*as of 9/21; Sources: S&P, BTC, FTSE, DJRE, GOLD

Bitcoin topped the $86,000 mark for the first time since January, as crypto continued its recent resurgence, rising more than 4% yesterday and 10% over the past week. Bitcoin itself is up more than 30% in the past three months, rebounding from below the $60,000 mark this summer. A number of other prominent tokens are up double-digits in the past week, led by NEAR (+76%), Arbitrum (+64%) and Avalanche (+42.5%).

➨ TAKEAWAY: This market rally has come despite two potential headwinds - the failure of the CLARITY Act to pass the Senate, and the Fed rate hike. It’s possible that those were priced in and once the bad news was processed, investors were willing to jump back into the market. One measure supports that theory, as U.S. spot Bitcoin ETFs had nearly $600 million in net inflows last Thursday and Friday. The crypto market thrives on momentum and is always volatile, so don’t be surprised if the rally keeps going or turns around completely.

In the newest episode of Smart Humans, Slava Rubin talks with Chef Robotics Founder/CEO Rajat Bhageria about scaling his company, the present and future of Physical AI and Robotics, and why he is bearish on humanoid robots.

🚀 Nscale IPO: The AI infrastructure cloud provider filed for a public offering on the NYSE under the ticker NSCL, with reports suggesting it is targeting a $2 billion raise at a $35 billion valuation. The company was last valued at $14 billion in March and its revenue has grown more than 1,200% in the past year, and is expected to go public in late October or early November.

⚾ Ohtani jersey: Los Angeles Dodgers star Shohei Ohtani’s game-worn jersey from the 2025 Tokyo Series, his first MLB game in Japan, is coming up for auction next month and is expected to set the record for the most valuable modern game-worn baseball jersey. The Ohtani market has continued to accelerate this year, and this one of one item is going to generate a lot of interest.

🤖 AI report nearly led to war: In yet another bit of scary AI-related news, it came out that the U.S. came dangerously close to starting a conflict with China that could have escalated to full-blown war, after relying on an AI-hallucinated report. The military launched an operation to intercept a Chinese ship, with military aircraft already in the air when they realized the report was “100% false.”

🪙 Coinbase files to list perps: The crypto trading platform filed with the CFTC to list single-stock perpetual futures for major companies like Apple, Tesla, and Nvidia, which would allow traders to bet on the prices of individual stocks without granting actual share ownership or dividend rights.

🏢 Coworking’s suburban expansion: The number of suburban coworking locations have grown by 39% in the past two years, nearly double the pace of urban locations. Suburban locations now account for two-thirds of all locations nationwide, though they do tend to be smaller than their urban counterparts.

💵 Private equity turning to insurance: As fundraising from traditional sources is drying up, private equity firms are turning to complex debt products to attract capital from the insurance sector. This development comes despite concerns over liquidity, risk, and transparency issues.

Eleven different vineyards in Sacramento and San Joaquin counties in California are now up for sale, ranging in price from $800,000 to $22.5 million, all falling under the McManis Family Vineyards label. The most expensive property is the main McManis vineyard with 122 acres of land and a winery facility which can crush up to 50,000 tons of grapes and bottle between 2.5 million and 3 million cases per year. The family is looking to get out as the wine business is struggling, due in large part to the trade war with Canada, which was the #1 export market for wine. Canada used to make up 40% of the family’s export sales, but that has dropped to 5%, leading to an oversupply of wine. Vineyard values have fallen by 10-25% in the past two years, which does mean that a buyer could be getting in at the bottom, particularly if they think the U.S.’s trade relationship with Canada will be repaired eventually.