Alternative Investing Report - August 25, 2025

*as of 8/24; Sources: S&P, BTC, FTSE, DJRE, GOLD

Over the weekend, a dual-signed, 2007-08 Michael Jordan/Kobe Bryant Logoman card that is 1 of 1 sold for $12.93 million at Heritage Auctions, setting a new record for the most expensive sports card ever. It edged out the previous record holder, a 1952 Topps Mickey Mantle card that sold for $12.6 million three years ago. The card is the only example of a Logoman card signed by both Bryant and Jordan, and with Bryant’s death, there will never be another one. It had been expected to sell for more than $6 million, but for it to break the record was surprising.

➨ TAKEAWAY: One of the criticisms of modern sports cards is manufactured scarcity, and this card is a prime example, but that did not dissuade the buyer and bidders. While the sale of one card, no matter how high, is not a barometer for the asset class as a whole, it fits the recent narrative that the sports card market is rebounding from years of stagnation. The sale is also another data point suggesting that at the high end, collectibles are becoming as legitimate a store of wealth as art has been for generations.

Vincent co-founders Eric Cantor and Adam Katz talk about why the current market for collectibles is heating up and whether we're heading for or already in a bull market. (6 mins)

On Friday, Ethereum set a new all-time high, surpassing the record $4,878 mark from November 2021. Yesterday, it nearly hit the $5,000 mark, topping out close to $4,950 before dipping shortly thereafter. Still, the second-biggest cryptocurrency by market cap has risen 9% in the last week and nearly 50% in August.

➨ TAKEAWAY: Two major factors seem to be behind Ethereum’s recent rise - the growing importance of stablecoins, which often operate on Ethereum’s network, and demand created by Ethereum treasury companies, which are accumulating large reserves of the coin. Ethereum’s rise has been particularly notable because it has come as Bitcoin’s price has fallen this month, showing it doesn’t need to rely on Bitcoin’s price to rise to make gains itself.

📊 Powell indicates rate cuts are coming: In a speech last Friday in Jackson Hole, Wyoming, Fed Chair Jerome Powell said that the Fed may need to cut rates as soon as its next meeting in September to combat a struggling job market and economy, despite the risk of inflation.

🏡 Supply growing: New home listings rose 4.9% year-over-year, and active inventory is up 20.9%, and homes are staying on the market a full week longer than they did last year.

🚀 Waymo approved for NYC: The autonomous driving company has become the first entrant to be allowed to test its vehicles in New York City, the first step towards launching a robotaxi service in the Big Apple.

🪙 Metamask stablecoin: The popular crypto wallet has become the latest to announce a dollar-backed stablecoin, mUSD, which is being issued by Bridge — the Stripe subsidiary — and will allow its wallet users to easily exchange cryptocurrencies into dollars.

🤖 FieldAI fundraise: The robotics startup focused on building what are essentially robot brains announced a $314 million round at a $2 billion valuation, quadrupling its valuation from last year.

🏢 Manufactured housing: More investors are turning to manufactured housing as the price points are lower, vacancy rates are steady, and they generate consistent cash flow. As a result cap rates have compressed significantly over the past decade, despite rising interest rates.

Monday: New home sales report released.

Tuesday: Consumer confidence report; S&P Case-Shiller home price index and FHFA house price index released.

Wednesday: Chipmaker Nvidia reports its quarterly earnings.

Thursday: Pending home sales report released; Fanatics Collect August Premier auction, featuring a 1 of 1 Caitlin Clark card that could challenge the record for most expensive women’s sports card ever.

Friday: Personal Consumption Expenditures (PCE) and Core PCE indices, the Fed’s preferred inflation metrics, released.