☕️ Crypto world

Good morning.

Bitcoin smashed through the US$80k ($122k) barrier for the first time, electrified by Donald Trump’s decisive presidential win. Investors see a crypto renaissance on the horizon as Trump’s pro-digital asset rhetoric fuels hopes of looser regulations. The Republican clean sweep in Congress tightens the odds for a pro-crypto policy shift, positioning the US as a potential global crypto hub.

Ripple effects extended beyond Bitcoin, with Ethereum memecoins like Dogecoin and Shiba Inu all bouncing as Trump secured wins in Nevada and Arizona during the weekend to complete a clean sweep of all seven swing states.

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Market movers

Appen shares rode the Trump 2.0 tech rally on Friday, rising 14.55% for an eye-watering gain of 287% this year, yet the unpaid contractors who power its AI grunt work don’t have too much to celebrate. The company says it’s fixed the payroll mess, but Capital Brief’s Jack Derwin reports the reality is quite different, with many workers still not paid.

The quick sync

• RBA’s Andrew Hauser warns of potential economic risks and opportunities for Australia under Trump 2.0, emphasising central bank independence as vital amid global uncertainties. (Capital Brief)

• Dataiku founder Florian Douetteau notes how unanswered scientific questions about AI could shake up market valuations, including Nvidia’s. (Capital Brief)

• Blackstone is comfortable with Crown Resorts' $5.4 billion debt despite plunging casino profits, regulatory hurdles and rising investor concerns. (AFR)

• Evercore's sale of its near-20% stake in Luminis Partners ends a long-running partnership as the US firm sheds minority holdings amid speculation about its local future. (AFR)

• The RBA warns Australia's $3.9 trillion super sector risks destabilising markets in times of stress, echoing the UK's 2022 pension fund crisis triggered by liquidity issues. (AFR)

Trading floor

M&A

• The Carlyle Group and Pacific Equity Partners are the final bidders for Waste Services Group, with Livingbridge close to a deal. (AFR)

• Buyers eye both Woodside's Driftwood LNG and Scarborough assets, with 20% of Driftwood valued at $500m and 10% of Scarborough at $1bn. (The Australian)

• Incitec Pivot will announce a revived sale process for its $1.1bn fertiliser business. (The Australian)

• Quickstep Holdings rebuffed a $28m takeover offer from ASDAM Operations. (BNA)

Capital Markets

• Bitcoin reached a record $80k as Trump’s election win raised hopes for a pro-crypto administration. (Capital Brief)

• Affinity Private Equity secured bank debt for its $965m acquisition of Lumus Imaging, opting against credit fund financing. (AFR)

• Chemist Warehouse and Sigma's $30bn valuation is driven by limited shares offered, pushing index funds to invest, despite profits being lower than Coles. (The Australian)

• Petro Australis is preparing for a 2025 IPO, scheduling a non-deal roadshow in December after raising $24m. (AFR)

• Cuscal’s IPO is oversubscribed, with cornerstone investors providing half of the $336.8m, but market optimism hinges on its trading success post-listing. (The Australian)

• Scalare Partners raised $4.3m and debuted on the ASX via a reverse takeover, overcoming initial regulatory concerns. (BNA)

• Macquarie's analysts recommend selling CBA shares due to overvaluation, while its wealth advisers advocate holding them for reliable dividends. (AFR)

VC

• Brisbane students won $500k on Shark Tank for their retro-style digital camera, Flashback ONE35, valued at $5m. (Startup Daily)

People moves

• Shaw and Partners has hired Damien Gullone, former head of natural resources at Ord Minnett. (AFR)

• Palisade has hired three Squadron Energy executives to lead renewable energy growth for its Intera Renewables division, targeting multi-gigawatt investments. (AFR)

• Resolute Mining's CEO Terry Holohan detained by Mali's military junta, facing corruption allegations amid the government's intensified mining sector crackdown. (AFP)

The watercooler