Alternative Investing Report - November 21, 2025

*as of 11/20; Sources: S&P, BTC, FTSE, DJRE, 30YM

In what has quickly become a recurring story, crypto and stock markets struggled yesterday. The S&P 500 fell 1.6% and the Nasdaq dropped 2.1% even after both surged to start the day. Crypto lost around 9% of its value, falling below $3 trillion for the first time since April, with Bitcoin dropping below $85,000, almost $40,000 below its all-time high from just last month. Many major tokens saw double-digit declines and have fallen significantly in the past week.

➨ TAKEAWAY: This decline follows the pattern of the last week, where investors are fleeing riskier assets and responding to the release of a stronger-than-expected September jobs report. The relative strength of the labor market makes it even less likely that the Fed will cut rates in December, and now a January cut is also in question. The market had priced in a high probability of two rate cuts in the next two months and now that there might be zero, investors are worried. If the risk-off environment continues, assets viewed as safer may benefit, like real estate and gold.

In the latest episode of Smart Humans, Slava Rubin talks with Lightstone DIRECT's Sanford Blumenthal about democratizing real estate investing and the unique opportunities available in the industrial sector.

🦸‍♂️ Most expensive comic ever: The highest-graded copy of 1939’s Superman #1 sold for $9.1 million at Heritage auctions, smashing the previous record for most expensive comic book ever sold, last year’s $6 million sale of Action Comics #1. Experts thought it could challenge the record, but surpassing it by more than $3 million speaks to the value of a truly unique item.

🎰 Kalshi’s valuation doubles: The prediction market startup is raising a $1 billion round at a valuation of $11 billion, just two months after raising money at a $5 billion valuation. Check out our latest pre-IPO briefing on prediction markets to learn more about Kalshi and its rival Polymarket.

🎨 Record-breaking Frida painting: Frida Kahlo’s “El sueño (La cama)” sold for $54 million at Sotheby’s, becoming the most expensive artwork by a woman ever sold, though it did fall slightly short of its $60 million high estimate.

🤖 Lambda fundraise: AI data center startup and CoreWeave competitor Lambda Labs raised a whopping $1.5 billion round at an undisclosed valuation, likely significantly higher than its previous valuation of $2.5 billion.

🏡 Existing home sales tick up: October saw a 1.2% rise in existing home sales, which were also up 1.7% year-over-year as mortgage rates declined slightly, bringing more buyers to the market.

🚀 Function Health fundraise: The AI-related healthtech startup raised $298 million at a $2.5 billion valuation, over ten times higher than its previous valuation in June 2024.

Monday: 🎨 New York Art Week, 🪙 Grayscale IPO
Tuesday: 🪙 Crypto market update, 🤖 Bezos AI startup
Wednesday: 🎨 Auction recaps, 🚀 VC secondaries
Thursday: 🏡 Buyer’s market, 🏢 Multifamily cap rates

Have a great weekend!