☕️FOMO goes AWOL

Good morning.

Hovering near its 2021 peak, Bitcoin’s latest bull run has taken a different turn from previous cycles, and that could be due to a lack of new retail entrants who have previously supercharged stratospheric crypto runs. According to Capital Brief, enthusiasm is up from the lows of crypto winter – but far from the highs of 2021.

Egor Sidelska of fund manager Magnet Capital explains that “Usually buying behaviour is driven by retail first, and then you get the big funds coming in […] We haven’t seen any FOMO from retail."

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Market movers

Shares in Bendigo and Adelaide Bank climbed over 8% to close at $10.73 during trading on Friday, after the bank revealed a slide in cash earnings over the 10 months to April, but a strengthened net interest margin and low credit expenses. E&P Capital analysts said Bendigo and Adelaide's unaudited cash earnings of $464 million for the 10-month period implied cash earnings of around $196 million for the four months ending 30 April. Extrapolating this run-rate, they said, would result in cash earnings of $294 million for the second half and $562 million for the full financial year, 9% above consensus estimates. 

The quick sync

• Sydney authentication-tech startup, Kinde, has seen a major spike in its customer base after competitor Okta dramatically hiked prices. (Capital Brief)

• The Federal Reserve and two other US regulators are considering reducing a proposed 19% increase in capital requirements for the US’ largest banks. (Wall Street Journal)

• Hard Rock Hotels and Casinos is in talks to take over the embattled Star Entertainment. (AFR)

• Dimensional Fund Advisors’ Bhanu Singh describes how the fund’s highly selective and bottom-up based approach often results in it going against the grain. (Capital Brief)

• The Keywords Studios board is set to recommend a takeover offer from EQT Group, which values the Dublin-based video game services company at over £2 billion ($3.79 billion). (Bloomberg)

M&A

• Quadrant is selling confectionery company Darrell Lea for around $1b. (AFR)

• Gold Road Resources, after failing to acquire an asset, could be considering a sale itself. (The Australian)

• Brookfield is in advanced talks to acquire Windlab, a wind farm operator backed by Twiggy Forrest. (AFR)

• Investment bankers are trying to sell Nestle's Egmont Honey, promoting it as the world's fastest-growing Manuka honey company. (AFR)

• NRMA Parks & Resorts acquired Blue Dolphin Holiday Resort, a holiday park in Yamba, for $40m. (BNA)

• Locality Planning Energy has reportedly tapped Chapman Capital Partners and King & Wood Mallesons to mount a defence following a recent takeover bid. (AFR)

• Two US companies are considering buying parts of Santos: Carlyle Group for its assets in Western Australia and APA for its Alaskan assets. (The Australian)

• AirTrunk will have to wait to submit offers as the company prepares to update its financial information. (AFR)

Capital Markets

• RecycleSmart secured $1.15m to fund its expansion plans across Australia. (BNA)

• Dicker Data's stock price dropped after a disappointing first quarter trading update, which came shortly after the CEO sold a significant stake in the company. (The Australian)

• QLD biotech startup Aegros is attempting to raise $20m from investors ahead of a potential 2025 IPO. (AFR)

VC

• Jooules has raised NZ$1m from an investor group including Sprout Agritech, Fonterra and OurCrowd. (Startup Daily)

People moves

• Former PayPal and MYOB executive Andrew Baines, is set to become Azupay’s new CEO from today. (AFR)

• Nuix is searching for a new CFO but staying silent on the COO role. (Capital Brief)

• Darren Steinberg is considered a potential candidate for a director or chairman position at Lendlease as Michael Ullmer prepares to resign as chairman this month. (The Australian)

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