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>As of October 2025, Consensys is reportedly preparing an IPO with JPMorgan and Goldman Sachs leading.</li><li>MetaMask launched in‑app perpetual futures trading powered by Hyperliquid, with one‑click funding from any EVM chain and no swap fees on perp trades; global perpetual DEX volume reached $765B in August 2025.</li><li>Consensys has raised approximately $715 million across these rounds.</li></ul>

As of October 2025, Consensys is reportedly preparing an IPO with JPMorgan and Goldman Sachs leading.MetaMask launched in‑app perpetual futures trading powered by Hyperliquid, with one‑click funding from any EVM chain and no swap fees on perp trades; global perpetual DEX volume reached $765B in August 2025.Consensys has raised approximately $715 million across these rounds.

<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>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>What we&#39;re solving at QuickNode is abstracting blockchain node management away from customers.</li><li>Second, when we&#39;re explaining our value prop, it&#39;s most certainly that we are faster.</li><li>If we succeed at everything we&#39;re doing, you will see blockchain deeply integrated into many, many aspects of your life.</li></ul>

What we&#39;re solving at QuickNode is abstracting blockchain node management away from customers.Second, when we&#39;re explaining our value prop, it&#39;s most certainly that we are faster.If we succeed at everything we&#39;re doing, you will see blockchain deeply integrated into many, many aspects of your life.

Auston Bunsen, Co-Founder Of QuickNode, On The Infrastructure Of multi-chain

United States

API for developers to read and write data across multiple blockchains

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

QuickNode (QUICKNODE US)

Primer: Consensys - 30 Oct 2025

Suite of developer tools and wallets for building and using Ethereum-based applications

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

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

Auston Bunsen, Co-Founder Of QuickNode, On The Infrastructure Of multi-chain

Sacra interview with Auston Bunsen, Co-Founder of QuickNode.

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)