Alternative Investing Report - August 27, 2025

*as of 8/26; Sources: S&P, BTC, FTSE, DJRE, CL50

The S&P CoreLogic Case-Shiller Index showed a monthly decline of 0.3% in U.S. house prices in June, and while prices are up 1.9% yearly, that’s the slowest yearly price gain in more than two years. The best performing market was New York City, and the worst performing market was Tampa. Meanwhile the FHFA House Price Index showed a monthly decline of 0.2% and a slightly higher 2.9% year-over-year gain. The FHFA Index showed New York, Connecticut, and New Jersey with the highest year-over-year price increases of between 7-8%, while four states and DC actually saw year-over-year price declines.

➨ TAKEAWAY: This data is in line with what a number of other metrics have been showing over the past few months as the market has become more favorable for buyers. It is important to note that while the national averages are slowing, results vary widely from region to region. The Northeast and Midwest have generally remained solid, while Sun Belt states, especially Florida, have continued to struggle.

In this episode of Smart Humans, Slava Rubin and Sacra's Marcelo Ballvé explore Stripe's business model, revenue streams, competitive landscape, and future growth potential, including the impact of stablecoins and AI on its operations. The discussion also includes Christine Healey of HEALEY PRE-IPO who discusses investment opportunities in Stripe and the dynamics of accessing shares in the company.

The crypto fund Pantera Capital is planning to raise $1.25 billion to create Solana Co., a Nasdaq-listed crypto treasury company that will hold Solana, the sixth-largest cryptocurrency by market cap. This update comes just a day after news that three crypto companies, including Galaxy Digital, are looking to create their own $1 billion Solana treasury company, and after Pantera has committed at least $300 million to digital asset treasuries. After dropping 8% in value two days ago, Solana just about made up those losses with an 8% gain yesterday.

➨ TAKEAWAY: Crypto treasury companies have exploded onto the scene in the past few months, and Vincent’s Adam Katz and Eric Cantor discussed the new trend earlier this month. If both these Solana treasury companies pan out, it would more than triple the amount of Solana held by publicly traded companies and could boost the price in the short-term by adding significant buying pressure.

📊 Consumer confidence falls: The Conference Board’s consumer confidence index dropped 1.3 points in the past month, and the number of consumers expecting a recession increased, as did concerns about tariffs and the job market.

🤖 Musk AI lawsuit: The Elon Musk-led companies X and xAI are suing Apple and OpenAI, claiming an agreement between the two companies violates competition laws and that Apple gave OpenAI favorable treatment in its App Store.

🪙 Big Bitcoin sell-off: A crypto “whale” sold off 24,000 Bitcoin worth $2.7 billion, causing the price to drop by more than 3%, with traders expressing concerns that the seller still owns $17 billion of BTC and a continuing sale would drop the price further, and observing how thin the volume must be for a modest sell order to have so much price impact.

🏀 More Jordan sales: While overshadowed by the record-breaking $12.9 sale of a card featuring Michael Jordan and Kobe Bryant, a lot of other Jordan memorabilia sold over the weekend at the same auction, including ticket stubs, shoes, and even a signed piece of the United Center floor he played on.

🏢 Late rent: The rate of late rent payments is the highest it’s been in the past five years, a worrying sign for real estate investors, and the economy as a whole.

🐕 Pet food deals: The first half of the year saw 11 deals involving pet food companies, nearly matching the 13 in all of 2024, as overall food and beverage dealmaking stayed on a steady pace comparable to last year.

Yesterday, Trump Media Group announced a partnership with Crypto.com to create a $6.4 billion crypto treasury company for Crypto.com’s native token Cronos — the Trump Media Group CRO Strategy, Inc. The company is planning to eventually hold 19% of the total supply of Cronos, and will generate yield through staking on Crypto.com’s custody platform. The announcement sent the price of Cronos skyrocketing by more than 40%, pushing its weekly gain above 50%, the highest for any token in the top-100 by market cap. Cronos has nearly tripled in value since the beginning of July, and with the backing of the current administration, could become a new major token within the crypto ecosystem.