Alternative Investing Report - May 12, 2025

*as of 5/11; Sources: S&P, BTC, FTSE, DJRE, GOLD

For the 12th straight year, a plurality of Americans believe that real estate is the best investment, with 37% choosing the asset class in a recent Gallup poll. In second place was gold, which rose five points to 23%, followed by stocks, which fell six points to 16%. Crypto was the least preferred asset class, clocking in at 4%, showing that it still has not achieved mainstream acceptance despite strong historical and recent returns.

➨ TAKEAWAY: Real estate’s popularity continues, despite real estate funds having the lowest returns over the past year. Real estate is viewed as a safe asset, and anxiety over the current economic situation is reflected in gold’s rise and the fall in popularity of stocks, which have struggled in 2025. This poll is just a measure of perception, not reality, but it is important to consider the results, as demand for an asset class is an important driver of prices.

🏡 April’s hottest markets: Eight of the nine hottest markets for April were in the Northeast, led by Manchester, NH, Springfield, MA, and Amherst, MA, where demand continues to outpace relatively low inventory.

🪙 Crypto bill stalls: What would have been a landmark piece of legislation surrounding stablecoins was rejected by the Senate, due in part to concerns surrounding President Trump’s crypto interests.

🚀 Rippling’s big raise: The HR tech startup raised $450 million at a valuation of $16.8 billion - a 25% gain in the last year - and is conducting a $200 million tender offer to provide liquidity to its employees.

🏡 Demand for vacation homes falls: The number of mortgages taken out for second homes dropped to the lowest level since records started being kept in 2018, with the biggest declines coming in Florida markets.

🎨 Lower-priced art selling: One of the major trends at the art fairs during New York’s Art Week is that sales have picked up for works under $50,000, as collectors target more affordable items.

⌚ Platinum Rolex withdrawn: A one-of-a-kind 1999 platinum Rolex Daytona was expected to sell for as much as $1.7 million at Sotheby’s yesterday, but the lot was withdrawn.

🪙 Celsius CEO sentenced: After pleading guilty to two counts of fraud, Alexander Mashinsky, the former CEO of the crypto company Celsius was sentenced to 12 years in federal prison.

🍷 Wine from Bhutan: The first vintage ever produced in the tiny Asian country sold for a total of $74,250 at auction, with a 7.57 liter bottle nicknamed “The Himalayan” selling for $18,750.

Today: Christie’s 20th Century Evening Sale, featuring notable works by Mark Rothko, Andy Warhol, and Claude Monet.

Tuesday: Consumer Price Index (CPI) and core CPI inflation reports for April released;

Wednesday: Christie’s 21st Century Evening Sale, highlighted by a Jean-Michel Basquiat painting expected to fetch more than $20 million.

Thursday: U.S. retail sales, Producer Price Index (PPI) and core PPI inflation reports released; Sotheby’s “The Now and Contemporary” evening auction, featuring paintings by Basquiat, Frank Stella, Robert Rauschenberg, and Ed Ruscha that could all sell for $10 million or more.

Friday: Housing starts and building permits numbers released; the WNBA season begins; Heritage’s Spring Sports Catalog Auction, featuring a game-worn Michael Jordan jersey estimated to sell for more than $2 million.