Alternative Investing Report - November 4, 2025

*as of 11/3; Sources: S&P, BTC, FTSE, DJRE, CL50

Q3 saw global M&A value reach almost $1.3 trillion — a 25.6% increase over Q2 — to approach an all-time quarterly record, and the highest since the end of 2021. The total deal value for the year rose above $3.4 trillion, essentially ensuring the best year since 2021. Deal count hit nearly 13,000, exceeding 37,000 for the year, putting 2025 on pace to be the busiest year ever by transaction count.

➨ TAKEAWAY: The year began with expectations that more dealmaking would happen, and so far 2025 has not disappointed, despite economic uncertainty and tariff-related challenges. While interest rates also remain higher than investors and dealmakers would like, they are slowly coming down. These factors point to an even stronger market for deals and exit activity if and when things stabilize, which will be good for increased liquidity across the ecosystem.

🪙 Crypto market dips: In a continuation of the downward trend of the last month, the crypto market is down nearly 10% in the last week and 17% from its record high a month ago. More than $1 billion in long positions were liquidated in the past day as a result of the downturn.

🦸‍♂️ Potential record comic book: A newly discovered copy of Superman #1 that is the highest graded copy of the 1939 comic is coming to auction later this month at Heritage, and could break the $6 million record for the most expensive comic book ever sold.

🏢 Best multifamily markets: Nashville leads the way for multifamily markets, thanks to strong rental demand, job growth and population gains. It is followed by Indianapolis and Columbus, with five of the top ten markets coming from the Midwest.

🚀 Biggest rounds of the week: In unsurprising news, AI continued to dominate the VC world, with the biggest round of last week going to the AI startup Mercor, and three of the top five going to other AI startups, though a couple of fintech startups like Savvy Money cracked the top ten as well.

🎨 Unseen Renoir: Later this month, a Paris auction house is selling a previously unknown work by Pierre-Auguste Renoir depicting his son Jean, who grew up to be an Oscar-winning filmmaker. The painting is estimated to sell for between $1 million - $1.5 million.

🚀 SpaceX $2 billion contract: The Elon Musk-led startup just secured a $2 billion contract with the U.S. government for satellites designed to track incoming missiles as part of a potential “Golden Dome” air defense system.

75 ½ Bedford Street in Manhattan’s West Village is notable for both its dimensions - at 9.5 feet wide, it is known as the “narrowest townhouse” in New York City - and its former residents, who include Cary Grant, John Barrymore, Margaret Mead, and Edna St. Vincent Millay. Built in 1873 and recently renovated, the narrow building squeezes three bedrooms, two bathrooms, and four fireplaces into 1,000 square feet over three levels. The property has a small private garden and a larger, shared garden, as well as two balconies. It’s listed at $4.195 million after last being sold for $3.41 million in 2023.