☕️Sh*tcoins go Legit

Good morning.

Assistant Treasurer Daniel Mulino is set to unveil the government’s long-await crypto regulatory regime this morning, which he touts is about “legitimising the good actors and shutting out the bad, about giving businesses certainty and consumers’ confidence.”

Mulino will explain at the Digital Economy Council of Australia’s regulatory summit that Labor's plan is to expand existing financial services rules to encompass digital assets, Capital Brief reports.

To be fair, since crypto was bestowed the Trump blessing (yes, we know he is somewhat motivated), holding the asset (are we cool with that definition??) has become completely de rigueur from Wall Street to Martin Place.

How the turn tables.

🏆 LOI Subscriber #TBD

Market movers

Shares in counter-drone technology firm DroneShield rose Wednesday, continuing their rally after Tuesday’s announcement of a big expansion to its US research and development operations. DroneShield will add a second site to its Virginia base and more than double its US workforce, with over 30% of new roles focused on software and AI.

The quick sync

• Just 27% of ASX 200 companies have disclosed AI activity, underlining how far corporate Australia lags global benchmarks. (Capital Brief)

• Ambition won’t cut emissions. Australia needs a delivery plan to turn climate intent into investment and resilience, writes Ben Thompson. (Capital Brief)

• Optus appoints Labor-linked Fitzpatrick & Co as it prepares for a bruising fight with governments over a triple-zero outage linked to four deaths. (Capital Brief)

• Free TV wants Labor’s digital competition laws expanded to let media companies claim damages from tech giants found to have breached the regime. (Capital Brief)

Trading floor

M&A

• Deterra sells gold assets to Vox for $91m, exits non-core. (Capital Brief)

• Blackstone exits $1b NOJA Power auction. (AFR)

• AngloGold Ashanti signals possible $2.2b WA mine sales within 2–3 years, pending new asset acquisitions. (The Australian)

• Woodside signs deal to supply BOTAŞ LNG from 2030 for up to nine years. (Capital Brief)

• Jones Radiology doctors buy out partners to block Allegro’s takeover, keeping $150m practice doctor-owned. (The Australian)

• Audit backs process behind PsiQuantum’s $940m Australian quantum computer deal, despite minor flaws. (Startup Daily)

• La Trobe Financial’s sale in doubt after CVC exits and Warburg Pincus delays bid. (The Australian)

• Intel has asked Apple to invest, hoping to validate its comeback. (Bloomberg)

Capital Markets

• KMD loss widens to $93.6m on cost, weather, Oboz hit. (Capital Brief)

• Tuas posts profit, grows users, eyes $1.4b M1 deal. (Capital Brief)

• Lynas raises $182m to boost rare earths expansion. (Capital Brief)

• LVP finalises SAP consulting roll-up ahead of S/4HANA migration wave. (AFR)

• Super Retail settles claims over ex-CEO affair for under $50m. (Capital Brief)

• ABC must pay Lattouf $220k+ after unlawful termination ruling. (Capital Brief)

• UBS lifts Platinum Asset Management target after L1 merger approval. (Capital Brief)

• Murray Cod Australia wall-crosses fund managers for equity raising. (AFR)

• CPI rises 3% in year to August; NAB delays next rate cut to May 2026. (Capital Brief)

• The Star Sydney casino licence suspension extended to March 2026 amid ongoing remediation. (Capital Brief)

• Sircel raises $10m ahead of $200m IPO plans. (AFR)

• Infratil shares rise after CDC wins 100MW data centre contracts. (Capital Brief)

• Optus fined $100m for exploiting vulnerable customers in phone sales. (Capital Brief)

• ASIC clears La Trobe to resume two term accounts after TMD fixes; US credit fund still restricted. (Capital Brief)

• I-MED pivots to growth plans and potential IPO after $3b sale falls through. (AFR)

• Macquarie to expand LNG business via physical trading and long-term supply deals. (Capital Brief)

• Australia drafts data centre strategy amid global AI race. (AFR)

• Oracle to borrow USD15b to fund AI cloud build-out amid rising debt. (Capital Brief) (Bloomberg)

• Nine, Seven push for power to seek damages from Big Tech under new digital ad regime. (Capital Brief)

• US new-home sales spiked to their fastest pace since early 2022 in August, driven by deep builder discounts and falling mortgage rates. (Bloomberg)(Capital Brief)

VC 

• Sydney startup Alloy raises $4.5m pre-seed led by Blackbird to boost robotics data platform. (Capital Brief)

• Sydney martech startup Nevam raises $1.2m to scale its CX “digital twin” journey mapping platform. (Smart Company)

• Perth biotech startup Uluu partners with Papinelle to debut seaweed-based biodegradable pyjama buttons. (Smart Company)

People moves

• Liontown hires new CFO from Tianqi–IGO JV and names new people chief. (Capital Brief)

• Westpac hires BofA MD Pete Nicholls for M&A and strategy. (AFR)

• Mining sector forecasts 22,000 extra jobs by 2030 despite Qld coal layoffs. (AFR)

• Optus hires Kerry Schott to review deadly triple-zero outage. (Capital Brief)

• Mayne Pharma director raised integrity concerns over management amid Cosette’s $671m takeover battle. (AFR)

• Seven West Media hit with class action over alleged staff underpayments. (AFR)

• New Zealand poised to appoint first female RBNZ governor. (Bloomberg)

The watercooler