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Wishing a meaningful Yom Kippur to all those that celebrate. The weekend saw two major collectibles auctions, Instinct is up 200x in 2 months, the SEC is allowing tokenized stocks, and Zipline is raising a big round. Let’s dive in!
🎫 Register: For our next investor briefing featuring a discussion with Super Bowl champion Marques Colston about investing into sports.
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📈 WEEKLY MARKETS
⚾ WEEKEND AUCTIONS
Goldin’s Summer 100 auction featured four lots that sold for seven-figures, led by a record-setting $2.8 million sale of a Pokémon card, an auction record $2.2 million Magic: The Gathering card, and a $2.44 million Shohei Ohtani card. The rare 1998 Pikachu card more than tripled the last sale in June for a slightly lower graded card, while the Ohtani card with a print run of 5 sold for much more than expected given the 1 of 1 version sold for $3.3 million in July. The Heritage Fall Sports Catalog auction also took place over the weekend, with multiple big sales for Michael Jordan cards.
➨ TAKEAWAY: The positive momentum for the collectibles market continues, across both sports and trading card games. The Ohtani market has been booming and cards that used to go for six figures are now well into seven. Michael Jordan remains one of the most sought-after athletes, with one of his jerseys on track to set a record later this month. It remains to be seen if higher interest rates will affect the market but the results from the weekend are a strong data point that they aren’t slowing it down just yet.
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📺 UPCOMING EVENT
Emerging opportunities in sports investing are opening up new ways to create value across different assets and markets. Join Vincent’s Eric Cantor and the Champion Fund’s Marques Colston and Nick Edwards to explore how investors identify these opportunities and the catalysts that drive value creation. They will dig deep into Champion Fund’s investment in Premier League soccer club Ipswich Town to break down how promotion, scarcity and league economics can drive significant valuation growth, while exploring similar opportunities across the entire sports ecosystem.
September 30 at 11 AM ET
📰 NOTABLE NEWS
🤖 Instinct fundraise: Just weeks after raising a round at a $2.5 billion valuation, the AI assistant startup is in talks to raise another round at a $10 billion valuation, quadrupling its value. The company is potentially going from a $50 million seed valuation to a $10 billion valuation in under 6 weeks, giving seed investors a 200x return on paper in an incredibly short period of time.
🪙 SEC allowing tokenized stocks: Effective immediately, the SEC is creating a regulatory pathway for platforms to issue tokenized stocks, as long as token holders have the same rights as stockholders and companies can opt out of allowing their shares to be tokenized. The crypto market rose around 5% in response to the news, and Robinhood’s stock rose 9%, as they are expected to start offering tokenized shares.
🚀 Zipline fundraise: The drone delivery startup is in talks for a massive $1 billion funding round at a $20 billion valuation, nearly triple its previous valuation of $7.6 billion from January. It follows a high-profile partnership with Uber, and the company was also podcast guest Ron Biscardi’s investing pick in June.
🏡 Active inventory rising: The number of houses on the U.S. market is up 5% year-over-year, hitting the highest levels since late 2019. This has come despite a slight decline in new listings, meaning that older listings are not selling and are staying on the market.
🏢 Wellness anchoring retail: Heath and wellness businesses such as spas, gyms, and health food stores are increasingly being used as anchors for retail centers as department stores and multiplexes lose popularity. Additionally, there have been no major closings this year among fitness centers and gyms of the largest retail chains tracked.
💵 Rate hike and private equity: So-called “zombie funds” - private equity funds with assets that they cannot sell - are going to be in a more difficult situation as the Fed raises interest rates. Deals are going to be tougher to make, which will limit liquidity, which will make fundraising more difficult, putting the asset class in a bind.
📆 LOOKING FORWARD
Today: Yom Kippur.
This week: The U.N.’s General Assembly meets in New York City.
Tuesday: The first day of Autumn.
Thursday: New home sales report released; Heritage’s Comic Book Signature auction begins, led by a copy of Captain America #1 from 1941.
Saturday: RM Sotheby’s Zurich auction, featuring a number of seven-figure collector cars.
