*as of 6/5; Sources: S&P, BTC, FTSE, DJRE, 30YM

Stablecoin issuer Circle’s highly-anticipated IPO managed to blow past all expectations, going from a list price of $31 per share to $83.23 per share by the end of its first day trading. At one point, shares got up to $103.75, and the offering raised more than $1.1 billion for the company. The company is now valued at $16.7 billion, more than double its last private valuation of $7.7 billion in 2021.

➨ TAKEAWAY: This result shows the public market’s interest in both crypto and stablecoins. As a reminder, stablecoins are cryptocurrencies whose values are pegged to another asset, often the U.S. dollar, as Circle’s USDC is. Stablecoins as a whole have seen their market capitalization nearly double in the last 18 months, a sign of their growing importance in the crypto market. Circle’s success could prompt other crypto startups to consider going public, and inspire other prominent startups to move forward with their IPOs.

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^{Please note examples are from past data and are success stories. Trading involves financial risk and is not suitable for all investors. Past results do not guarantee future performance.}

More than 60% of art gallery professionals say that running a gallery is more difficult than it was two years ago, with the current economic situation, rising operating costs and falling demand from collectors being the major factors. The majority of respondents also said that more than half their revenue comes from existing collectors, while only 18% said that new collectors drive most of their revenue.

➨ TAKEAWAY: The downturn in the art world hasn’t been limited to auction houses - it has touched every corner of the ecosystem. The struggle to attract new and younger clients and develop them into serious collectors is an existential one. Galleries are often offer artwork at a much lower price point than at auctions, so as the market struggles, there could be more deals out there than usual.

🤖 Reddit sues Anthropic: The social media giant is accusing the AI startup of training models on its data without authorization, in what sets up to be a clash of tech giants. Notably, Reddit has cut deals with OpenAI and Google to allow their models to train on their data, so it is the lack of payment, not the concept, that they are fighting against.

🏡 Asking rents are falling: The median U.S. asking rent fell 1% year-over-year in May, and 28 of the top 44 metro areas also saw declining rents. This trend has been the result of high levels of apartment construction, which had hit 50-year highs before recently slowing down.

💵 Veritas fundraise: Another private equity firm raised a massive war chest, with Veritas Capital announcing a $13 billion fund, above its initial $10 billion target. The fund is targeting private companies valued between $500 million and $5 billion that work primarily with the U.S. government.

🏢 Commercial delinquencies rising: The delinquency rate for loans in commercial mortgage-backed securities is up to 6.42%, a sign that sectors such as office buildings are still struggling.

🚀 Climate tech fundraise: Climate-focused VC Energize Capital raised $430 million for its third venture fund, largely from foreign investors, showing that there is still a global appetite for climate tech startups.

👑 Princess Diana auction: The largest auction of clothes worn by Princess Diana is coming later this month, with several outfits expected to sell for six figures or more.

Monday: 🏢 CRE market update
Tuesday: 🪙 Staking ETFs, 💵 Private credit & banks
Wednesday: 🚀 Upcoming IPOs, 🪙 Trump trading app
Thursday: ⚾ Fanatics Fest, 🚀 Global VC funding

Have a great weekend!