*as of 6/3; Sources: S&P, BTC, FTSE, DJRE, CL50

The stablecoin issuer Circle is reportedly going public today on the New York Stock Exchange under the ticker CRCL. It increased the size of its IPO on Monday, and is looking to raise nearly $900 million at a $7.2 billion valuation. Meanwhile, the fintech startup Chime is also heading towards a public offering, and is looking to raise around $800 million at an $11.2 billion valuation. While still unprofitable at the end of 2024, Chime’s revenue is growing rapidly while losses have decreased. The company will be listing on Nasdaq with the symbol CHYM and is expected to go public next week.

➨ TAKEAWAY: These offerings are both highly anticipated IPOs with potential ramifications for their respective sectors. Circle’s performance will be a barometer for the public’s appetite for crypto-related companies, while Chime is hoping to revive the flagging fintech sector. Chime had been valued as high as $25 billion privately, but saw that fall significantly the past few years. The value reset is good for fintech as it is more in line with reality, and the price point may be more attractive to investors.

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In this conversation, Slava Rubin and Christine Healey covered the world of pre-IPO investments, discussing the growing trend of companies staying private longer and the opportunity this presents for investors. They explore key terms and concepts related to pre-IPO investing, including share classes, liquidity preferences, and the importance of understanding investment structures like SPVs. The discussion also includes the practical aspects of navigating the investment process and the importance of due diligence.

The crypto company Magic Eden and the team behind President Trump’s memecoin announced a new Trump-branded crypto wallet and trading app, but it appears it was launched without the family’s permission. All three of Trump’s sons denied their involvement and have reportedly threatened legal action, and the wallet’s official X account has been taken down.

➨ TAKEAWAY: While this wallet is apparently not official, Donald Trump Jr. did tease an upcoming wallet from their crypto venture World Liberty Financial, which is also developing a decentralized trading app. The more entangled the crypto world becomes with the President and his family, the more risk develops for polarization and bad publicity within the space. And as always, in the crypto space investors have to be cautious of bad actors and scams before committing any capital.

🏢 Net reduction in office space: Due to conversions and demolitions, the amount of office space leaving the market now exceeds new construction for the first time in 25 years. While vacancy rates remain at record highs, shrinking the inventory base will be good for existing owners in the long run.

🤖 Abridge AI fundraise: In a round led by VC giant a16z, the healthcare AI startup Abridge AI is raising $300 million at a $5.3 billion valuation, nearly double its valuation from just four months ago.

📊 Job openings rise: There were more job openings in April - 7.4 million - than expected, as both layoffs and hiring increased during the month. Job growth is expected to decline monthly but overall the labor market is relatively steady.

💵 HSBC investing in private credit: The largest bank in Europe is earmarking $4 billion more to its private credit division as it aims to build a $50 billion fund within the next five years.

🪙 Banks eyeing stablecoins: Fintech startup Stripe has been having discussions with traditional banks about using stablecoins, and according to co-founder John Collison, the banks are “very interested.”

🍷 Napa Valley barrel auction: Bidding on Sotheby’s Napa Valley Barrel auction has opened, where investors and collectors get first access to high-end wines from the 2023 vintage. The live auction will take place this Friday.

The tokens in the top-100 by market cap that saw the biggest decreases in the last week were overwhelming memecoins, with the NFT collection Pudgy Penguins’ token dropping out of the top-100 altogether. Other major droppers included Fartcoin (-21.3%), Bonk (-17.0%), Trumpcoin (-11.8%) and the biggest memecoin Dogecoin (-12.3%). While undeniably silly, many of these coins have market caps in the billions, and make up a sizable chunk of the crypto universe. They are significant enough that SEC commissioner Hester Peirce had to clarify that they do not fall under the SEC’s purview as they are not considered securities. Caveat emptor to all memecoin investors out there.