Kingscrowd Podcast

What actually happened to exits and failures in investment crowdfunding—and how should investors react? In this episode, Brian Belley and Scott Kitun unpack Kingscrowd's latest dataset (650+ recorded outcomes through Q4-to-date 2025). We cover how 2023’s spike in shutdowns/bankruptcies cooled in 2024–2025, why exit volumes remain muted, and the macro and operator realities behind both (rates, liquidity, AI-enabled efficiency, consolidation). You’ll learn how a falling failure rate can change portfolio sizing, what to expect from M&A/IPO pipelines, and how to log outcomes at tax time (K-1s, write-offs, QSBS considerations—educational only). We wrap with quick takeaways from Investment Crowdfunding Week and practical ways to track your own outcomes using Kingscrowd tools.

Register free for ICW25: kingscrowd.com/icw25

This week on the kingscrowd podcast, Brian Belley and Scott Kitun break down Robinhood’s proposed NYSE-traded venture fund—how it differs from interval funds, why it could trade at a premium/discount to NAV, and what this might unlock (or disrupt) for retail investors. Then, Teddy Lyons joins to cover an acquisition update: Healthcare Originals (HCO) acquiring Imago Rehab, what the combo could mean for commercialization, and how deals like this may foreshadow more portfolio consolidation.

In this episode:

Robinhood’s proposed exchange-traded venture vehicle (ticker noted as “RVI” in the discussion), how NAV works, and why daily trading could matter for retail

Interval funds vs. tickers: liquidity, pricing mechanics, and investor fit

Tokenization momentum vs. actual trading/liquidity (why rails ≠ markets… yet)

Investment crowdfunding week (ICW25): Sept 29–Oct 2 — founders meet capital, investors meet opportunity

Clip: Michael Collins (Alumni Ventures) on where retail capital fits

Scott’s counterpoint: why late-stage/pre-IPO may be the safer retail lane

Deal update: HCO acquires Imago Rehab (tele-rehab + wearable) — potential synergies, structure, and what to watch next

02:54 Scott: Why this could be a big shift for retail (and for other platforms)
06:55 NAV updates, premiums/discounts, and why liquidity matters
08:53 Tokenization rails vs. real trading; where things actually stand
09:45 ICW25 preview (Sept 29–Oct 2): founders, investors, platforms, sessions
12:12 Clip: Michael Collins (Alumni Ventures) on retail’s role (pre-seed/seed)
13:13 Scott’s counterpoint: late-stage/pre-IPO may be the better retail lane
16:30 Transition to deal news — Teddy joins
17:09 Teddy intro (and a playful Taylor Swift aside)
17:52 Deal update: Healthcare Originals acquires Imago Rehab (stroke rehab + wearable/telehealth)
20:45 Why the combo could accelerate commercialization and RPM distribution
22:40 How the acquisition appears structured; lead-VC dynamics; live raises
24:18 Scott: Expect more portfolio consolidations and roll-ups ahead
26:15 Future topic teaser: follow-ons vs. spreading bets
26:54 Wrap + ICW25 reminder (kingscrowd.com/icw25)

Save your spot for ICW25 (free): kingscrowd.com/icw25

This week, Brian Belley and Scott Kitun go rapid-fire on the biggest shifts bringing private markets to retail — and preview investment crowdfunding week (ICW25), a four-day virtual event from Kingscrowd (Sept 29–Oct 2).

In this episode:

Republic’s SpaceX “Mirror” token (506(c), accredited only) and the broader tokenization push

Nasdaq’s filing to enable tokenized securities trading

Why rails are ready — but real trading/liquidity is the next milestone

iCapital, secondaries, and semi-liquid funds as retail on-ramps

Private markets’ growing slice of US equities — and why that matters to everyday portfolios

ICW25 session preview with Mark Elenowitz (Digital Offering): from Reg A “Semi-IPO” to IPO

Newsmax as a case study, and why allocations are being re-thought for retail

Robinhood’s roadmap toward private access & the “everything app” moment

2:10 – tokenized SpaceX “mirror” token launch

2:55 – nasdaq + tokenized securities

3:35 – what still needs to happen (real trading/liquidity)

4:45 – why republic’s approach may work

5:50 – iCapital, secondaries, and retail on-ramps

7:53 – private markets’ growing share of US equities

9:08 – funds will be online too (not just single deals)

10:45 – ICW25: Mark alenowitz (digital offering) preview

11:40 – Newsmax, “semi-IPO” vs “mini-IPO”

14:18 – clip: democratized allocations & brand awareness via Reg A

16:57 – where it’s all heading (semi-public, tokenized)

17:55 – robinhood, managed access, and predictive markets

18:27 – event details & wrap

This week’s Kingscrowd podcast spotlights Investment Crowdfunding Week (Sept 29–Oct 2)—a multi-day, retail-first event where founders meet capital and investors meet opportunity. Brian Belley and Scott Kitun preview sessions on today’s evolving paths to the public markets (Reg A, mini-IPOs, tokenized securities, and the late-stage access retail increasingly wants), noting the timely backdrop of broader market conversations about pre-IPO access.

The team also dives into Watrfall, the Ron Perlman-backed, fan-driven film production platform now raising on Republic. They compare models across entertainment deals (project rev-share vs. platform equity), highlighting what savvy investors should examine—team pedigree, rights/recoupment waterfalls, distribution, and audience—and place Waterfall alongside trends such as investing in creators (e.g., Gigastar), athletes (Finley), and even teams. Expect more personalized, community-funded content—and plenty of questions about what makes a media deal investable.

This week on the Kingscrowd Podcast, Brian Belley, Léa Bouhelier-Gautreau, and Teddy Lyons break down where equity crowdfunding dollars are flowing across the U.S. by city and state over the past 18 months. Expect familiar hubs like Boston, San Francisco, and Los Angeles, but also surprises like Las Vegas and Denver/Boulder.

Teddy then reviews Foment Bio, a biotech startup developing non-viral gene therapies targeting heart and kidney disease — with an animal-first commercialization pathway that could generate revenue sooner through licensing and partnerships.

Topics

Chart of the Week: Capital raised by city & state (18-month window)

Hotspots: Bay Area, Boston/Cambridge, Florida, Chicago, Texas, Colorado

Surprises: Las Vegas emerges as a top dot

Deal Review: Foment Bio (FB-101, FB-201), plasmid-based gene therapy, animal-first licensing

The latest Kingscrowd Podcast dives into three major developments for private market investors. The team dissects Boxabl’s $3.5B SPAC deal and the implications for different classes of crowdfunding shareholders. They explore pending House bills that could expand accredited investor qualifications beyond wealth thresholds, opening up new opportunities for informed retail investors. And they unpack the sweeping impact of President Trump’s executive order allowing 401(k) plans to hold private assets — a potential game-changer for capital access and portfolio diversification.

1:12 – Boxabl’s $3.5B SPAC Announcement

5:45 – How SPACs Work (and Their Risks)

9:32 – Crowdfunding Share Types & Liquidity

12:18 – Pending Accredited Investor Rule Changes

15:02 – Pros & Cons of Opening Access

18:27 – Trump’s Executive Order on 401(k) Private Assets

21:50 – Institutional Players in Retirement Investing

25:10 – Direct Startup Investing in 401(k)s?

27:35 – Closing Thoughts & Takeaways

In this week's Kingscrowd Podcast, Scott Kitun takes over as host, joined by Kingscrowd's Brian Belley, Léa Bouhelier-Gautreau, and Teddy Lyons, for an engaging conversation about an emerging trend: investing directly in individuals—such as YouTube creators and professional athletes. The team dives into platforms like Gigastar, CrowdSurf, and Finlete, examining how these companies let retail investors back individuals based on future earnings.

They break down recent examples including Nick Luciano, a popular creator who’s monetizing his future YouTube earnings on CrowdSurf, and MLB stars Fernando Tatis Jr. and Emmanuel Clase, who’ve sold portions of their future sports earnings through Finlete. The discussion explores the benefits, risks, ethical considerations, and regulatory uncertainties associated with these unique investment structures. Is investing in a person's future the next big thing—or is it a risky novelty?

On this week's Kingscrowd Podcast, Brian Belley and Senior Investment Associate Léa Bouhelier-Gautreau discuss Substack's recent Series C funding at a $1.1 billion valuation—what it means for retail investors who participated in their 2023 Wefunder round. Later, they break down Kingscrowd’s H1 2025 Crowdfunding Industry Report, highlighting key investment trends, the resurgence of Reg A+ raises, and the industries leading the charge in capital raised.

On this week's Kingscrowd Podcast, Brian Belley and Scott Kitun dive into SoFi's latest announcement offering private market opportunities like Fundrise and ARK Invest to everyday retail investors. Later, Senior Investment Associate Léa Bouhelier-Gautreau joins to discuss Gigastar, an innovative platform allowing retail investors to back YouTube creators through revenue-sharing tokens. They explore Gigastar's explosive crowdfunding campaign on Wefunder and assess the opportunities and risks for retail investors entering the creator economy.

This week's Kingscrowd Podcast discusses the rise of tokenized equities and Republic's new Mirror Tokens. Brian, Scott, and Teddy break down the opportunities and hidden risks for retail investors looking to access big-name private companies through tokens, and debate whether this innovation is truly beneficial or a risky bet.