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 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.

<ul><li>Sacra estimates that Alpaca hit $100M in annualized revenue in September 2025, up from $60M at the end of 2024.</li><li>Alpaca raised $50M in Series C funding from Tencent in 2024 at a $461M post-money valuation.</li><li>Alpaca is in late-stage discussions with several major enterprise clients that could significantly expand the platform's scale and market positioning.</li></ul>

Sacra estimates that Alpaca hit $100M in annualized revenue in September 2025, up from $60M at the end of 2024.Alpaca raised $50M in Series C funding from Tencent in 2024 at a $461M post-money valuation.Alpaca is in late-stage discussions with several major enterprise clients that could significantly expand the platform's scale and market positioning.

<ul><li>Kraken is evolving beyond pure crypto exchange into a tradfi &amp; crypto hybrid family of products, launching derivatives, acquiring futures platform NinjaTrader for $1.5B, and launching tokenized stocks tradable 24/5 on-chain.</li><li>With crypto options &amp; futures trading exploding (up 130% YoY to ~$1.5T monthly) and memecoin trading rebounding (up 60% YoY to ~$228B monthly) after a dip in Q1’25, Sacra estimates that Kraken has already surpassed its 2024 revenue total with $1.55B as of Q3’25 and is pacing toward $2.5B for 2025.</li><li>Kraken can cross-sell its 2.5M funded accounts across assets and across products like Krak (P2P payments) with one KYC, funding source, and login, lowering CAC and lifting revenue per user.</li></ul>

Kraken is evolving beyond pure crypto exchange into a tradfi &amp; crypto hybrid family of products, launching derivatives, acquiring futures platform NinjaTrader for $1.5B, and launching tokenized stocks tradable 24/5 on-chain.With crypto options &amp; futures trading exploding (up 130% YoY to ~$1.5T monthly) and memecoin trading rebounding (up 60% YoY to ~$228B monthly) after a dip in Q1’25, Sacra estimates that Kraken has already surpassed its 2024 revenue total with $1.55B as of Q3’25 and is pacing toward $2.5B for 2025.Kraken can cross-sell its 2.5M funded accounts across assets and across products like Krak (P2P payments) with one KYC, funding source, and login, lowering CAC and lifting revenue per user.

$2.5B/year Robinhood For Professional Traders

<ul><li>Gemini generated $68.6M in revenue in H1 2025, down 8% YoY as institutional volume surged 60% to $21.5B (87% of total) and compressed its blended take rate to 0.18%.</li><li>While Gemini's trading volume surged 50% to $24.8B in H1 2025 from $16.6B in H1 2024, revenue declined 8% YoY to $68.6M as lower-fee institutional trading volume ($21.5B in H1’25, up from $13.4B) grew to 87% of overall volume while retail was flat (~$3.3B), causing Gemini’s blended take rate to decline from 0.31% to 0.18%.</li><li>Gemini, Kraken & Coinbase form the holy trinity of US-native, compliant crypto exchanges for retail (Coinbase), pro traders (Kraken), and institutional (Gemini), with banks & hedge funds using Gemini to place large, low-fee BTC-focused trades without moving the order book & keep assets with a NY-regulated qualified custodian.</li></ul>

Gemini generated $68.6M in revenue in H1 2025, down 8% YoY as institutional volume surged 60% to $21.5B (87% of total) and compressed its blended take rate to 0.18%.While Gemini's trading volume surged 50% to $24.8B in H1 2025 from $16.6B in H1 2024, revenue declined 8% YoY to $68.6M as lower-fee institutional trading volume ($21.5B in H1’25, up from $13.4B) grew to 87% of overall volume while retail was flat (~$3.3B), causing Gemini’s blended take rate to decline from 0.31% to 0.18%.Gemini, Kraken & Coinbase form the holy trinity of US-native, compliant crypto exchanges for retail (Coinbase), pro traders (Kraken), and institutional (Gemini), with banks & hedge funds using Gemini to place large, low-fee BTC-focused trades without moving the order book & keep assets with a NY-regulated qualified custodian.

<ul><li>Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.</li><li>Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.</li><li>Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.</li></ul>

Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors.Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services.Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow.

Turkey

Investment platform enabling users to trade Turkish and U.S. stocks, mutual funds, and cryptocurrencies

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Midas (MIDAS TR)

Primer: Gemini - 12 Nov 2025

Cryptocurrency exchange and custodian for individual investors and institutional clients

Sacra

Primer: Alpaca - 05 Nov 2025

API-based brokerage platform for developers to build investing applications and automate trading strategies

Sacra

$2.5B/year Robinhood For Professional Traders

TL;DR: Kraken is evolving beyond pure crypto exchange into a tradfi & crypto hybrid family of products, launching derivatives, acquiring futures...

Sacra

Gemini At $69M/year

TL;DR: Founded in 2014 after Mt. Gox’s collapse, Gemini pitched itself as the first regulated crypto exchange for institutions, with SOC audits,...

Sacra

Primer: Midas - 23 Aug 2025

Investment platform enabling users to trade Turkish and U.S. stocks, mutual funds, and cryptocurrencies

Sacra

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