June 8, 2025
Currently writing this watching the French Open final between Gauff & Sabalenka, and I can't help thinking back to the origins of mogul.
When we were crafting the emotion behind the platform, I called people who had purchased a home, and asked them what they remember from the experience immediately after they had closed on it.
The quote that sticks with me is from one of my mentors, "it was like I was on the grass of Centre Court at Wimbledon, I had just won, I dropped to my knees and held my hands to the sky."
That is what we are doing here. Every time you invest in one of our properties, you are breaking through the barrier of the American Dream. Homeownership has long been a sign you have made it, so by investing, you have made it.
If you hate the sentimentality and think I should just "shut up and dribble", let me know and this will never happen again.
- Alex Blackwood
👟 Leisurely adding jobs - May’s jobs report dropped the mic this week with 139,000 new positions added (more than the Dow Jones projected 125,000 jobs), proving the economy’s still got legs (even if they’re slightly wobbly ones). Unemployment held steady at 4.2%, which is basically the labor market’s version of maintaining a perfect credit score. Healthcare and leisure sectors did the heavy lifting, while revisions to prior months’ data reminded us that even statisticians need a mulligan sometimes.
🐔 Roark Capital does the "Hot Ones" challenge - Move over, Colonel Sanders, Roark Capital just dropped a cool billion to acquire Dave’s Hot Chicken, the Nashville style spicy upstart that began as a parking lot pop-up in 2017. With Drake on board as an investor (this would be way cooler prior to his feud with Kendrick), Dave’s plans to hatch 155 new locations this year, bringing its global tally to over 400. Roark, which already owns Subway and Buffalo Wild Wings, now controls roughly 40% of America’s impulse eating decisions.
🏦 Wells Fargo is back on its stagecoach - After seven years of being grounded, Wells Fargo can finally attend the big kid banking party again. The Fed lifted its $1.95 trillion asset cap this week, freeing the bank to pursue growth like a college grad with their first credit card. CEO Charlie Scharf celebrated by giving employees $2,000 bonuses, which we were ensured were not tied to incentives around new account openings.
In reversal of fate, the Winklevoss twins took someone else's idea with the Circle IPO. More on that below.
What’s Happening?
Circle, the architect of the USDC stablecoin, didn’t just go public, it threw a blockchain-powered coming out party. Priced at $31 per share, its IPO surged 168% on debut, closing at $83 and giving Circle a $6.9 billion valuation pre-trading and >$18 billion post-trading. But the real headline? Regulators didn’t crash the party. The SEC’s 2025 guidance, which clarified that stablecoins with transparent reserves and utility (like USDC) aren’t securities, paved the way. Not to be outdone, crypto exchange Gemini filed a confidential S-1 just 24 hours later, signaling a domino effect of crypto firms racing to Wall Street.
What Does This Mean?
This isn’t just about IPO pops, it’s a regulatory revolution. The GENIUS Act, advancing in Congress, aims to classify stablecoins as payment tools rather than securities, shielding them from SEC scrutiny. Circle’s compliance first playbook (daily audits, 100% Treasury backed reserves) has become the gold standard, while rivals like Tether sweat over opaque balance sheets. Meanwhile, the SEC’s updated Howey Test framework rewards tokens with actual utility (like ETH post Merge) and punishes “profit centric” schemes. Translation: Crypto’s wild west era is over, and the sheriffs are handing out building permits.
Why Should Investors Care?
The Gemini Angle
Timing is everything. By filing confidentially post Circle, Gemini avoids the spotlight while leveraging Wall Street’s renewed crypto appetite. The exchange, which settled a $5M CFTC lawsuit this year, now pitches itself as the “compliant” alternative to Binance. Expect its S-1 to highlight:
The Bottom Line
Circle’s IPO isn’t just a win for crypto, it’s a blueprint for coexistence with regulators. By marrying blockchain efficiency with SEC grade disclosures, Circle and Gemini are proving that crypto can play nice with traditional finance. The message to investors? Stablecoins are no longer a rebel alliance; they’re the Empire’s new treasury bonds.
With summer bookings now in full swing across Texas, The Johnson II is perfectly timed to capitalize on Austin’s peak Airbnb season.
Already attracting nearly $500,000 in investment, this iconic 5‑bed, 3‑bath property is poised for a massive summer ahead, with over half of 2025 already booked and a projected average yield of 12.2%.
Located steps away from Zilker Park and Austin City Limits, The Johnson II combines prime location with proven rental performance. Acquired privately off-market at more than 2% below asking, the property is offered fully furnished (>$110k in turnkey interiors), complete with a heated pool, outdoor kitchen, and ample parking.
Secure your stake in this Austin flagship today before the summer swing gets underway.
Warren Buffett’s bible on value investing is like a financial security blanket—boringly reliable but life-saving in a crash. This week’s market chaos? Perfect time to revisit Chapter 8 on market fluctuations. Spoiler: Panic is not a strategy.
⭐ 4.87 / 5.0 in my book (no pun intended)
Orville Redenbacher paid an advertising consultant $13,000 (the equivalent of over $82,000 in 2018) to help him name his popcorn. Their thirteen thousand dollar solution? To tell him he should name his popcorn after himself.
Written by Alex Blackwood & Thomas Horcel
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