Digital Asset Management Firm, Etherbridge

Etherbridge

Digital Asset Management Firm

Etherbridge is a digital asset management firm investing in the value of information and trust

Crypto

<ul><li>Part 2 is long, it discusses the dragons guarding the promise of Chain Street. I cover blockchains transformation of counterparty risk into technical risk.</li><li>I highlight the hyper competitive nature of Chain Street and the emerging topic of token holder rights.</li><li>I point out that Chain Street’s problem isn’t technology anymore, its a lack of quality assets that leave some of Chain Street’s best services underutilised. </li></ul>

Part 2 is long, it discusses the dragons guarding the promise of Chain Street. I cover blockchains transformation of counterparty risk into technical risk.I highlight the hyper competitive nature of Chain Street and the emerging topic of token holder rights.I point out that Chain Street’s problem isn’t technology anymore, its a lack of quality assets that leave some of Chain Street’s best services underutilised. 

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>In November 2025, Kraken raised $800 million at a $20 billion valuation, with participants including Apollo, Oppenheimer, Jane Street, HSG, DRW, Tribe Capital, and the family office of Arjun Sethi.</li><li>Kraken Financial's Federal Reserve master account (approved March 2026) further extends this infrastructure layer, unlocking the ability to offer banking-grade settlement and payment services directly on Fed rails and opening a path to compete for treasury management, payroll, and institutional cash management business without bank intermediaries.</li></ul>

Sacra estimates that Kraken generated $2.2B of revenue in 2025, growing 33% year-over-year from $1.7B in 2024.In November 2025, Kraken raised $800 million at a $20 billion valuation, with participants including Apollo, Oppenheimer, Jane Street, HSG, DRW, Tribe Capital, and the family office of Arjun Sethi.Kraken Financial's Federal Reserve master account (approved March 2026) further extends this infrastructure layer, unlocking the ability to offer banking-grade settlement and payment services directly on Fed rails and opening a path to compete for treasury management, payroll, and institutional cash management business without bank intermediaries.

<ul><li>OpenSea was last valued at $13.3B in January 2022 during its $300M Series C round led by Paradigm and Coatue Management.</li><li>OpenSea functions as a comprehensive marketplace for digital assets across 22 different blockchains.</li><li>OpenSea's expansion into fungible token trading represents a massive TAM increase from the $15-20B annual NFT market to the $1T+ on-chain token trading market.</li></ul>

OpenSea was last valued at $13.3B in January 2022 during its $300M Series C round led by Paradigm and Coatue Management.OpenSea functions as a comprehensive marketplace for digital assets across 22 different blockchains.OpenSea's expansion into fungible token trading represents a massive TAM increase from the $15-20B annual NFT market to the $1T+ on-chain token trading market.

<ul><li>Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.</li><li>Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.</li><li>The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.</li></ul>

Fireblocks raised $550 million in a Series E round in January 2022, achieving an $8 billion valuation.Fireblocks employs a capital-efficient approach by prioritizing software and network effects over direct custody of customer assets.The Global Stablecoin Payments Network, launched in September 2025, extends Fireblocks' capabilities from storage and trading to cross-border payouts and merchant settlement.

Institutional-Grade Analysis, In-depth Insights, Animoca Brands Research

Animoca Brands Research

Institutional-Grade Analysis, In-depth Insights

Animoca Brands Corporation Ltd. is a Hong Kong-based game software company and venture capital company

<ul><li>Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token unlock triggers, on average, a 0.3% price drop over the week preceding the unlock and another 0.3% drop over the week following the unlock.</li><li>The strongest price effects occur two days before the unlock and on the third and fourth days after the unlock. Interestingly, the actual unlock day and the day after show little price impact.</li><li>The similar magnitude of price drops before and after the unlock suggests that market anticipation is just as influential as the actual selling pressure.</li></ul>

Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token unlock triggers, on average, a 0.3% price drop over the week preceding the unlock and another 0.3% drop over the week following the unlock.The strongest price effects occur two days before the unlock and on the third and fourth days after the unlock. Interestingly, the actual unlock day and the day after show little price impact.The similar magnitude of price drops before and after the unlock suggests that market anticipation is just as influential as the actual selling pressure.

The Impact of Token Unlock Events on Cryptocurrency Prices: An Empirical Analysis

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Uniswap (UNI CURNCY)

Chain Street (Part 2) - The Challenges

Part 2 is long, it discusses the dragons guarding the promise of Chain Street. I cover blockchains transformation of counterparty risk into...

Etherbridge

Primer: Kraken - 24 Aug 2026

Crypto exchange for professional traders with deep liquidity and strong security infrastructure

Sacra

Primer: OpenSea - 16 Oct 2025

Marketplace for buying, selling, and creating NFTs across multiple blockchain networks

Sacra

Primer: Fireblocks - 11 Sep 2025

Software for businesses to securely store, transfer, and manage digital assets

Sacra

The Impact of Token Unlock Events on Cryptocurrency Prices: An Empirical Analysis

Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token...

Animoca Brands Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)