Alternative Investing Report - July 24, 2025

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*as of 7/23; Sources: S&P, BTC, FTSE, DJRE, GOLD

Deal volume in the secondary market was $102 billion in the first half of the year, on pace to break last year’s record of $162 billion. Now, many first-time sellers are looking to secondaries to meet their liquidity needs, increasing the supply available. More private equity funds are paying out existing investors by turning to continuation funds, where they sell assets from an earlier fund to a new fund they also manage. Continuation funds raised $25 billion through the first half of the year and are poised to set a new record in 2025.

➨ TAKEAWAY: PE firms have used continuation funds to exit a record $41 billion of investment so far this year. Declining exit activity in private markets has caused investors and funds to solve their liquidity issues in whatever way they can, and investors with capital can take advantage by acquiring stakes at discounts.

In case you missed it - our look at the $200 billion energy and climate tech sector and how investors should approach it, with Energea co-founder Chris Sattler, Zettawatts founder Scott Case, Carbon Collective’s Breene Murphy, and Worth’s Josh Kampel. The panel discussed the growing demand for energy, the role of renewables, and strategies for building investment portfolios that align with sustainable practices, and touched on where the energy market could be heading.

The messaging app Telegram is opening up its TON wallet to its 78 million U.S. users, which will allow them to send and receive crypto directly within the app. Already used by 100 million people internationally, the wallet is built on the TON blockchain and supports peer-to-peer transfers, token swaps and staking. It also offers zero-fee crypto purchases through a partnership with MoonPay. Meanwhile, Coinbase announced a new partnership with PNC bank that will allow retail and institutional customers to buy, sell, and hold crypto in their bank accounts.

➨ TAKEAWAY: There are now so many ways to get access to crypto that it seems hard to believe that a lack of access is hindering adoption, but there are still huge swaths of people who will be introduced to the asset class through these new avenues. PNC’s entry is another example of crypto companies and traditional banks teaming up to offer digital assets to new investors, and it also lends legitimacy to an asset class that often has to battle bad publicity.

🏡 Existing home sales fall again: June saw a 2.7% monthly decrease in existing home sales, but the level is unchanged year-over-year, while the median sales price increased 2% year-over-year to reach an all-time high.

📈 S&P 500 record: Amid optimism for a trade deal before an August 1 deadline, the stock market was up again, with the S&P 500 hitting a new all-time record high yesterday and the Dow Jones Industrial Average and Nasdaq Composite both just missing record highs as well.

🤖 xAI looking for more capital: Only weeks after closing a $10 billion round of debt and equity financing, the Elon Musk-led AI startup is seeking an additional $12 billion in debt to expand its data center infrastructure.

🏢 Multifamily starts rebound: Two leading indicators for future supply rose in June, with multifamily housing starts up 25.8% year-over year and permits up 2.1% year-over-year.

🎨 CryptoPunks resurgence: The OG NFT collection had its highest single day volume since last November, and its floor price has risen by around 20% in Ethereum — and nearly doubled in USD — over the past two weeks.

🎵 Ozzy Osbourne memorabilia: Multiple items that belonged to the late Black Sabbath frontman will be auctioned off on August 8, and they are likely to go for above their current high estimates.

It was only a matter of time, but generative AI has made its way to Netflix, which announced that it has begun to use it in its original TV shows and movies. The first AI final footage to appear on screen is in an Argentine show called “El Eternauta” and features a building collapse in Buenos Aires that was finished 10 times faster with AI than traditional methods at a lower cost. AI continues to advance, and it would be no surprise if it starts to overtake CGI for visual effects. It’s only a matter of time before it supplants other creative work in filmmaking, for better or worse.