☕️Coming Good

FTX expects to return money to most customers.

Good morning.

In a turn of events nary seen in the world of bankruptcy – let alone crypto collapses – nearly all FTX customers will receive the money they are owed, almost two years since the exchange imploded in spectacular fashion. In a filing late Tuesday, the exchange’s estate said that it expects to have between US$14.5 billion ($22.04 billion) and US$16.3 billion in cash to distribute to customers and other creditors from the assets it has collected. Smaller stakeholders, which comprise around 98% of all FTX creditors, are expected to be made whole.

While the payout may be viewed as a consolation token for investors who’d been trading Bitcoin at the time of the 2022 collapse, and since missed out on the currency’s 290% gain, it’s probably still better than being in shareholder Tom Brady’s shoes.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Nine Entertainment rose 1.3% to close at $1.52 during trading on Wednesday, after the media group said it expects lower TV costs in FY24, as well as growth in subscriber numbers for its streaming and publishing businesses. E&P Capital analysts said they expected the market to respond positively to the trading update, which included lower costs than they had forecast. They noted that while revenue trends "remain challenged", the advertising weakness was "largely known" by traders.

The quick sync

  • Quantum Brilliance founders add voices to concerns that the government’s $1b bet on PsiQuantum falls short of global standards. (Capital Brief)

  • Shares in Uber fell over 9% after the company reported unexpected losses and a weak Q2 forecast. (Financial Times)

  • Coal-fired power has just 10-12 years left in Australia, according to AGL boss Damien Nicks. (Capital Brief)

  • The ASX has pushed back on claims that the exchange is ‘shrinking’ and states that it is expecting a recovery in the listings cycle. (Capital Brief)

  • The UK's Ardonagh will acquire ASX-listed PSC Insurance for over $2b. (AFR)


  • Softbank is in talks to buy Graphcore, a UK semiconductor startup. (Capital Brief)

  • Perennial Partners to manage Australian Unity's Future of Healthcare Fund, improving access to private company deals. (AFR)

  • RACQ relisted for sale with Bank of America. (AFR)

  • High-profile oil and gas investors vie for 10% stake in Alaska's Pikka project owned by Santos and Repsol. (The Australian)

  • Origin Energy's stake in UK's Octopus Energy surged in value as the latter secured new funding; investors include Australia's Aware Super. (SMH)

  • Gold Coast's Black Hops Brewing faces liquidation after failing to secure a rescue plan. (BNA)

  • Australian Unity, NorthWest plan split; Cushman & Wakefield tapped for unit sale. (AFR)

  • BHP pitches operational excellence to Anglo shareholders, aiming to be top industry operator. (AFR)

  • QANTM Intellectual Property weighs takeover offer from Adamentem Capital, while IPH joins bidding war. (Capital Brief)

  • Finnish multinational KONE acquired Gold Coast's Orbitz Elevators for an undisclosed sum. (BNA)

  • Mineral Resources MD, Chris Ellison, indicated that potential buyers for a stake in its Onslow iron haul road have made adequate offers. (The Australian)

Capital Markets

  • Amid an IPO drought, Australian firms seek offshore capital through dual listings. (AFR)

  • De Grey Mining launches a $600m equity raise for its Hemi Gold Project in Western Australia's Pilbara, expected to cover project financing needs. (Capital Brief)


  • Melbourne's Kite Therapy secures $750,000 led by Flying Fox Ventures to expand autism support. (Smart Company)

  • Headsafe seeks $5m from investors to expand NuroCHEK device in US healthcare market. (AFR)

People moves

  • UBS real estate chief Andrew Scade is leaving to pursue other interests. (The Australian)

☝️ Know about a deal or people move we don’t? Hit reply.

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