Alternative Investing Report - June 17, 2025

*as of 6/16; Sources: S&P, BTC, FTSE, DJRE, CL50

Tron, the digital asset platform founded by controversial billionaire Justin Sun is planning to public through a reverse merger with SRM Entertainment, a custom toy manufacturer listed on Nasdaq. The Tron token (TRX) - notionally separate from the company Sun owns - is the 8th biggest cryptocurrency in the world with a market cap of more than $26 billion. SRM will then buy hundreds of millions of dollars worth of the token, stake it, and distribute dividends. Tron’s blockchain powers 50% of all USDT activity and 30% of all stablecoin activity, and the company directly benefits from that volume.

➨ TAKEAWAY: This merger is quite a turnaround for Sun, who had been facing fraud charges from the SEC that were dropped when President Trump took office. Sun holds approximately $100 million worth of Trumpcoin - the President’s memecoin - and this reverse merger deal was done through an investment bank with ties to the Trump children. As for the deal itself, it is essentially copying the model of Michael Saylor’s company Strategy - which has become a Bitcoin holding company - but holding the Tron token rather than BTC. Within in a regulated public company, the holdings are likely to trade at a premium just like Strategy’s BTC holdings do. The price Tron did not react strongly to the news, but if the strategy is successful, it could increase demand for it in the long-run.

Slava Rubin, Jan-Erik Asplund, and Christine Healey explored the investment landscape surrounding Elon Musk's companies, including Tesla, SpaceX, Neuralink, and xAI. They discuss Musk's journey from a successful entrepreneur to a dominant figure in multiple industries, the various investment opportunities available, and the competitive landscape of the businesses. The discussion also covers the risks associated with investing in Musk's ventures, and their unique characteristics.

Women’s basketball superstar Caitlin Clark is quickly becoming one of the most popular athletes in the country, and her collectibles market is catching fire. Over the weekend, a 2024 Panini Prizm Black Finite 1/1 card sold for $274,500 and a Gold Vinyl card from the same set sold for $211,873. There have been 8 six-figure sales this year for women’s sports cards - all of them Clark’s.

➨ TAKEAWAY: Interest in women’s sports — and thieir cards — has been growing, and Clark is the type of generational superstar that can drive interest to the next level. The value of her cards have risen 67% in the past year according to her CardLadder index, and earlier this year one of her cards set the all-time record for any women’s sports card. Her effect is also being felt in the world of private equity, as more firms are investing into women’s franchises across different sports looking for the next big thing.

🪙 Trump cashing in on crypto: The President has made more than $57 million from his family’s World Liberty Financial crypto firm, and his family’s ties to crypto have deepened further this year. Expect the administration to expand its pro-crypto agenda going forward.

🏡 Real estate value drops: The total value of owner-occupied real estate fell by 0.4% in Q1, while mortgage debt reached a new high of $13.4 trillion, a figure that is up 2.9% year-over-year.

🚀 Ramp fundraise: The fintech startup is raising $200 million at a $16 billion valuation, an increase over its $13 billion valuation from March, continuing a strong comeback year for the fintech sector.

🏈 Saquon Barkley leads: The Super Bowl-winning running back topped the list of NFL player merch sales over the past year, leading the way in jersey sales, though quarterback Patrick Mahomes ranked #1 in other categories like bobbleheads.

💵 Family offices want private credit: As private equity returns lag, family offices are turning to private credit, with the asset class topping a BlackRock survey for where they intend to allocate over the next year.

👛 Roman coin collection: A teacher’s collection of more than 130 ancient Roman coins sold for more than $1 million, including a rare coin from 42 or 43 BC that sold for $314,000, more than double its high estimate.

Built in 1950, this decommissioned Atlas E Missile Silo is located on 24 acres of land in Eastern Washington, around 40 minutes west of Spokane. It was built to withstand a direct missile hit and nuclear fallout, making it perfect for the doomsday prepper who also wants an upscale living space. There are 3 bedroom and 3 bathrooms split between a 820 square-foot above ground living area and a 1,906 square-foot underground living area. There is also a 3,794 above-ground workshop and garage connected by elevator to the underground space. It has been on the market on-and-off for the past couple of years and is currently listed for $1.45 million.