☕️ Bitcoin snub

Good morning.

Bitcoin’s surge past US$90,000, driven by expectations of a crypto-friendly regulatory framework under Donald Trump, has the markets buzzing, but Australia’s financial chiefs aren’t buying it.

As Capital Brief’s Andrew Cornell reports that at ASIC’s annual forum in Sydney on Thursday, RBA Governor Michele Bullock said: “I don’t understand it...it’s not money,” cutting straight to the point when asked about the spike, attributing it to “more buyers than sellers.”

Bullock, joined by ASIC’s Joe Longo and Future Fund CEO Raphael Arndt, wasn’t keen on the idea of a US strategic reserve fund of Bitcoin—floated by Trump as a potential game-changer that some believe could push crypto values five-fold.

Arndt added he couldn’t see the rationale, noting the US already holds the global reserve currency.

Meanwhile, the AFP’s revealed it cracked a $9 million crypto wallet, its first, serving as a reminder that crypto assets aren't untouchable. Try telling that to bullish investors.

🏆 LOI Subscriber #TBD

Market movers

Nufarm shares soared on Thursday following its mixed-bag full-year results, as the agri-chemical supplier swung to a $5.6 million loss —ugly, but not the complete shocker some expected.

The market had a ‘glass half full’ moment—with shares popping 6% after the better-than-expected results. Citi reckons the volume boost in crop protection helped offset the pricing drag, but let’s not pop the champagne yet. Long-term, the broker is not convinced pricing pressure will let up anytime soon, so FY26’s targets come with a big ‘if.’

The quick sync

• Prominent investment firm Airtree raises concerns over Employment Hero's internal culture after ex-staff allege poor HR practices. (Capital Brief)

• RBA deputy governor Andrew Hauser, facing intense media scrutiny and drawing from decades of crisis-tested experience in the UK, reflects on navigating cultural shifts, reform challenges, and productivity puzzles in Australia. (Capital Brief)

• China is arming itself with new retaliatory laws to counter potential aggressive US trade policies under Donald Trump’s second term. (FT)

• MinRes’ $45m purchase of a Perth industrial site uncovers undisclosed ties to its founder Chris Ellison, who personally benefited from the deal alongside associates. (AFR)

• CBA's boss Matt Comyn urges tech levy, accusing Apple of free-riding on banks' investments and calling for tougher regulations on global tech firms' tax contributions. (AFR)

• Goldman Sachs' nearly two-decade pursuit of full control over its China venture with banker Fang Fenglei underscores the costly complexities and political entanglements firms face in navigating China. (FT)

Trading floor

M&A

• The Onion acquired Infowars after its owner, Alex Jones, was ordered to pay significant damages in a defamation lawsuit. (Capital Brief)

• Carta expands to Australia with a Sydney office, aligning with NSW's global business hub initiative. (Capital Brief)

• GrainCorp is actively seeking acquisitions to expand its business and diversify its revenue streams. (The Australian)

• Findi is acquiring Tata Communications Payment Solutions, expanding its ATM network and boosting revenue by a third, with shares up over 555% this year. (AFR)

• Neuren Pharmaceuticals shares jumped after unveiling a $50m buyback, driven by steady cash flow and development plans. (Capital Brief)

• Spheria Asset Management has sold its stake in Pacific Smiles after the company rejected Genesis Capital's latest takeover bid. (The Australian)

• AxiCorp has outbid Bell Financial with a $53m offer for Selfwealth, sparking a potential bidding war. (BNA)

• Anacacia Capital has invested in Florabelle, a homewares wholesaler. (AFR)

• ACCC warns that Cleanaway’s acquisition of Citywide’s waste business may harm competition in Melbourne, risking higher prices and poorer service. (Capital Brief)

• Bain Capital and Macquarie Asset Management have withdrawn from the bidding for I-MED Radiology. (The Australian)

• Swoop Aero is facing potential liquidation due to financial difficulties and limited revenue. (BNA)

• SEEK has agreed to acquire Xref for $41.2m. (BNA)

Capital Markets

• ASIC warns super fund directors of potential liability amid Cbus lawsuit and systemic customer service failings in Australia's $3.9 trillion super sector. (AFR)(Capital Brief)

• DigiCo’s $4bn IPO sees high demand, likely to become the largest IPO of 2024. (AFR)

• Scalare Partners has listed on the ASX after completing a reverse takeover of Candy Club. (Capital Brief)

• Xero's strong financial performance and increased market share in Australia could impact MYOB, a potential target for sale by KKR. (The Australian)

• Magellan is terminating three funds in its Core Series as part of restructuring efforts by chairman Andrew Formica and Sophia Rahmani. (AFR)

• Spotify is launching a new monetization program to attract more creators and compete with platforms like YouTube. (Capital Brief)

• The Coalition criticizes PsiQuantum for missing milestones in the $1bn quantum supercomputer project, as $275m in federal loan funding remains unused. (AFR)

• Xero's CEO is optimistic about the company's future despite slowing subscription growth in Australia.  (AFR)

VC

• Viewa raised $300k to bring augmented reality to online shopping, enhancing the mobile shopping experience. (Startup Daily)

People moves

• Former Macquarie executive, Alan Cameron, has joined Neu Capital as a senior advisor to expand its UK operations. (AFR)

The watercooler