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 Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.</li><li>On April 17, 2026, Payward entered a definitive agreement to acquire Bitnomial, with terms that value Payward's equity at $20 billion.</li><li>Kraken positions itself as a secure and regulation-compliant exchange.</li></ul>

Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.On April 17, 2026, Payward entered a definitive agreement to acquire Bitnomial, with terms that value Payward's equity at $20 billion.Kraken positions itself as a secure and regulation-compliant exchange.

<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>Sacra estimates eToro hit $931M in commission revenue in 2024, up 46% from $630M in 2023, following essentially flat performance between 2022 ($631M) and 2023.</li><li>eToro completed its initial public offering on May 15, 2025, pricing 13,711,470 shares at $52.00 per share (above the initial $46-$50 range), raising $403 million in gross proceeds before expenses.</li><li>eToro launched 24/5 trading in July 2025, initially covering 100 popular US-listed stocks and ETFs, then expanding in November 2025 to all S&P 500 and Nasdaq 100 stocks.</li></ul>

Sacra estimates eToro hit $931M in commission revenue in 2024, up 46% from $630M in 2023, following essentially flat performance between 2022 ($631M) and 2023.eToro completed its initial public offering on May 15, 2025, pricing 13,711,470 shares at $52.00 per share (above the initial $46-$50 range), raising $403 million in gross proceeds before expenses.eToro launched 24/5 trading in July 2025, initially covering 100 popular US-listed stocks and ETFs, then expanding in November 2025 to all S&P 500 and Nasdaq 100 stocks.

<ul><li>Hyperliquid has not raised external venture capital funding and remains entirely bootstrapped by its founding team.</li><li>Hyperliquid has expanded its offerings from perpetual futures to include options trading and spot markets, broadening its addressable market.</li><li>Users bridge USDC into the Hyperliquid blockchain, connect their wallet, and trade perpetual futures contracts on a live central limit order book where all matching, liquidation, and settlement occur on-chain.</li></ul>

Hyperliquid has not raised external venture capital funding and remains entirely bootstrapped by its founding team.Hyperliquid has expanded its offerings from perpetual futures to include options trading and spot markets, broadening its addressable market.Users bridge USDC into the Hyperliquid blockchain, connect their wallet, and trade perpetual futures contracts on a live central limit order book where all matching, liquidation, and settlement occur on-chain.

<ul><li>Sacra estimates that Gemini generated $68.6M in revenue in H1 2025, an 8% YoY decline, as institutional volume increased 60% to $21.5B while retail volume remained flat at $3.3B.</li><li>In September 2025, Gemini raised its proposed IPO price range to $24–$26 per share, targeting a valuation of up to $3.08 billion and aiming to raise $433 million on Nasdaq under the “GEMI” ticker.</li><li>Gemini’s stock is down 40% since its September IPO and the company is money-losing per its prospectus, framing prediction markets as a bid to expand beyond its core crypto trading amid ongoing regulatory uncertainty across federal and state regimes.</li></ul>

Sacra estimates that Gemini generated $68.6M in revenue in H1 2025, an 8% YoY decline, as institutional volume increased 60% to $21.5B while retail volume remained flat at $3.3B.In September 2025, Gemini raised its proposed IPO price range to $24–$26 per share, targeting a valuation of up to $3.08 billion and aiming to raise $433 million on Nasdaq under the “GEMI” ticker.Gemini’s stock is down 40% since its September IPO and the company is money-losing per its prospectus, framing prediction markets as a bid to expand beyond its core crypto trading amid ongoing regulatory uncertainty across federal and state regimes.

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: Kraken - 20 May 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

Primer: eToro - 18 May 2026

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

Sacra

Primer: Hyperliquid - 07 Dec 2025

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

Sacra

Primer: Gemini - 12 Nov 2025

Cryptocurrency exchange and custodian for individual investors and institutional clients

Sacra

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