Alternative Investing Report - September 19, 2025

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*as of 9/18; Sources: S&P, BTC, FTSE, DJRE, 30YM

In the lead up to the 2024 election, prediction markets Polymarket and Kalshi exploded into the mainstream consciousness, and in the ten months since, both have been growing exponentially. Polymarket, a blockchain-based prediction market, is reportedly looking to raise capital at a valuation of $9 billion - $10 billion, less than three months after its last funding round valued the company at $1 billion. Kalshi is eyeing a fundraise at a valuation of $5 billion, more than double its $2 billion valuation from June.

➨ TAKEAWAY: A large part of Polymarket’s significant boost in value comes from its impending entrance back into the U.S. market, and there are also rumors that it could launch its own native crypto token. Kalshi has already been CFTC-regulated and is open to U.S. customers, and the competition between the two sites is likely to heat up. Other existing sports betting companies and crypto exchanges either have launched or are planning to launch their own prediction markets. The prediction market space is about to get very crowded, but there is massive upside for the companies that end up with the most market share.

The average U.S. asking rent was flat in August and up 2.4% year-over-year, according to Zillow’s new rental market report. This is similar to Redfin’s 2.6% annual growth rate, though Zillow’s report counts single-family rentals while Redfin’s does not. Both reports single out Austin as the market with the biggest yearly decrease in rent, and Chicago as the market with the biggest yearly increase.

➨ TAKEAWAY: As new construction has fallen, supply is slowly diminishing, while demand continues to grow with housing affordability declining. Only 12.7% of renters are now able to buy a median-priced home in their market, pushing nearly 2 million households from potential buyers to renters.

🚀 StubHub IPO disappoints: The ticket selling marketplace went public earlier this week and has seen its share price drop by more than 15% since its debut. The company is unprofitable and its 10% yearly revenue growth has not been enough to excite investors thus far.

💵 Pension funds targeting private markets: The top 20 U.S. pension funds, which hold more than $500 billion in assets, have all increased their private market exposure in the past decade, with many doubling their allocations in that timeframe.

🪙 Grayscale multi-crypto ETF approved: The SEC approved the first ever multi-token crypto ETP, Grayscale’s Digital Large Cap Fund (GDLC), which holds Bitcoin, Ethereum, Solana, XRP and Cardano.

⚾ Vintage and modern cards: Many collectors believe that vintage and modern card segments compete with each other, but it seems closer to a “rising tide lifts all boats” effect, as big results in one category often signals the same for the other.

🏡 College town markets: A look at the 50 biggest college towns in the U.S. found that home sales and listings are rising fastest in Bloomington, IN, and that median sales prices grew the most annually in Urbana, IL.

🎨 Emerging artist prices: Art adviser Josh Baer says that the most any collector should pay for a large artwork at an artist’s first solo show is $15,000, with a $5,000 cap for a small artwork.

Monday: 🪙 Crypto IPOs, ⚽ Soccer card record
Tuesday: 🚀 Robinhood Ventures, 💵 Private equity struggles
Wednesday: 🏡 Housing values, 🎨 Art market slump
Thursday: 📊 Fed rate cut, 🏡 Construction data

Have a great weekend!