*as of 5/28; Sources: S&P, BTC, FTSE, DJRE, CL50

The crypto startup Circle, best known as the issuer of the stablecoin USDC, is targeting a $624 million raise at a $6 billion valuation in an upcoming IPO. The company filed its prospectus last month and it will be traded on the New York Stock Exchange under the ticker CRCL. The company is profitable, its market cap has grown 40% this year, and it has progressively been growing its share of the stablecoin market. There have been rumors that crypto companies Coinbase or Ripple could acquire Circle but it now looks likely that it will go public instead.

➨ TAKEAWAY: Circle has been one of the more interesting potential IPO candidates over the past year, as it would be the first stablecoin issuer to go public and one of the biggest crypto companies to do so. Stablecoins have received a lot of attention recently as the U.S. Senate advanced legislation meant to regulate the sector. Circle could also be a beneficiary of the current administration’s focus on supporting U.S.-based crypto companies. When it happens, the IPO will be closely watched as a bellwether for mainstream investors’ interest in crypto.

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Pending sales of U.S. luxury homes, defined as those $1 million or more, fell by 10% in April to the lowest level for any April since 2014. This drop is in contrast to non-luxury homes which saw pending sales fall by 3.4% in the same time period. The median sales price of luxury homes was $1.35 million - up 6.5% year-over-year, a better pace than the 4.1% annual growth in non-luxury.

➨ TAKEAWAY: Usually, spring would see the housing market come back to life, but the volatile economic environment has kept would-be buyers on the sidelines. The luxury market has generally performed better than the overall market over the past few years, which is reflected in the faster rate of appreciation. Deal volume is likely to rise when the economic situation stabilizes.

⚾ T206 Honus Wagner: The highly anticipated sale of a rare 1909 T206 Honus Wagner card graded PSA 1 is off to a good start, hitting $3.3 million in early bidding, already a record for a PSA 1. The card last sold in 2010 for $282,000 and could go for as much as $5 million.

🚀 Neuralink raise: The Elon Musk-led brain implant company finalized a fundraising round of $600 million at a $9 billion valuation, with both figures coming in slightly higher than expected, price nearly doubling its last reported from $5 billion in 2023.

🚨 Landa’s disappearance: The fractional real estate platform that raised $33 million in funding appears to have shut down operations, leaving investor’s funds inaccessible. It is also facing lawsuits from its primary lenders.

🪙 Bitcoin lending: Investment bank Cantor Fitzgerald launched a $2 billion Bitcoin lending business, with the intention to allow Bitcoin investors to access liquidity without having to sell their assets.

🤖 Billion-dollar AI fund: European VC firm Cathay Innovation announced a $1 billion fund focused entirely on AI - the largest fund raised so far this year in Europe, and another sign that even as VC funding is struggling, AI is still hot.

🎬 David Lynch auction: Around 450 items belonging to the late, great, legendary director will be auctioned off on June 18 by Julien’s auctions, with the centerpiece item being his director’s chair.

It’s undeniable that AI has led to rampant cheating in schools, with nearly 90% of college students admitting to using it to complete a homework assignment. Teachers have been trying to fight back with anti-AI tools, but those are hardly foolproof methods. For those of us of a certain age, the “blue book” was a staple of higher education and brings back memories of handwriting final exams. Now, as in-class analog methods are perhaps the best way to ensure students cannot use AI, the blue book is back - with sales skyrocketing nationwide. It’s somewhat remarkable that a technological advance like AI can cause society to go back to valuing old-school methods, but we could be heading that direction in schools, and perhaps in creative fields as well.