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This is everything you need to stay up to date in alternatives.
Highlights from the full issue:
- Macro: Nigeria projected 2025 GDP growth at 4.17%
- Real Estate: Existing home sales rose 9.3% in December
- Startups: Global fintech funding fell 20% in 2024
- Private Credit: Thoma Bravo closed Credit Fund III at $3.6B
- Crypto: PayPal’s PYUSD became the 4th largest stablecoin
- NFTs: CMC Group launched Liquid NFTs
- Art: Sotheby’s hit $6 billion in 2024 sales
- Vintage Autos: A 1966 Ford GT40 sold for $7.04 million
- Coins: A rare 1927-D Double Eagle sold for $3.84 million
- Farmland: The Mormon Church paid $289M for 41,554 acres
- Luxury: Syntilay launched the first AI-designed luxury shoe
- Wine, Tequila, and Spirits: Popeyes partnered with Don Julio
- Film & Music: Roc Nation partnered with Musicow
- Precious Metals: Peruvian Metals achieved record production
- Collectibles: Fanatics reported 15% revenue growth in 2024
- Websites: Pack.com sold for $600,000
Let’s go.
Wyatt
Table of Contents
Macro View
Bullish News
- Nigeria projected 2025 GDP growth at 4.17%, with oil output hitting 2.3 million barrels daily.
- Middle-income US consumers showed 76% confidence in financial improvement for 2025.
- The S&P 500 hit a new record high last week.
- South Korea’s Q4 economy expanded 0.1%, supported by private and government consumption.
- Moody’s upgraded Argentina’s credit rating to Caa3, citing improved financial stability.
- Deloitte forecasted 3.1% consumer spending growth in 2025.
Bearish News
- Brazil’s interest rates were projected to reach 15.50%.
- South Korea’s Q4 GDP growth slowed to 1.2%, its weakest in six quarters.
- US credit card holders making minimum payments hit a record 10.75% as delinquencies rose.
- US unemployment claims climbed to 1.9 million, the highest in three years.
- IMF warned that inflation will remain persistent globally despite containment efforts.
What are the odds?
Get $25 to play around with using this link.
Real Estate
Bullish News
- Existing home sales rose 9.3% in December, with the median price hitting $404,400.
- Detroit saw a 72% increase in home prices since 2020, ranking No. 2 in growth.
- AT&T sold 74 properties to Reign Capital for $850 million.
- Blackstone announced an $11 billion investment in Maharashtra’s real estate market.
- CBRE expects Asia Pacific commercial real estate transactions to rise 5-10% in 2025.
Bearish News
- A San Francisco penthouse dropped 30% to $9 million from its $14 million listing.
- APF Properties defaulted on a $155 million loan, their fourth recent default.
- Detroit’s Renaissance Center tower is headed to auction at $2.75 million with 11% occupancy.
- Harris County property taxes have risen 25.4% since 2019, making Houston the 12th highest nationwide.
- US existing home sales hit their lowest since 1995, with only 4.06 million in 2024.
How to invest in real estate right now:
Is Detroit making its comeback?
Startups
Bullish News
- ElevenLabs raised $250 million Series C at a $3 billion valuation, with $90 million ARR.
- Allara Health secured $26 million Series B funding to expand women’s healthcare nationwide.
- 500 Global launched a MENA fund as regional funding hit $2.6 billion in 2023.
- Brookfield Properties acquired Divvy Homes for $1 billion after creating 2,000 homeowners.
- Eximius Ventures launched a $30 million Fund II to back 25-30 early-stage tech companies.
Bearish News
- Shopify laid off customer support staff while outsourcing to third-party vendors.
- Indonesian unicorn eFishery allegedly inflated revenue by $600 million in nine months.
- Stripe cut 300 employees in product and engineering roles.
- Global fintech funding fell 20% to $33.7 billion in 2024.
- Andreessen Horowitz announced plans to close its London office, exiting UK crypto investing.
- GameOn’s founder was indicted for fraud, misusing $60 million in investor funds.
How to invest in startups right now:
GameOn to GameOver.
Private Equity and Private Credit
Bullish News
- Thoma Bravo closed Credit Fund III at $3.6 billion, with $1 billion invested across 20 deals.
- Blackstone and Vista Equity completed an $8.4 billion Smartsheet acquisition.
- LA Fire & Police Pension committed $382.2 million across seven funds.
- EQT’s exits reached €11 billion, marking a strong 2025 start.
- KKR acquired a majority stake in Dawsongroup, which earned £250 million EBITDA last year.
- Francisco Partners closed its tech-focused credit fund at $3.3 billion.
Bearish News
- Patient care ratings dropped 5.2% by year three of PE hospital acquisitions.
- Direct lending default rates are expected to rise to 3% in 2025 from 1.9% in 2024.
- California passed a law requiring state approval for PE healthcare deals.
- PE firms own 40% of New Mexico healthcare facilities, prompting new oversight laws.
- Pension funds demanded more transparency on PE fees and performance after rejected standards.
How to invest in PE and Private Credit right now:
PE is really making a name for itself in the medical world.
Crypto
Keep an eye on DJT’s meme coin here
Bullish News
- President Trump signed an order boosting digital assets as the SEC lifted key accounting barriers for institutions.
- Grayscale filed for spot Litecoin and Solana ETFs, expanding beyond Bitcoin products.
- PayPal’s PYUSD became the fourth-largest stablecoin, now integrated into SAP for corporate payments.
- MicroStrategy increased share count by 30x to support Bitcoin buys after adding 11,000 BTC.
- Bitstamp secured a MiFID II license to offer regulated perpetual swaps in Europe.
- Radius raised $7 million from Pantera Capital to build MEV roll-up infrastructure.
Bearish News
- The crypto market fell 3% to $3.52 trillion, with $250 million in liquidations.
- The SEC launched a new Crypto Task Force to increase oversight.
- Indian authorities uncovered a $350 million crypto Ponzi scheme.
- A UK court ordered a $24.5 million repayment from fraudsters exploiting an Australian trading platform.
How to invest in Crypto right now:
Who’s holding PYUSD?
NFTs
Keep an eye on Trump NFTs here
Bullish News
- Trump Digital Trading Cards reached $65 million in trading volume, with Series 1 hitting 16,978 ETH.
- CMC Group launched Liquid NFTs, enabling fractional ownership and instant liquidity.
- The NFT market is projected to hit $84.13 billion by 2029, growing at 30.3% annually.
- Atari released 500 limited-edition redeemable NFTs with DYLI, priced at $15 each.
Bearish News
- Yuga Labs faced backlash over rumored CryptoPunks IP sale.
- A whale lost $80,900 panic selling Milady NFTs within 30 minutes of purchase.
- CULT token market cap dropped 72%, falling from $250 million to $70 million.
- NFT trading volumes declined 66% from 2023 levels despite Ethereum’s rally.
- The Met’s first Web3 game faced complaints over its unintuitive interface.
How to invest in NFTs right now:
Brutal way to lose $90K.
Artwork
Bullish News
- Sotheby’s hit $6 billion in 2024 sales, with private sales up 20% to $1.4 billion.
- Art SG in Singapore recorded a $350,000 sale of Tunji Adeniyi-Jones’s Celestial Gathering.
- Saudi Arabia launched its second Islamic Arts Biennale with 500 objects from 20 countries.
- Sotheby’s will accept cryptocurrency payments at its upcoming Saudi Arabia auction.
Bearish News
- Sotheby’s auction sales dropped 28% to $4.6 billion, pulling total sales down 23%.
- Russia’s Hermitage Museum was evacuated due to a security threat.
- Insurers denied a $19.7 million claim for forged Basquiat artworks seized in Orlando.
- Brighton’s Enter Gallery closed after 30 years.
- A Swiss collector accused Christie’s of mishandling Einstein letters and artworks sold below estimates.
How to invest in Artwork right now:
How much does a letter by Einstein go for?
Vintage Autos
Bullish News
- Worldwide Auctioneers announced their largest Enthusiast Auction to date, featuring three no-reserve collections with over 150 cars.
- Concierge Auctions achieved 100% sell-through rate at Arizona Car Week, with over $230 million in total bids.
- A 1966 Ford GT40 MkI Road Car sold for $7.04 million at Mecum Kissimmee 2025, leading their top 10 sales.
- A rare 1954 Mercedes-Benz W 196 R Stromlinienwagen, one of only four examples, is expected to fetch $50 million.
Bearish News
- A theft ring stole 132 luxury vehicles worth $11.5 million from dealerships across the US.
- Lamborghini rejected plans to produce continuation cars of its classic models.
- A Mercedes-Benz junkyard in the UK revealed dozens of abandoned luxury classics, including rare W114 and W116 models.
How to invest in Vintage Autos right now:
What do you think about Lamborghini’s decision? Bring back the classics or keep moving forward?
Rare Coins
Bullish News
- A rare 1927-D Saint-Gaudens Double Eagle sold for $3.84 million at GreatCollections, one of only a dozen known examples.
- Heritage Auctions achieved $78.3 million in total sales at their FUN numismatic events.
- The US Mint launched the USMC 250th Anniversary Commemorative Coin Program.
- Heritage Auctions completed its most successful year with $1.9 billion in total sales.
- The Perth Mint’s December silver sales reached 1,057,311 ounces, a 55.2% increase from the previous year.
Bearish News
- The US Mint’s production costs soared to 3.69 cents per penny and 13.78 cents per nickel in 2024, resulting in a negative seigniorage of $103 million.
How to invest in Rare Coins right now:
Another week, another desperate search through my pocket change for a 1927-D Saint-Gaudens Double Eagle.
Farmland
Bullish News
- Australia’s organic industry reached 53 million hectares of certified organic land, the largest in the world.
- Michigan launched a new Farm-to-Family program offering grants of up to $50,000 for food hub infrastructure.
- The number of wireless devices in agricultural production reached 26.5 million and is projected to grow to 38.2 million by 2028.
- The City of Ottawa evaluated a $2 million acquisition of 223 acres of waterfront farmland for conservation.
Bearish News
- North Carolina’s moderate drought jumped 20 points to 65%, while severe drought persisted at 8%.
- ADM halted grain vessel loading in Louisiana during the region’s worst snowstorm in 130 years.
- The UK Office for Budget Responsibility warned elderly farmers would be exposed to tax changes with limited restructuring time.
- Mississippi farmers reported a bleak forecast as banks declined funding for the upcoming season.
- China owned 380,000 acres of US farmland, prompting new restrictions from Alabama lawmakers.
How to invest in Farmland right now:
Who knew the number of wireless devices in ag was a metric people were recording?
Luxury Goods
Bullish News
- Mytheresa announced plans to acquire YNAP, creating a leading global multi-brand digital luxury group.
- Burberry’s retail performance improved with strong US sales, particularly in New York City after reopening its 57th Street flagship store.
- Syntilay launched the first AI-designed luxury shoe with custom 3D printing technology.
- The global luxury market reached $327.52 billion in 2024, with projected growth to $480.54 billion by 2033.
Bearish News
- Chanel cut 70 US jobs, representing 2.5% of its US workforce.
- UK luxury retailers reported tourist sales dropped from 33% to 5% of total revenue after tax-free shopping ended.
- Tiffany & Co. closed its Providence Place store.
How to invest in Luxury Goods right now:
Who here is getting AI shoes?
Wine, Tequila, and other Spirits
Bullish News
- Popeyes announced a collaboration with Don Julio tequila, launching on January 31, 2025.
- ASM Capital Group established the first investment fund focused on American Single Malt Whiskey, with plans to secure $250 million by 2026.
- Benchmark Wine Group announced record sales in 2024, with their east coast operation growing 300% from 2023.
- The premium spirits market reached $174.36 billion in 2023 and is expected to hit $348.53 billion by 2030.
Bearish News
- Premium wine sales declined 3.4% through September 2024, with the industry correction expected to continue until 2030.
- Australian spirits tax revenue dropped AU$280 million below projections for 2024-25.
- US wine sales fell 6% in 2024 as younger consumers turned away from alcohol.
- The Baltimore County Council unanimously opposed allowing beer and wine sales in grocery stores.
How to invest in Wine and Spirits right now:
I can’t wait to see what comes of the Popeyes X Don Julio collab.
Music and Film
Bullish News
- Duetti secured $114 million in new funding for catalog acquisitions, including $80 million from asset-backed securities.
- The live music market is set to grow by $17.99 billion through 2029, with an 11.2% annual growth rate.
- Roc Nation partnered with Musicow to launch the first US Music Equity Service Provider.
- Magnolia Pictures acquired rights to “One to One: John & Yoko” documentary, planning IMAX release in April 2025.
Bearish News
- English-language music from the US lost market share globally, dropping 0.44 percentage points to 44.29%.
- Hollywood production costs increased after the LA fires disrupted 30 productions and damaged filming locations.
- The Second Circuit rejected record labels’ attempt to weaken DMCA protections for streaming platforms.
- Universal Music Group demanded the dismissal of Drake’s pre-action petition over Kendrick Lamar’s “Not Like Us” release.
How to invest in Music and Film right now:
Excited to find out if Yoko really is to blame after all.
Metals and Gems
Bullish News
- The diamond market is projected to reach $155.5 billion by 2032, growing at a CAGR of 4.5%.
- Goldman Sachs projected gold to exceed $3,000 per ounce by the end of 2025.
- The precious metal catalysts market reached $20.4 billion in 2024 and is expected to hit $30.8 billion by 2032.
- Peruvian Metals achieved record production of 33,889 tonnes at its Aguila Norte plant in 2024, up 12.2% from 2023.
Bearish News
- A New York woman lost $700,000 in life savings to gold bar scammers.
- The Perth Mint’s gold sales plunged 41.2% in 2024, dropping to 391,606 ounces from 665,889 ounces in 2023.
- Trump announced plans for 25% tariffs on metals from Mexico and Canada by February 1.
- Mountain Province Diamonds’ average realized price dropped to $98/ct from $121/ct in 2023.
- A New Jersey jeweler received prison time for evading $13.5 million in customs duties on imported jewelry.
How to invest in Metals and Gems right now:
Always be on the lookout for gold bar deals that sound too good to be true.
Collectibles
Bullish News
- Fanatics reported 15% revenue growth to $8.1 billion in 2024, with trading cards generating $1.6 billion.
- Pokémon Trading Card Game Pocket announced a new trade feature and Space-Time Smackdown expansion.
Bearish News
- Three people were charged with forging 1,138 pieces of Jason Kelce memorabilia worth $200,000.
- Diamond Comic Distributors filed for Chapter 11 bankruptcy, owing $9.2 million to Penguin Random House.
- Graphic novel sales dropped 11.4% in 2024, the industry’s worst performance in years.
How to invest in Collectibles right now:
Who else is hooked on Pokémon Trading Card Game Pocket?
Websites and Domains
Bullish News
- World Liberty Financial acquired multiple Trump-related ENS domains.
- The managed DNS market reached $1.56 billion in 2024, with DDoS protection commanding 36% market share.
- D3 Global announced plans to bridge Web2 and Web3 domains.
- Pack.com sold for $600,000.
- “AI” remained the most searched keyword on Sedo’s marketplace throughout 2024.
Bearish News
- Team Internet Group announced the shutdown of Hexonet.
- Wix.com stock declined 0.66%, underperforming both the S&P 500 and Nasdaq.
- Multiple Philippine university websites experienced extended outages due to domain registry issues.
How to invest in Websites and Domains right now:
Which .ai will be the next to sell big?
That’s all for this week
Cheers,
Wyatt
Disclosures
- We hold BTC and ETH in our ALTS 1 Fund.
- This issue was brought to you by our friends at Sen-Jam.
- There are a couple of affiliate links above. If you click them, we may get a couple of bucks.