Alternative Investing Report - September 5, 2025

*as of 9/4; Sources: S&P, BTC, FTSE, DJRE, 30YM

The Swedish fintech startup Klarna’s much-anticipated IPO could be coming soon, and it is reportedly already oversubscribed. But Klarna is not the only high profile IPO that could happen next week. The crypto exchange Gemini is aiming to raise more than $300 million at a valuation of around $2 billion, and the blockchain lender Figure is looking to raise more than $500 million at a valuation of $4.3 billion.

➨ TAKEAWAY: Gemini reported $280 million in losses in the first half of this year, but Figure is actually profitable, and how they fare once public will be a gauge for how much investors value profitability in a hot sector like crypto. If Gemini’s IPO is a success, it could prompt a bigger exchange like Kraken, a long-rumored IPO candidate, to explore its own public offering. Klarna, which is going public at a much lower valuation than the price of its previous funding rounds, will be a good test of the public’s appetite for fintech, a sector that has mostly had a difficult year.

In this episode of Smart Humans, Slava Rubin talks with EquityZen CEO Atish Davda about his market predictions, investment strategies, the evolving landscape of pre-IPO investing, and the hottest sectors.

🏡 Investor purchases plummet: The number of homes purchased by U.S. investors in Q2 fell 6% year-over-year to the lowest total in five years, with condo purchases falling 13%. Florida saw the heaviest decline in investor interest, with Seattle, San Francisco, and Portland seeing the biggest increases.

🏀 Million-dollar Kobe jersey: The first #24 jersey that Kobe Bryant ever wore, from the 2006-07 season, is coming to auction at Sotheby’s and could sell for more than $1 million, after originally being purchased for $10,000 two weeks after it was worn.

🚀 Quantum computing raise: IQM Quantum Computers closed a $320 million fundraising round, the largest European quantum computing deal ever, as the sector stayed on course for a record-breaking year.

🪙 SEC rule changes: The regulatory agency released a list of proposed rules, including a number that could change the way it deals with digital assets and potentially reduce oversight of crypto companies.

🤖 Sierra megaround: The AI agent startup is reportedly raising a $350 million funding round at a $10 billion valuation, more than double its previously valuation of $4.5 billion from one year ago.

⚽ Apollo sports fund: The alternative asset manager is launching a $5 billion sports investment fund, after entering talks to buy a stake of the Spanish soccer team Atlético Madrid and lending capital to English soccer team Nottingham Forest.

Monday: 🚀 Secondaries market, 🧑‍⚖️ Tariffs ruled illegal
Tuesday: 🪙 Crypto fund inflows, ⚽ Million-dollar Messi card
Wednesday: 🏢 Industrial sales, 🏀 Record trading card sales
Thursday: 🏡 Climate risk report, 💵 Private credit investing

Have a great holiday weekend!