Insider Insights from BofA

BofA was accused of sharing insider information with investors, money-market fund assets hit a record-high, a16z is leaving Miami, and family offices AUM is set to to surpass hedge funds by 2030.

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BofA was accused of sharing insider information with investors, money-market fund assets hit a record-high, a16z is leaving Miami, and family offices AUM is set to to surpass hedge funds by 2030.

As AI fuels demand for increased electrical capacity, Chicago Atlantic is here with an opportunity to invest in their Digital Mining strategy.

Let’s dive in.

Before The Bell

As of 09/05/2024 market close.

Markets

  • US stocks mostly dipped ahead of today's crucial labor market report

    • S&P fell for a third-straight day

  • Dollar is down 5% from its YTD high

Earnings

  • Broadcom fell ~7% despite beating Q3 EPS and revenue estimates after its in-line AI guidance failed to impress (CNBC

  • Docusign beat Q2 estimates as increased efficiency led to record operating profit, but they nonetheless gave underwhelming guidance (MSN

  • Full calendar here

Headline Roundup

  • US private payroll growth slid to the lowest since January 2021 (CNBC)

  • US planned layoffs surged to a five-month high in August (RT)

  • Yellen says US labor market healthy despite slower hiring pace (RT)

  • Family offices AUM is set to to surpass hedge funds by 2030 (CNBC)

  • Money-market fund assets hit a record $6.3T (BBG)

  • Cash could stay attractive even after rate cuts (RT)

  • PBOC sees room to lower banks reserve requirement (WSJ)

  • Chinese banks' loss-absorbing bonds may never be bailed in (FT)

  • UK needs extra $1.3T investment for economic growth (RT)

  • UK financial regulator enforcement actions hit a record high (FT)

  • Mexico approved draft rules to boost market listings (BBG)

  • BofA shared nonpublic information with Indian investors: whistleblower (WSJ)

  • TotalEnergies invested $100M in US forests (WSJ

  • a16z is leaving Miami (BBG)

  • PwC will monitor UK staff office attendance (FT)

  • CBOE is launching a trading platform for private market shares (BBG)

  • Schroders to name Richard Oldfield as next CEO (FT)

  • OpenAI crossed 1M enterprise users (RT)

  • Advertisers threaten to cut X spending in record numbers (FT)

  • US is investigating airline loyalty programs (BBG)

  • Trump may name Musk to lead government efficiency commission (CNBC

  • Teenagers' e-cigarette use plummets amid FDA crackdown (BBG)

A Message From Chicago Atlantic

Sustainable Access to Digital Mining Opportunities

The Chicago Atlantic Digital Mining strategy provides a stable structure for investors to gain exposure to bitcoin mining with cash flow distributions, tax depreciation benefits, attractive returns and potential capital appreciation.

Since inception, we have distributed annualized returns of 36 percent

Submit your interest below and a Chicago Atlantic advisor will share the opportunity.

Deal Flow

M&A / Investments

  • 7-Eleven's $39.3B owner Seven & i is poised to reject an opening takeover offer from Canada's Alimentation Couche-Tard (FT

  • Verizon will acquire Frontier Communications for $9.6B cash (WSJ

  • Intel is considering options for its 88% stake in $10.2B-listed self-driving systems provider Mobileye Global (BBG

  • A consortium of Vista Equity Partners and Blackstone is in talks to take private $6.8B-listed workplace collaboration software Smartsheet (RT

  • Salesforce will acquire software data startup Own for $1.9B (BBG

  • First Majestic Silver will acquire silver producer Gatos Silver in a $970M stock deal (GNW

  • Arnest chemical group will acquire Unilever's Russian assets for up to $500M (FT)

  • ConnectOne Bancorp agreed to acquire smaller peer First of Long Island in a $284M all-stock deal (RT

  • Danish retail tycoon Anders Holch Povlsen will acquire 75% stakes in Asos' Topshop and Topman brands for $178M cash (FT

VC

  • Drip Capital, a fintech providing working capital to SMBs, raised $113M including $23M in equity from SMBC and GMO Payment Gateway (TC)

  • AI R&D startup Sakana AI raised a $100M Series A led by NEA, Khosla Ventures, and Lux Capital (SN)

  • Battery manufacturing startup 24M raised an $87M Series H at a $1.3B valuation led by Nuovo+ (BW)

  • Health benefits platform Thatch raised a $38M Series A led by Index Ventures and General Catalyst (PRN)

  • French cleantech startup Calyxia raised a $35M Series B led by Lombard Odier Investment Managers and Bpifrance (TC)

  • Cobre, an Colombian treasury management platform, raised a $35M Series B led by Oak HC/FT (BW)

  • Carbon capture startup Mantel raised a $30M Series A led by Shell Ventures and Eni Next (BW)

  • E-PAL, a gaming and social companion platform, raised $30M led by a16z and Galaxy Interactive (BW)

  • Sedric, an AI monitor employee communications for compliance, raised an $18.5M Series A led by Foundation Capital (TC)

  • Mintlify, a platform for writing software docs, raised an $18.5M Series A led by a16z (TC)

  • Demex, a risk analytics and intelligence startup, raised $10.3M in a Series A and SAFE round led by Congruent Ventures (PRN)

  • E-commerce sales tax solutions startup Zamp raised a $10M Series A led by Valor Equity Partners (TC)

  • WOMBO, an AI startup focused on consumer applications, raised $9M in funding led by Round13 Digital Asset Fund (PRN)

IPO / Direct Listings / Issuances / Block Trades

  • Appliance maker Midea Group plans to launch a $4B Hong Kong listing next week (BBG

  • Nvidia and real estate firm Related Companies invested $160M in $850M-listed data center operator Applied Digital (WSJ)

  • Titan Cement International selected Citigroup and Goldman Sachs to arrange planned $500M+ IPO of its Titan America business next year (BBG

  • Samsonite selected JPMorgan and Morgan Stanley to work on its US cross listing (BBG

  • Conservative US cable news channel Newsmax confidentiality filed for a US IPO (RT

SPAC

  • Biotech Medera will merge with Keen Vision Acquisition Corp. in a $623M deal (BBG

Debt

  • New York ordered NYC's biggest taxi Insurer American Transit to weigh a sale amid insolvency (BBG

  • Red Lobster received court approval to emerge from bankruptcy under ownership of a Fortress Investment Group-led coalition (CNBC)

Bankruptcy / Restructuring / Distressed

  • New York ordered NYC's biggest taxi Insurer American Transit to weigh a sale amid insolvency (BBG

  • Red Lobster received court approval to exit Chapter 11 under ownership of a Fortress Investment Group-led coalition (CNBC

Crypto Corner

  • Coinbase increased crypto lobby spending by 3,475% since 2017 (CT

  • Mastercard enables non-custodial crypto spending in new partnership (CT)

  • Tech and crypto groups rush to profit from stablecoin boom (FT)

Exec’s Picks

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