☕️ Token Investment

Good morning.

JP Morgan’s asset management arm is launching its first ever tokenised money market fund built on Ethereum, as the bank delves deeper into blockchain-based finance.

The WSJ, which was first to report the news, said that ‘My OnChain Net Yield Fund’, or MONY, will allow investors to earn a yield while their assets remain entirely on the blockchain.

MONY will be open to qualified investors – individuals with at least USD5 million ($7.53 million) in investments and institutions with a minimum of USD25 million. The fund has a USD1 million investment minimum.

🏆 LOI Subscriber #TBD

Market movers

Shares in the Australian bourse ASX fell 5.7% Monday after the market operator agreed to sweeping governance reforms in response to an ASIC report, which requires it to hold an additional $150 million in capital until specific milestones are met.

The company also flagged a reduction in its dividend payout ratio and lowered its return on equity target range.

The quick sync

• ANZ’s board faces rising shareholder anger over pay and performance ahead of Thursday’s AGM. (Capital Brief)

• Jewish VCs urge Australia’s startup scene to move from private sympathy to public action against antisemitism after the Bondi shooting. (Capital Brief)

• Atrium raised $1.3m to build an AI CRM that helps professionals manage their networks more effectively. (Capital Brief)

• eSafety has not removed Bondi attack posts as they do not breach legal thresholds but it’s reviewing large volumes of graphic content. (Capital Brief)

• Bondi attack pushes Albanese to reopen national gun control deal decades after Port Arthur. (Capital Brief)

• Real estate listing business Zillow sinks after reports Google is testing property listings with key housing site features. (Investor’s Business Daily)

Trading floor

M&A

• Fortescue’s shares fell modestly after buying out Alta Copper to boost long-term copper exposure. (Capital Brief)

• Perpetual Wealth sale to Bain Capital uncertain amid branding and adviser issues. (The Australian)

• Miners sell infrastructure assets to raise cash, targeting billions in sales. (AFR)

• Tyro is buying NAB-backed Thriday to bolster its SMB fintech platform. (Capital Brief)

• Steadfast hits record lows amid buyout talk but maintains earnings outlook. (The Australian)

• Glencore buys 5% stake in Endura Mining for $15m. (AFR)

Capital Markets

• ASX faces a $150m penalty and sweeping reforms after regulators found deep governance and operational failures. (Capital Brief)

• Treasury Wine halted trading before issuing a new outlook update. (Capital Brief)

• January Capital raised $196m to fund tech growth credit in Asia-Pacific. (Capital Brief)

• CDC plans $5b debt raise to fund development pipeline. (AFR)

• Vaxxas won TGA approval to make its needleless vaccine patch for trials. (Capital Brief)

• FDA approved Neuren’s new oral form of its Rett syndrome drug. (Capital Brief)

• ATC fights Racing NSW plan to force administration. (AFR)

• Woolworths will fight a class action over alleged underpayments. (Capital Brief)

• Westgold will spin off non-core assets and float Valiant Gold in 2026. (Capital Brief)

• Origin and AGL court private funding for renewable projects. (AFR)

• ANZ’s chair and board are under fire at the AGM over poor performance and accountability. (Capital Brief)

• IperionX wins US Navy titanium project with Carver Pump. (Capital Brief)

• Sheet Society launches sleepwear brand Resting to expand beyond bedding. (Smart Company)

• 4DMedical jumps after Canadian approval for CT:VQ software. (Capital Brief)

• Employment Hero slows growth to cut losses and focus on profitability. (AFR)

• Iron ore stocks drop as China signals steel export controls. (Capital Brief)

• Denholm’s R&D review proposes reforms to focus incentives on high-potential startups. (Capital Brief)

• Seafolly posts losses; owner steps in to support loans. (AFR)

• Singapore and China ink 27 deals to boost financial and trade ties. (Capital Brief)

• JPMorgan launches Ethereum tokenised money-market fund for qualified investors. (Capital Brief) (WSJ)

• Bing Lee’s profits plunge amid competition from JB Hi-Fi and Amazon. (AFR)

• iRobot files for bankruptcy and will be taken over by Picea after pressure from cheaper competitors and US tariffs. (Reuters)

• Atrium raises $1.3m to build an AI personal CRM for executives. (Capital Brief)

VC 

• Virescent Ventures backs IND Technology’s $50m funding round to advance bushfire prevention system. (Capital Brief)

People moves

• Gerald Stack named CEO of MFF, with Chris Mackay shifting roles. (Capital Brief)

• Jeremy Raper pushes ahead with board spill at Humm Group. (AFR)

• McKinsey to cut 10% of staff amid consulting slowdown. (Capital Brief) (Bloomberg)

The watercooler