Alternative Investing Report - June 25, 2025

*as of 6/24; Sources: S&P, BTC, FTSE, DJRE, GOLD

There is a stark generational divide when it comes to alternative assets, with 93% of people under 44 saying they are likely to invest in alts in the coming years, compared to just 28% of those 44 and up saying the same. Younger generations are also nearly three times more likely to be skeptical of traditional assets such as stocks and bonds. It is no surprise that alternative asset managers are increasingly targeting retail investors, with 80% planning to launch new products and structures, nearly double the number from just three years ago.

➨ TAKEAWAY: Gen Z and Millennials are eschewing the traditional 60/40 portfolio of stocks and bonds in favor of alts, and investment firms are listening. Asset classes such as crypto and pre-IPO startups are significantly more popular among younger investors. As these investors accrue more wealth and become the dominant market players, alternative assets will become an even bigger part of the investment landscape.

In this episode of Smart Humans, Slava Rubin talks with Alture Funds' founder and CEO Harold Hofer about the evolution of alternative investing and the importance of yield and diversification.

Housing prices fell nationally in April, with the FHFA House Price Index showing a 0.4% monthly decline and a 3.0% year-over-year gain. Meanwhile, the S&P CoreLogic Case-Shiller Index posted an identical 0.4% seasonally adjusted monthly decline and a 2.7% year-over-year gain, the lowest annual uptick since August 2023. The city with the highest annual increase in value was New York at 7.9%, followed by Chicago at 6% and Detroit at 5.5%. Tampa and Dallas were the only two markets to post a yearly decline.

➨ TAKEAWAY: While a decline was expected, the size of the fall was larger than expected, as excess inventory and lowered demand has stifled housing appreciation. With mortgage rates staying high, prices are not likely to rise the rest of the year. While home values are cooling nationally, there are certainly regional differences with the Northeast and Midwest holding up significantly better than the Sun Belt.

📊 Consumer confidence worsens: The Conference Board’s consumer confidence index fell by 5.5% in June, while the Expectations Index fell to a level generally seen during recessions. These drops followed a sharp increase in May as consumers are still concerned about inflation and tariffs.

🏢 Multifamily sales increase: There were $30 billion worth of apartment buildings sold in Q1, a 35% year-over-year increase, as buyers are betting on slowing construction boosting long-term rent growth.

🤖 Ascribe doubles valuation: The AI medtech startup raised $300 million at a $5.3 billion just four months after being valued at $2.75 billion as it has become the leader in the AI-powered medical scribe market.

🎬 Ferris Bueller vest: The iconic movie prop sold at Sotheby’s for $279,400, slightly under the $300,000 pre-sale low estimate, but still a good result for the new Pop Culture department at the auction house.

💵 Private credit tax break: President Trump’s spending bill includes a tax break on dividends that could be worth billions to private credit funds if it survives and becomes law.

👑 Princess Diana auction: Tomorrow, Julien’s is auctioning more than 300 of Princess Diana’s personal belongings, including three dresses that have already been bid up into the six figures.

Wyoming is looking to launch its own stablecoin WYST, potentially as soon as next month, and recently released a list of potential blockchain partners, led by Aptos (APT) and Sei (SEI). While Aptos is up 9% on the week, the SEI token has nearly doubled, rising by more than 90%, by far the highest gain of any top-100 token by market cap. Sei is a layer-1 “Proof of Stake” blockchain network whose calling card is high-speed and secure transactions. In addition to the Wyoming news, the network has seen significant growth in the past two months, nearly tripling their daily active addresses. Still, the token is down from its highs of $0.70 last December and could see this progress fall back if it is not ultimately chosen by Wyoming.