different use cases and provide customers with as many modular options as they want.

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

<ul><li>Kraken's trading volume has reached new heights with significant growth in the last quarter.</li><li>The company has expanded its services to include more cryptocurrency pairs.</li><li>Revenue projections indicate a substantial increase over the next fiscal year.</li></ul>

Kraken's trading volume has reached new heights with significant growth in the last quarter.The company has expanded its services to include more cryptocurrency pairs.Revenue projections indicate a substantial increase over the next fiscal year.

Kraken Revenue, Growth, And Trading Volume

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)

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

Stablecoins > Visa

TL;DR: Stablecoins are on track to eclipse Visa (NYSE: V) on total payments volume (TPV) in Q2’2024, propelled by their extreme product-market fit...

Sacra

Farooq Malik And Charles Naut, co-founders Of Rain, On stablecoin-backed Credit Cards

What is Rain in short and what inspired you guys to build it...

Sacra

Kraken Revenue, Growth, And Trading Volume

Sacra model for Kraken's revenue, growth rate, and trading volume.

Sacra

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