Insurers overseeing $23 trillion plan to add even more to their private market holdings, according to a BlackRock survey. https://t.co/VjrcskDG2o ...

Trump Administration Considers Selling Federal Student Loan Debt To Private Market, Report Sayshttps://t.co/lFKwLiF5BQ https://t.co/pFnJkd4QZp ...

Anthony Scaramucci, the SkyBridge founder known as "The Mooch," once argued that heavy-handed Securities and Exchange Commission rules are shutting ordinary Americans out of the country's most exciting companies. Scaramucci Criticizes SEC Regulations In a July 2025 YouTube Shorts clip, Scaramucci said the U.S. is seeing fewer "great companies going into the hands of the public." He pointed to privately held firms such as Elon Musk's xAI and SpaceX, which remain out of reach for everyday investors because ...

As some Mag 7 stocks stall out, demand is surging for what we're calling the private mag 7. Our Mackenzie Sagalos has some of those numbers in today's tech check. Morning, Mac. Hey, good morning, Carl.So, we have got the latest reshuffle of the private magnificent 7 latestage ventureback companies named after the public market. Mag 7. Now, the bellweathers of private market performance.They are worth $1.2% 2 trillion dollars combined, nearly doubling in the past year, according to new data from Forge Global ...

Private Market Valuation & Growth - The "Magnificent 7" private market companies' valuations have nearly doubled in the past year, reaching $12 trillion [1] - This growth almost triples that of their public market counterparts [1] - Since late 2022, the combined value of these companies has quadrupled from $264 billion [2] AI's Dominance - AI is identified as the defining force behind private market performance [2] - OpenAI and Anthropic have surpassed Stripe and DataBricks in valuation, highlighting AI's influence on private capital [2] - 19 AI firms in the Forge basket have raised $65 billion year-to-date [3] - This represents 77% of all private market capital raised [4] Investor Sentiment & Market Trends - Investor demand for AI exposure is intense [3] - Crossover funds are actively seeking AI exposure [4] - Median valuations across the broader private market are trending back toward pre-downturn levels following the 2022 pullback [4]

Another big part of the market is all these private companies, right. We we we talk a lot on this show, you know, in general in the journal about the number of companies that are staying private longer. Sometimes that's like a startup company that just sort of delays its IPO for a long time, but sometimes those are like big established companies that are owned by private equity funds.There's a lot of talk of exits. It's hard for those companies to get exits. We've written a lot about the the challenge that ...

Blackstone, Apollo and other private-market giants have pledged to invest hundreds of billions of dollars in Europe, but the immediate outlook for buyout deals still looks pretty hazy https://t.co/6mGdzN4VoP ...

Stablecoin Fundamentals - Stablecoin 基础加速发展，监管路径随着 GENIUS 法案的批准而变得清晰 [1] - USDC 占据 30% 的市场份额 [1] - EURC 增长 138%，市值超过 2 亿美金 [1] Private Market Data - Linqto 平台显示 589% 的升值（3 万美元升至 15.7 万美元）[1] - 私募市场溢价表明在公开上市前进行布局，但这些数字对于当前市场状况而言显得激进 [1] Infrastructure Metrics - Arbitrum 产生 12 亿美金的费用，Base 产生 10 亿美金的费用 [1] Transaction Volume - 月交易量达 7020 亿美金，同比增长 49% [1] Flow Divergence - Coinbase 和 Circle 大量买入，而 Binance 抛售 [1] Technology Development - CCTP V2 正在推广到 Polygon 和 Unichain [1]

Financial Data and Key Metrics Changes - Forge reported total revenue of $25.3 million for Q1 2025, a 36% increase from the previous quarter, marking the best revenue quarter as a public company [14] - Marketplace revenue reached $16 million, up 85% from the last quarter, with trading volume increasing 132% to $692 million [14][15] - Custodial administration fees totaled $9.3 million, reflecting a 7% decline from the previous quarter due to the impact of rate cuts [15][16] - The net loss for Q1 2025 was $16.2 million, nearly flat compared to the $16 million loss in the previous quarter [17] Business Line Data and Key Metrics Changes - The increase in marketplace revenue was driven by improved market dynamics and several large institutional block trades [7][11] - SPV (Special Purpose Vehicle) volume continued to increase, reinforcing the value of the RIA (Registered Investment Advisor) business [12] - The net take rate declined from 2.8% to 2.3% due to the rates achieved on large block trades [15] Market Data and Key Metrics Changes - The Forge Private Market Index decreased by 1.9% in April, indicating some softening in buy-side demand and valuations [23] - Despite macroeconomic volatility, the private market is seen as increasingly important for providing liquidity [7][23] Company Strategy and Development Direction - Forge is focusing on expanding its wealth management capabilities and has announced plans to acquire Acquidity Capital Management to enhance its asset management offerings [9][10] - The company aims to build an ecosystem that facilitates access to private assets, with a vision of private assets comprising 20% of investment portfolios [7][8] - Forge is preparing to launch key parts of a fully automated experience to enhance efficiency in the private market [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong deal pipeline despite the unpredictable economic landscape due to tariffs and potential recession [13][22] - The company remains cautious about the impact of tariffs on the economy but is encouraged by the continued momentum in the private market [22][23] - Management noted that the first quarter saw a broad re-engagement from various market participants, particularly in the AI sector [44] Other Important Information - Forge has commenced a share buyback program, repurchasing approximately 315,000 shares at an average price of $13.15 per share [19][20] - The company completed a planned 15:1 reverse stock split to comply with listing standards [20] Q&A Session Summary Question: Rationale behind the equity acquisition - Management highlighted the strategic opportunity to expand AUM through passive data-driven funds and the potential for high-margin recurring revenue [27][28][30] Question: Considerations for setting up SPVs - Management explained that SPVs provide a more efficient way for investors to enter and exit investments, with expectations of several hundred SPVs in the future [37][38] Question: Characterization of customer re-engagement - Management noted a broad re-engagement across institutions and individuals, with AI being a significant driver, but acknowledged uncertainty due to tariffs [44][45] Question: Update on Forge's data business - Management emphasized the strategy to increase the visibility and reliability of Forge's data offerings, with a focus on establishing a strong brand presence [54][55] Question: Regulatory backdrop for retail access to private markets - Management discussed ongoing efforts to rewrite rules around accredited investors to enhance access to private markets for a broader audience [68][70] Question: Expectations around cash burn - Management indicated that cash burn in 2025 is expected to be less than previous years, with a target of reaching breakeven by 2026 [73]

Financial Data and Key Metrics Changes - Forge reported total revenue of $25.3 million for Q1 2025, a 36% increase from the previous quarter, marking the best revenue quarter as a public company [13] - Marketplace revenue reached $16 million, up 85% from the last quarter, with trading volume increasing 132% to $692 million [13][14] - Custodial administration fees totaled $9.3 million, reflecting a 7% decline from the last quarter due to the impact of rate cuts [15] - The net loss for Q1 2025 was $16.2 million, nearly flat compared to the $16 million loss in the previous quarter [16] - Adjusted EBITDA loss improved to $8.9 million from $10.9 million in the prior quarter [16] Business Line Data and Key Metrics Changes - The increase in marketplace revenue was driven by improved market dynamics and several large institutional block trades [7][11] - SPV (Special Purpose Vehicle) volume continued to increase, reinforcing the value of the RIA (Registered Investment Advisor) business [12] - Net take rates declined from 2.8% to 2.3% due to the rates achieved on large block trades [14] Market Data and Key Metrics Changes - The Forge Private Market Index decreased by 1.9% in April, indicating some softening in buy-side demand and valuations [21] - Despite mixed signals in the market, the company noted a growing acceptance among private market stakeholders for liquidity options as IPOs are delayed [22] Company Strategy and Development Direction - Forge is focusing on expanding its wealth management capabilities and has announced plans to acquire Acquidity Capital Management to enhance its asset management offerings [9] - The company is building partnerships, such as with Yahoo Finance and ICE, to enhance data distribution and market presence [8][52] - Forge aims to provide innovative products that combine custody and investment opportunities, targeting a broader set of investors [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong deal pipeline and continued momentum in the private market despite macroeconomic volatility [20] - The company remains cautious about the impact of tariffs and the unpredictable economic landscape on business forecasting [12][20] - Management highlighted the importance of private markets in providing liquidity amid an unclear IPO outlook [7][22] Other Important Information - The company completed a 15:1 reverse stock split and initiated a share buyback program, repurchasing approximately 315,000 shares at an average price of $13.15 [18][19] - Cash, cash equivalents, and restricted cash at the end of the quarter totaled $71.6 million, down from $106.3 million at the end of the previous year [18] Q&A Session Summary Question: Can you walk us through the rationale for the equity acquisition? - Management noted that the acquisition aims to accelerate access to passive data-driven funds, which is seen as a strategic opportunity to expand AUM and drive recurring revenue [25][27][28] Question: What are the considerations for setting up an SPV for a specific company? - Management explained that any company mature enough to attract investor interest should have an SPV, with expectations of hundreds of such structures in the coming years [35][36] Question: How do you characterize customer reengagement in Q1? - Management observed broad-based reengagement across institutions and individuals, with AI being a significant driving theme [42][43] Question: What are your thoughts on the regulatory backdrop for retail access to private markets? - Management highlighted ongoing discussions with regulators to balance investor protections while increasing access to private markets, emphasizing the importance of providing market products now [66][70] Question: What are your expectations around cash burn for the rest of the year? - Management indicated that cash burn in 2025 is expected to be less than in previous years, with a target to reach breakeven by 2026 [71][72]