☕️ Ignoring bitcoin?

Good morning.

Trump’s re-election has lit a fire under crypto, propelling bitcoin past $90k—up 34% in just a week. The FT is calling it “a big bang moment that is impossible to ignore.”

Analysts at Bernstein are urging clients to “buy everything you can” in the new “crypto bull market,” according to a note on Monday.

“We recommend investors who have so far remained shy of any crypto exposure due to regulatory concerns ‘invert their mental model’.”

While sceptics like UBS question against crypto’s shaky real-world utility, the buzz is undeniable.

Pension consultant Cartwright is also advising institutions to get in, convincing a UK pension fund to put 3% of its portfolio directly into bitcoin in October - which of course resulted in a windfall.

🏆 LOI Subscriber #TBD

Market movers

Paladin's shares led ASX 200 gains on Wednesday after it tanked 28.9% on Tuesday, with Morgan Stanley stepping in to label the panic “outsized.”

MS kept their $12.30 target intact, backing a slower ramp-up at Langer Heinrich as already priced in. Citi trimmed its numbers but stuck with a ‘buy,’ banking on Trump’s potential uranium moves to keep the long-term case alive.

The quick sync

• Former Employment Hero employees allege a toxic workplace with shoddy HR practices, manipulation of Glassdoor reviews, and a high-stress culture masked by its 'apolitical' high-performance mantra. (Capital Brief)

• AI's role in payments is a double-edged sword, with banks investing heavily to counter cybercriminals leveraging the same technology. (Capital Brief)

• Linktree's acquisition of Sydney-based Plann marks a strategic expansion, adding social scheduling tools to its platform and uniting founder Christy Laurence with longtime friends to empower its 50 million users. (Capital Brief)

• Klarna's long-awaited US IPO filing marks a bold comeback after volatile valuations and governance strife, potentially valuing the fintech at up to US$20b ($30b). (FT)(Reuters)

• Pro-growth policies under Trump’s second term could delay RBA rate cuts until 2026, analysts say, with risks from a surging US dollar complicating Australia's inflation battle. (AFR)

Trading floor

M&A

• Merchant Fund, has a significant portion of its assets invested in a single German cannabis company, EuroCann Corporation Limited. (AFR)

• Law firm Corrs predicts a surge in M&A deals before new merger laws take effect. (AFR)

• Chinese investors are exiting Australian agriculture, with Kilcoy Pastoral and Wengfu Australia up for sale. (The Australian)

• Advent Partners is looking to sell its healthcare SaaS business, Medtech. (AFR)

• Encore Holdings acquires employee benefits platform Circle In. (Capital Brief)

• Pacific Smiles board is expected to reject Genesis Capital's revised takeover bid. (AFR)

• AMP is interested in acquiring Insignia Financial in the future, but only after Insignia improves its financial performance. (The Australian)

• Mineral Resources will temporarily shut down its Bald Hill lithium mine due to low lithium prices. (Capital Brief)

• ResPax acquires ResBook, a New Zealand-based accommodation booking system. (BNA)

• KKR is considering selling Laser Clinics Australia to another private equity firm. (The Australian)

• Selfwealth receives a $51m takeover offer from Bell Financial. (BNA)

• EQT is looking to sell at least a 25% stake in Metlifecare. (The Australian)

Capital Markets

• Insignia Financial aims to cut costs and improve efficiency as part of its new strategy. (Capital Brief)

• Atturra is raising $76.5m for acquisitions. (AFR)

• Contact Energy will build a new geothermal plant at the Wairakei geothermal power station. (Capital Brief)

VC

• None

People moves

• Donald Trump taps Elon Musk and Vivek Ramaswamy to lead a new ‘DOGE’ 'government efficiency' department to slash bureaucracy and spending. (FT)

• Magellan Financial Group's CFO, Kirsten Morton, resigns amid company struggles. (Capital Brief)

• John Gillam, the incoming Lendlease chairman, is actively engaging with investors ahead of the upcoming AGM. (AFR)

• ASIC will form a taskforce to simplify financial regulations. (Capital Brief)

The watercooler