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>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>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.

Layer2 Financial / Private Capital Markets

<ul><li>Stablecoins are evolving from "carnival tickets" for crypto speculation to legitimate digital money for global transactions, with double-digit month-over-month growth, particularly in cross-border payments and remittances.</li><li>COVID-19 accelerated the adoption of stablecoins as companies looked for faster and cheaper ways to move money cross-border in the wake of disrupted supply chains, and as cross-border workers increasingly used stablecoins to send money home to their families.</li><li>The stablecoin ecosystem is becoming increasingly fragmented, with various types including yield-bearing tokens like Paxos's Lift Dollar, centralized fiat-backed coins like USDC and BUSD, algorithmic stablecoins like DAI, and tokenized deposits like JPMorgan’s stablecoin.</li></ul>

Stablecoins are evolving from "carnival tickets" for crypto speculation to legitimate digital money for global transactions, with double-digit month-over-month growth, particularly in cross-border payments and remittances.COVID-19 accelerated the adoption of stablecoins as companies looked for faster and cheaper ways to move money cross-border in the wake of disrupted supply chains, and as cross-border workers increasingly used stablecoins to send money home to their families.The stablecoin ecosystem is becoming increasingly fragmented, with various types including yield-bearing tokens like Paxos's Lift Dollar, centralized fiat-backed coins like USDC and BUSD, algorithmic stablecoins like DAI, and tokenized deposits like JPMorgan’s stablecoin.

<ul><li>Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.</li><li>The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.</li><li>Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.</li></ul>

Today, we’re increasingly seeing fintechs diversifying, moving towards alternate models of monetization like subscriptions, interest from deposits and lending, and tips.The fintech industry is seeing a trend of consolidation, with larger platforms acquiring smaller fintechs to leverage established customer bases and cross-sell financial products.Real-time payments (RTP) may not significantly threaten card networks for consumer-to-business transactions but could revolutionize disbursements and payroll processes.

<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.

United States

Corporate card and expense software backed by self-custodied stablecoin collateral

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Rain (RAINCARDS US)

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

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

Stablecoins And Fintech Infrastructure

During and after COVID, stablecoins like USDC and USDT became a key way for companies in emerging markets to transact cross-border, allowing them...

Sacra

The Future Of Interchange

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Stablecoins And Fintech Infrastructure

During and after COVID, stablecoins like USDC and USDT became a key way for companies in emerging markets to transact cross-border, allowing them...

Sacra

The Future Of Interchange

​​Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...

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

Early fintechs like Chime scaled to $100M+ with nearly all their revenue coming from interchange—the fee they generate every time their customers...