Alternative Investing Report - October 29, 2024

*as of 10/28; Sources: S&P, BTC, FTSE, DJRE, CL50

The price of Bitcoin topped $70,000 for the first time since June and is close to eclipsing its all-time high of $73,835 that was reached in March. The leading cryptocurrency is up 8% in the last five days and there have been a record $3.1 billion in net inflows into Bitcoin ETFs over the past two weeks.

➨ TAKEAWAY: The $70K mark is purely psychological, but with the all-time high within reach, expect demand to rise as bullish traders seek to push Bitcoin to a new record. The upcoming election has also fueled speculation, as former President Trump’s odds rise in betting markets. Though both candidates have pledged to be crypto-friendly, Trump seems to be the preferred choice of crypto traders. Be wary, though, as there are likely to be wild swings in the next week and a Trump loss could send markets down.

As we enter a new rate cycle, new opportunities are arising for real estate investors. Today at 11 AM ET, join a discussion about how best to build your portfolio in a shifting rate environment.

CB Insights’ list of the 100 most promising fintech startups is based on deal activity, industry partnerships, investor strength, and other proprietary factors, and consists mostly of early and mid-stage startups. The companies on the list have collectively raised more than $2 billion in 2024 from 74 funding rounds, and represent 23 countries, though 52% are U.S.-based. The companies that have raised the most funding to date are Coda Payments, and Bilt Rewards, the latter having raised $350 million in 2024.

➨ TAKEAWAY: VC funding to fintech companies has declined in 2024, but that doesn’t mean the space is devoid of prospects. Investors should take note of the names on the list as potential investment opportunities both now and in the future, as the early-stage companies mature and head down the path towards an exit.

👛 Coin auctions: More than 2,500 silver coins minted between 1066 and 1068 were sold for $5.4 million after being found in a farmer’s field in the UK in 2019. Elsewhere, a rare 1975 U.S. dime that is one of just two known to exist was sold for $500,000 after being hidden away since the late 1970s.

🏢 AAA CRE bonds: For the first time since the 2008 financial crisis, investors in AAA-rated Single Asset Single Borrower (SASB) bonds are being hit with losses, as office vacancies rise and property values crater.

💵 Private market pay rises: The average total compensation for alternative asset managers grew 35% to $1.4 million, as demand for alts continues to grow.

🎨 China art market: China was the only country where art sales grew last year, rising by 9% to become the second largest art market in the world.

🚀 NAACP Capital: The largest civil rights organization in the U.S. is turning to venture capital, as it looks to raise $200 million to create a fund investing in startups and managers that support communities of color.

⌚ Phillips watch auction: A Cartier Modèle A Mystery Clock with a high estimate of $720,000 and a 1945 Patek Phillippe 1518 with a high estimate of $600,000 lead the way at next month’s Phillips watch auction in Hong Kong.

The Amsterdam Castle, a hotel located 35 miles northwest of Albany, is on the market for $5.6 million. The 22,539-square-foot building sits on nearly 2 acres of land and contains 22 hotel rooms and suites as well as a 5 bed, 3 bath owner’s residence. Originally constructed in 1895, it was last purchased for $825,000 in 2013 and underwent a extensive, multi-million dollar renovation over the past four years.