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>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.

<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>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>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

Turkey

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

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Midas (MIDAS TR)

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

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

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

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

Kraken Revenue, Growth, And Trading Volume

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

Sacra

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