Alternative Investing Report - August 15, 2025

*as of 8/14; Sources: S&P, BTC, FTSE, DJRE, 30YM

The average rent for 0-2 bedroom properties fell 2.5% year-over-year in the top 50 metros in the U.S. in July, the 24th consecutive month that has seen a year-over-year decline according to Realtor.com. In contrast, Redfin’s July numbers have the median asking rent up 1.7% year over year nationally, which is the second straight positive month after more than two years of declines. San Jose, Washington D.C., and Chicago saw the biggest year-over-year increases, while Jacksonville and Austin saw the biggest decreases.

➨ TAKEAWAY: While the rental market has been declining most of the year, it might be starting to turn around, as Redfin’s numbers suggest. Multifamily completions have fallen sharply, limiting the new supply on the market, and the continuing high cost of home ownership continues to create rental demand.

Vincent co-founder Slava Rubin and Sacra's Jan-Erik Asplund discussed the design startup Figma's recent IPO, its competitive landscape, financial metrics, and the impact of AI on the design software market. They explored Figma's core products, its growth potential, and the risks associated with its valuation. The conversation also touched on the broader implications of AI in the design space and future projections for Figma as a public company. A must-watch for anyone interested in the business and how AI is transforming the software landscape.

2025 has been a strong year for the sports card industry at all levels, with sales volume growing each month and card values rising. Overall, 26 of the 34 indices tracked by CardLadder have seen positive results and there have been more seven-figure sales already this year than there were all of last year. Both Fanatics Fest and the National Sports Collectors Convention hit six figures in attendance. There are some concerns, though, that the asset class is headed towards another bubble, just as it did during the pandemic.

➨ TAKEAWAY: All signs in the collectibles market have been positive recently, and investors as a whole have started to look again at riskier assets. In 2021, many people took gains from equities and crypto and starting buying into the collectibles market, and that demand is part of what ultimately created the last bubble. This may be history repeating itself, especially for lower-valued cards, many of which are climbing in value despite high population counts. On the other hand, sports and collectibles have been growing in popularity and becoming more mainstream, which could drive more sustainable growth.

🎨 Luxury market: With art sales dropping, major auction houses are turning to luxury goods such as handbags, jewelry, wine, whiskey, and collectible cars, with sales of those items now making up more than 20% of all auction sales in 2025.

📊 PPI report: The Producer Price Index measure of inflation jumped by 0.9% in July, far higher than the expected 0.2% and the biggest rise in more than three years. The metric was up 3.3% on an annual basis, and is showing that — for now — it is producers and not consumers that are eating the added costs of tariffs.

🤖 Cohere fundraise: The AI startup raised a $500 million round at a $6.8 billion valuation, up from its $5.5 billion valuation last July, a notably slower pace of growth than its AI rivals.

🪙 U.S. Bitcoin reserve: Treasury Secretary Scott Bessent walked back earlier statements that the Treasury is not going to buy any additional Bitcoin by saying that they are exploring budget-neutral ways to expand the government’s holdings.

🏢 Office attendance: Companies are still hoping to increase in-person attendance from today’s average of 3.2 days per week, with 38% expecting workers to come into the office more and 67% planning to maintain or expand their office footprint over the next three years.

🎬 Disney auction: In what Heritage Auctions is calling the most successful animation art auction in history, more than 1,600 lots of Disney-related art sold for a total of $5.2 million.

Monday: 🎨 Top artists of 2025, 📝 Accreditation for investors
Tuesday: 🚀 VC Funding
Wednesday: 📊 CPI report, 🪙 Ethereum surge
Thursday: 🚀 Bullish IPO, 🪙 Bitcoin all-time high

Have a great weekend!