Alternative Investing Report - December 16, 2025

*as of 12/15; Sources: S&P, BTC, FTSE, DJRE, CL50

So far in 2025, there have been nearly 700 seed stage funding rounds of $10 million or more generating more than $16 billion in total funding worldwide, an all-time record. More than 42% of all seed funding has gone to AI startups, up from 30% in 2024, and the total funds raised is up nearly 50%. Much of that total is due to two rounds - the record-breaking $2 billion seed round for Thinking Machines Lab, and the $475 million seed round for Unconventional AI.

➨ TAKEAWAY: Seed rounds have traditionally been relatively small bets on early-stage startups with the understanding that most of them will fail. That calculus has to change for VC firms allocation tens and hundreds of millions into companies at the early stage or there are going to be unhappy investors. If bigger seed rounds are the new normal, it also changes the way founders have to approach fundraising. It remains to be seen if this trend will continue after the AI boom peaks, but it could open the door for VCs still willing to make a higher quantity of smaller bets on startups.

💵 Real assets report: Global fundraising for real assets and infrastructure has risen dramatically so far in 2025, with the latter already exceeding its total from last year. AI’s rise has led to increased demand for infrastructure and energy projects, a trend likely to continue in 2026.

🪙 Crypto banking approval: The U.S. Office of the Comptroller of the Currency (OCC) is allowing five crypto companies - Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos - to operate as federally chartered national trust banks, another major step forward for crypto in the financial system.
 
👛 Final pennies ever: With the U.S. Mint no longer producing pennies, the last ones ever minted were auctioned off at Stack Bowers as part of 232 separate three-coin sets that also included one special gold penny. The auction totaled more than $16 million, with the final set selling for $800,000.

🏡 Homebuilder sentiment rises: The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) showed a gain of one point in December, but it still remains at 39, below the breakeven point of 50.

🏢 Retail leasing: Major cities such as New York, Los Angeles, and Miami are seeing a resurgence in retail leasing activity, capturing more than 60% of major retail openings and 80% of new luxury and fashion leases.

📖 Jewish prayer book: The 15th century Rothschild Vienna Mahzor illustrated Hebrew prayer book, one of only three of its kind known to exist, is expected to fetch more than $5 million at auction next February at Sotheby’s.

Only in America! A property owned by the legendary 94 year-old boxing promoter Don King is facing a foreclosure auction next May after a Florida judge awarded a hard money lender a $42.5 million judgment. The 52-acre site is located in Mangonia Park in Palm Beach county, and is the site of a unused 282,000 square foot jai alai fronton and its surrounding parking lots, one of which is used for a commuter rail station. King bought the property in 1999 for $6.3 million and was reportedly asking $100 million for it earlier this year, but if he cannot satisfy the $42.5 million judgment, it will go to auction.