_{*as of market close August 12, **weekly}

Russian president Vladimir Putin signed into law a measure that will take effect this November and legalizes crypto mining, both for approved mining firms and for individuals who keep their energy consumption below a certain level. This came just a week after the lower house of the Russian Parliament approved a law allowing crypto to be used by businesses for cross-border payments, in a move to help avoid foreign sanctions.

➨ TAKEAWAY: This opens up a new, potentially huge market for crypto that could boost demand, particularly for more established coins, such as Bitcoin, which is up around 6% since the news broke. On the other hand, crypto has come under a lot of criticism for facilitating money laundering, drug trafficking, and other illicit activities, and for being a tool to help rogue states like North Korea. If Russia uses crypto to evade sanctions, that would cause more bad press for crypto as it tries to go more mainstream.

The White Glove is an art-market startup, aims to connect sellers with guarantors to increase the number of guarantees at auction. They recently launched a pilot program in partnership with Artclear, a blockchain company that creates digital certificates of authenticity for physical artworks, to sell a Bridget Riley print with “dual backing” at London’s Forum Auctions. It sold for slightly above pre-auction estimates, and was a demonstration of the potential of guarantees for lower-priced items.

🡆 TAKEAWAY: Guarantees are a way for auction houses to attract sellers, who can be sure that their piece will get a certain amount, either from the auction house itself, or a third-party. Often, the third-party receives a percentage of the final price if it exceeds the guarantee amount. Expanding the world of guarantees to more affordable artwork, which the White Glove is attempting to do, will be a step towards greater liquidity in the art market.

Sports clubs have been among the best performing assets over the past few decades. In the past two decades every major US sports team has seen its value 2x or more. On August 15 at 2 PM ET, join our sports business panel with Slava Rubin of Vincent, Andrew Durgee of Republic and Stuart Goldfarb of SKI Partners as they take a look at the pros and cons of getting involved in the asset class.

🏡 Hottest market in America: Oshkosh, WI has topped the rankings of the most in-demand markets for the first time ever, and all 20 cities on the list are in the Midwest and Northeast as affordability reigned supreme.

🚀 WeRide seeks a U.S. IPO: The China-based robotaxi startup is aiming to raise $119M at a valuation of $5B as self-driving technology continues to attract investors.

💵 Another private credit acquisition: The British asset management company Janus Henderson, which has $361B in AUM, is buying a majority stake in Chicago-based private credit firm Victory Park Capital Advisors, as investor demand for alternatives continues to grow.

🏡 Um, maybe don’t do that: Redfin’s CEO Glenn Kelman said in an investor call that if mortgage rates don’t fall, he’s going to “drink our own urine or our competitors’ blood,” so he must be pretty confident rates are going to go down.

⚾ Mays rookie record: A 1951 Bowman Willie Mays card sold for $390,934 at Robert Edwards auctions, marking a new record for any Mays rookie card, and the 3rd highest sale for any Mays card.

🪙 Crypto VC funding rises in Q2: The total value of invested capital rose by 2.5%, but the number of deals fell by 12.5%, as the pace of investment continues to fall from its 2022 peak.

Ever thought about owning a golf course? Blue Fox Golf Course is located in Avon, CT, just west of Hartford, and boasts 27 holes over 250 acres. The property has a 6,000 square-foot clubhouse that contains a bar and a golf shop, as well as a 5,800 square-foot maintenance barn. It is up for auction starting September 26 with a reserve price of $1.75 million.