Alternative Investing Report - May 26, 2026

*as of 5/25; Sources: S&P, BTC, FTSE, DJRE, GOLD

 
A couple of crypto-related IPOs took another step forward, as Blockchain.com filed its draft S-1 with the SEC and the tokenization startup Securitize reported its Q1 revenue in advance of its planned SPAC deal later this year. Blockchain.com last raised in 2023 at a $7 billion valuation, which was half of its previous valuation from 2022. Securitize reported a record quarterly revenue of $19.5 million on $1.9 billion in transaction volume and now has $3.4 billion of tokenized assets under management.

➨ TAKEAWAY: Crypto companies are starting to again test the IPO waters, particularly those focused on infrastructure, with the exchange Kraken also recently reviving its IPO plans, though ConsenSys delayed its own public offering. With the crypto market itself down this year and relatively flat the past few months, it is unclear how much investor demand there really is for the space. The digital asset company Bitgo went public earlier this year and has dropped more than 60% since its debut, so investors should probably be cautious about any upcoming crypto IPO.

💵 Default rates soaring: The default rate for U.S. private credit loans hit a record-high 6.0% last months, as borrowing costs have risen to their highest level in nearly 20 years. The sector has been battling a fall in investor interest and declining fundraising as bad news continues to pile up.

⚽ Ronaldo card sale: A 1 of 1 2018 Green Panini Kaboom Cristiano Ronaldo card sold for $1.35 million in a private sale, becoming the second-most valuable soccer card ever, and tripled the previous record for a Ronaldo card which was set just last week. The market for soccer cards is expected to heat up in advance of the World Cup, which starts in June.

🏈 Josh Allen record: A 2025 Topps Chrome Josh Allen signed NFL Shield 1 of 1 card sold for $1.35 million, more than a million dollars higher than the previous record for an Allen card. It is the first seven-figure NFL card since 2023, and the most valuable football card manufactured in the past five years.

🚀 U.S. invests in quantum: The government is deploying $2 billion in capital to nine quantum computing companies, including public companies such as IBM, but also startups including PsiQuantum and Quantinuum.

🏡 Inventory continues to grow: Active U.S. housing inventory is up 2.2% year-over-year while the median listing price has fallen by 2.3%, continuing the trend so far for both numbers in 2026.

🏢 AvalonBay + Equity Residential merge: The two REITs are merging in an all-stock deal that will create a company with a $52 billion market cap and a $69 billion enterprise value. The merger is the biggest ever for REITs, and will create one of the biggest real estate companies in the U.S.

A Greek island named Makri is up for sale with a starting bid of what seems to be the bargain price of $290,000. It’s one of the Echinades islands, located in the Ionian Sea off the west coast of the country. It’s small, at 0.38 square miles, but the real reason it’s so cheap is that construction is effectively prohibited due to the island being part of a protected area. It had previously been listed for $9 million, but with that new information, the price has plummeted. If a potential buyer can figure out a way to allow development, it could be a fantastic investment, and at the very least, they can say they own a private island in Greece.