Alternative Investing Report - September 15, 2025

*as of 9/14; Sources: S&P, BTC, FTSE, DJRE, GOLD

Two crypto-related startups went public at the end of last week, the exchange Gemini and the blockchain-based lender Figure. Gemini priced its IPO at $28 per share, well above the initial range of $17-$19, and it opened on the Nasdaq at $37, reaching nearly $46 before closing at $32, 14% higher than the IPO price. The closing price values the company at $3.8 billion, still below the $7.1 billion valuation it held after its last funding round in 2021. Figure saw its shares close the first day of trading on the Nasdaq at $31 per share, 24% above its IPO price of $25, but below the $36 it opened at. The company’s market cap sits a bit below $7 billion.

➨ TAKEAWAY: Both results were clear wins for the crypto sector, and continued the successful recent string of high-profile IPO succeses. Investors should note that while both companies saw their share price increase from the IPO price, they both actually fell when compared to their opening prices. This is because what the shares are priced at isn’t necessarily what they will open for trading at, as initial demand can outstrip supply. Gemini’s IPO was 20 times oversubscribed despite posting significant net losses in the last year, demonstrating the appetite that investors have for the sector. Figure, which specializes in home-equity lines of credit (HELOCs), is profitable and less tied to the success of the risky crypto market, as it is essentially a real estate lender using blockchain technology. The encouraging results could inspire other crypto startups to pursue their own IPOs, with the crypto exchange Kraken a major name that has been rumored to go public soon. To dive into crypto opportunities, check out last week’s recent event (below) as well as Grayscale’s growing catalog of innovative product options.

Vincent’s Slava Rubin, Grayscale’s Zach Pandl and Fundstrat’s Sean Farrell discussed the future of digital assets beyond Bitcoin, looking at the rise of digital asset treasuries, the implications of tokenization, and the growing importance of stablecoins in the financial ecosystem. They showcased emerging products and strategies including Grayscale’s growing product set, for investors seeking more broad-based exposure. They also provided insights into how to access crypto investments, challenges of pricing and valuation, and made predictions for the future of the crypto market.

🏢 Data center record-low vacancy: The vacancy rate for data centers in major North American markets fell to a record-low 1.6% in the first half of 2025, with asking rates growing 2.5%, even as the total power supply has risen by 43.4% year-over-year.

⚽ Soccer card record: Just weeks after a Lionel Messi card sold for $1 million, another one of the same grade sold in a private sale for $1.5 million, setting a new all-time record for a soccer card.

🤖 FTC investigating chatbots: Startups including OpenAI and xAI, as well as tech companies Meta and Alphabet, are being investigated by the FTC for how their chatbots are interacting with teens and children. This inquiry follows a number of lawsuits against AI companies in the wake of teen suicides.

🪙 BlackRock pursuing tokenization: The alternative asset manager is looking into the possibility of bringing assets onchain, including its Bitcoin and Ethereum ETFs, and its CEO Larry Fink believes that all financial assets will eventually be tokenized.

🎨 Sotheby’s losses double: The auction house lost $248 million in 2024, more than double its losses of $106 million in 2023, as revenues dropped by 18% due to a slumping art market.

💵 Tricolor failure: The private car lender filed for bankruptcy and is being investigated for fraud, highlighting the risks that banks and investors could face in the private credit sector.

Tuesday: U.S. retail sales; Homebuilder confidence index released.

Wednesday: The Fed will announce its interest rate decision, widely expected to be a 25 basis point cut; Housing starts and building permits reports released; Deadline for ByteDance to find a new owner for social media platform TikTok or be banned in the U.S.

Thursday: Mile High’s Summer 2025 auction, featuring a number of high-value vintage sports cards.

Saturday: Goldin’s 2025 Summer Game Used auction, featuring two Michael Jordan jerseys expected to sell for more than $500,000 each.