Alternative Investing Report - September 1, 2025

*as of 8/31; Sources: S&P, BTC, FTSE, DJRE, GOLD

Over the past year, venture capital exit value through the secondaries market was more than $61.1 billion, slightly bigger than the $58.8 billion of exits via public offerings, making it a mainstream path to liquidity. Startups that raised a round within the past 18 months make up a majority of the trading volume and generally fetch prices on the secondary market similar to their last primary valuation, with discounts up to 8.5%. On the other hand, companies that raised between 2020-2022 are seeing discounts between 30-60% compared to their last public valuation. AI is the most popular market sector, followed by Information Technology, Fintech, Aerospace, and National Security.

➨ TAKEAWAY: While there have been a number of prominent IPOs this year, there is still a liquidity crunch for many venture investors. The secondaries market is helping, but generally deals with the biggest and most notable companies that make up the vast majority of the volume. Secondaries should continue to grow as more funds get raised and more platforms become available, and the market will likely continue to grow in both breadth and depth.

🧑‍⚖️ Trump tariffs ruled illegal: A federal appeals court in Washington DC ruled 7-4 that President Trump exceeded his powers by instituting tariff policies, though the ruling will not take effect until mid-October and will certainly be appealed.

📊 PCE index rises: The personal consumption expenditures (PCE) price index — the Fed’s preferred measure of inflation — was up 0.2% in July and 2.6% annually, while core PCE, which excludes food and energy costs, rose by 0.3% in July and 2.9% annually, the highest rate since February.

🪙 WLFI token debuts: At 8 AM ET this morning, the native token of the Trump-affiliated World Liberty Financial was set to unlock for trading, with the perpetual futures market showing an initial price of $0.30 - a boon for those who bought it for $0.015 or $0.05 in the pre-sale period.

🏡 Buying demand rises: Redfin’s Homebuyer Demand index is up 3% monthly, though it is also down 3% year-over-year, while other measures of buying interest, such as mortgage purchase applications, touring activity, and pending home sales also rose in the last month.

🤖 AI megarounds: A total of 33 AI startups have raised funding rounds of $100 million or more in 2025, with the automation platform EliseAI’s $250 million fundraise being the most recent example.

🏢 Bid Intensity Index up: JLL’s measure of commercial real estate bidding activity increased in July, the first improvement since last December, as institutional investors began to return to the market.

Monday: Labor Day, U.S. markets closed today.

Wednesday: The Job Openings and Labor Turnover Survey (JOLTS) report will be released.

Thursday: The NFL season kicks off at 8:20 PM ET when the Philadelphia Eagles host the Dallas Cowboys; Propstore’s Entertainment Memorabilia auction begins, featuring a Darth Vader lightsaber that could sell for $3 million or more.

Friday: The highly anticipated U.S. jobs report will be released.

Saturday: Goldin’s August Elite auction, featuring a combo Michael Jordan, Kobe Bryant, and LeBron James signed card.