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Good Morning,

After spending the long weekend celebrating America's birthday, monitoring the situation, and digesting the news of Elon’s new political party, the Exec Sum team returned to a pleasant surprise: 350,000 Exec Sum subscribers 📈

We're incredibly thankful to each one of you for trusting us as your go-to source for financial news, and we're gonna keep delivering on the back of your support. Here's to a strong Q3 🥂

Before we get into it: UpSlide and Litquidity are hosting a fun happy hour later this month in NYC. We're bringing together investment bankers at Cask Cellar on Thursday, July 24th for a laid-back yet high-powered networking experience, with great drinks, fun company, and a chance to unwind after markets close. Come join us.

Bitcoin Depot, the biggest Bitcoin ATM network in North America, has its eyes set on global expansion and wants the key retail trader segment to stay involved. Check out their investor insights.

Let's dive in.

Before The Bell

As of 7/3/2025 market close.

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stock and bond markets were closed on Friday for the Fourth of July

  • US stocks rallied on Thursday as traders digest fresh economic data and implications from the new US fiscal agenda 

    • S&P and Nasdaq hit fresh ATHs

    • VIX hit a four-month low

  • Portugal stocks hit a 14-year high to recover all losses from a banking collapse in 2014

  • French yields are set to overtake Italy to become highest-yielding bonds in eurozone 

    • France-Italy 5Y yield spread is close to turning negative for the first time since 2005

    • France-Italy 10Y yield spread fell to 17 bps, the tightest since 2007

Earnings

  • What we're watching this week:  

    • Thursday: Delta, Levi's

  • Full calendar here

Prediction Markets

  • Traders are back to square one with reciprocal tariffs set to resume.

  • Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

  • India banned Jane Street after 'sinister scheme' to manipulate markets (CNBC)

  • BCG modeled plan to 'relocate' Palestinians from Gaza (FT)

  • Trump signed his fiscal agenda into law (BBG)

  • Reciprocal tariffs will resume in August as nations scramble for deals (CNBC)

  • Retail investors reap big gains from 'buying the dip' (FT)

  • Meme stocks and YOLO bets are back and fueling the market rally (WSJ)

  • US job growth picked up, but private hiring drastically slowed (CNBC)

  • Citigroup's CTO is working to end fat-finger blunders (BBG)

  • Quant hedge funds ride whiplash markets to H1 gains (BBG)

  • Stock funds rose 10.1% in Q2 (WSJ)

  • Dealmakers hit pause on M&A as caution rules the boardroom (FT)

  • SPACs regain popularity as IPO alternative for smaller firms (BBG)

  • Private credit lenders face more pressure from rising debt costs (BBG)

  • London IPO fundraising fell to a 30-year low (FT)

  • Tariffs and geopolitics drag on European IPOs despite investor inflows (RT)

  • Global equity funds saw the biggest weekly inflows in eight months (RT)

  • Taiwan stock ETFs lead inflows in Asia with $19B haul (BBG)

  • Foreigners bought Japan stocks for the longest steak since 2013 (BBG)

  • US corporate bond sales expected to drop after banks slow issuances (BBG)

  • UK firms lose taste for US investment (RT)

  • TikTok is building a new US app ahead of expected US sale (TI)

  • Taiwan mulls tougher FX rules for foreigners buying stocks (BBG)

  • BlackRock halted Ukraine recovery fund talks after Trump's election (BBG)

  • China snaps up mines around the world in rush to secure resources (FT)

  • Elon Musk formed a new 'America Party' (CNBC)

A Message from Bitcoin Depot

Bitcoin Depot's Q1 Growth: A New Era for Crypto Infrastructure?

Bitcoin Depot (Nasdaq: BTM) isn't just building the essential infrastructure for Bitcoin’s future; it’s expanding, growing, and attracting attention. With over 8,500 Bitcoin ATMs in their network, they’re the largest operator in the world, and just posted some impressive Q1 2025 numbers:

  • Revenue up 19% YoY to $164.2M

  • Q1 net income up to $12.2M vs. net loss of $4.2M in Q4 2024

  • Adjusted profits up 92% YoY to $33.1M

Since 2016, Bitcoin Depot has processed over 3.7 million transactions, totalling around $3B. The best part? Their revenue hasn’t historically been tied to Bitcoin’s price. Instead, they rely on Bitcoin ATM usage as crypto adoption grows. Even major asset management firms are noticing, adding BTM to their holdings alongside Bitcoin ETFs. 

Don't just watch Bitcoin grow — become a part of how it grows. 

The above is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation, or solicitation to buy or sell a particular financial instrument. Bitcoin Depot is not a registered investment adviser under the U.S. Investment Advisers Act of 1940. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Bitcoin Depot to buy or sell any securities or other financial instruments.

Deal Flow

M&A / Investments

  • Spanish lender BBVA will proceed with its $12.5B bid for peer Banco Sabadell, despite the latter's agreement to sell its UK unit TSB

  • Apollo-backed European insurer Athora offered to acquire UK specialist insurer Pension Insurance Corp. for $7.8B

  • Saudi oil giant Aramco is looking to sell five power plants for ~$4B

  • H&R Real Estate Investment Trust, one of Canada's largest REITs listed at $2.5B, is in talks with multiple parties about a sale

  • PE firm Thoma Bravo will take-private restaurant software maker Olo for $2B, a 65% premium

  • UK-listed insurer Chesnara agreed to acquire HSBC's UK life insurance business for $355M, creating a combined entity with $25B AUA

  • Real estate firm LandSec put a $340M London office in Victoria up for sale as part of a $2.7B asset disposal plan to shift capital toward retail and housing

  • Indian conglomerate Tata Group is in talks to buy out other shareholders in Singapore-based Resurgent Power Ventures at a $2.1B valuation; Tata owns a 26% stake 

  • BlackRock is considering selling its stake in the leasing rights to Aramco's natural-gas pipeline network back to Aramco

VC

  • Hypersonic weapons startup Castelion raised a $350M Series B at a unicorn valuation led by Lightspeed Venture Partners and Altimeter Capital

  • Lovable, a Swedish AI startup enabling users to build full stack web apps from simple prompts, raised a $150M+ round at a ~$2B valuation led by Accel

  • SkyDrive, a Japanese eVTOL aircraft manufacturer, raised an $83M pre-Series D led by MUFG

  • HIVED, an AI-powered parcel delivery startup, raised a $42M Series B led by NordicNinja

  • Swiss cloud platform Impossible Cloud Network raised a $34M Series A at a $470M valuation led by NGP Capital

  • Telegram blockchain startup TOP raised a $28.5M Series A at a $1B+ valuation led by Ribbit Capital

  • Qedma, an Israeli quantum startup, raised a $26M Series A led by Glilot Capital Partners

  • German EdTech startup EDURINO raised a $20M Series B led by Ravensburger Next Ventures

  • AssetCool, a UK-based startup using robotics and coatings to enhance power lines, raised a $13.6M Series A led by Energy Impact Partners

  • Liki24, a health and wellness marketplace with cross-country price arbitrage, raised a $9M Series A from u.ventures, TA Ventures, iClub, and more

  • Solarock, a French solar self-consumption startup, raised an $8.2M round led by Pale Blue Dot, Noa, Ring Capital, and Kima Ventures

  • Argon AI, an AI-native workspace purpose-built for life sciences, raised a $5.5M seed round led by Crosslink Capital and Wireframe Ventures

IPO / Direct Listings / Issuances / Block Trades

  • Kuwait's SWF KIA sold a 3.7% stake in insurer AIA for $3.4B via block trades

  • Investment firm General Atlantic is exploring a US IPO of  Danish juice and coffee chain Joe & The Juice at a potential ~$2.4B valuation

  • CVC-backed Japanese personal-care business FineToday is considering reviving its Japan IPO plans after scrapping an attempt to raise $612M at a $1.5B valuation last year

  • Indian solar module maker Emmvee Photovoltaic Power filed for a $351M India IPO

  • PE firm Carlyle will offload a 10% stake in India's Piramal Pharma for ~$305M via block trades

  • Nigerian lender Guaranty Trust Holding raised $105M in its first international share sale ahead of a UK-listing

  • Ambiq Micro, a maker of ultra-low power semiconductors last valued at $450M in a 2023, filed for a US IPO

  • Italian lender UniCredit began selling down its stake in Italian insurer Generali, offloading less than 1.5% as part of a gradual exit plan

  • Indian conglomerate Reliance Industries will spinoff its consumer goods brands into a new wholly owned unit ahead of a planned IPO for its retail business

  • Mexico will spinoff the trust units of CIBanco and Intercam Banco, two banks that it intervened in amid US accusations of drug money laundering

  • Saudi fintechs Emkan Finance and Tamweel Al Oula are preparing to IPO

Debt

  • Colombia is pursuing up to $10B in Swiss franc-denominated loans to repurchase costlier debt and reduce its rising debt service burden

  • BBVA is planning a SRT transaction linked to a $4.7B portfolio of corporate loans

  • Germany's Commerzbank plans to issue a SRT transaction linked to $2.4B of loans

  • Alibaba raised $1.5B from selling bonds exchangeable into shares of its unit Alibaba Health Information Technology

  • Elliott and Veritas Capital-backed transportation tech firm Cubic struck a deal with creditors to reduce $1.4B in debt, extend maturities, and receive fresh $170M equity injections from its backers

  • Chile raises $1B in a dollar bond sale

  • Vietnamese EV maker VinFast Auto raised $510M in private credit from Deutsche Bank and Singaporean investment firm SeaTown

Bankruptcy / Restructuring / Distressed

  • Distressed Hong Kong builder Parkview is considering selling artwork worth over $25M to pay down debt and secure a major refinancing deal 

  • Bankrupt aquatic parks operator The Dolphin Company is preparing to sell hundreds of dolphins and marine mammals amid cash shortages

  • HPS Investment Partners and Arcmont Asset Management are in talks to take over Carlyle-backed Italian sportswear company Dainese in one of Italy’s first private credit takeovers, following default

  • Dr. Phil-backed TV startup Merit Street Media filed bankruptcy after being forced out by its broadcasting partner

Fundraising / Secondaries

  • PE firm Warburg Pincus is targeting $17B for latest flagship fund

  • European financing investor Kartesia closed its sixth-generation credit opportunities fund at $1.5B

  • UK-based mid-market investor MML Capital Partners raised $1.2B for its eight to focus on B2B

  • Brookfield Asset Management is acquiring stakes in three portfolio companies from Brookfield Business Partners for a new $690M PE fund for wealthy individuals, at an 8.6% discount

  • National security-focused VC America's Frontier Fund plans to raise $315M for a debut fund

  • Saothair Capital Partners, a PE firm focused on mid-market manufacturing and industrials, raised $300M for its second fund

  • Omnes Capital raised $132M for its second deep-tech fund

Crypto Sum Snapshot

  • Two Bitcoin wallets transferred over $2B worth of Bitcoin after being dormant for 14 years

  • Whales offloaded $50B worth of Bitcoin this year

  • OpenAI cautioned Robinhood customers over new equity 'tokens'

  • JPMorgan is wary of stablecoins' trillion-dollar growth projections

  • Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

  • Folks, it's time to stop debating Economy vs First class and step up to private. FlyJets is making flying private easier (and less expensive) than ever. FlyJets' charter marketplace and peer-to-peer exchange offers the most seamless way to reserve or sell charter plane flights from any route and destination in the world. Whether you want to bundle up with friends to save on one flight, sell spaces on a flight, or sell your reservation and make another, FlyJets' exchange is the place to go.

    Gain the charter flight access you've always deserved. Get two months free with code FLYJETSLIT.

  • Remember when Jane Street sued two ex-traders at Millennium for stealing a confidential India trading strategy? Turns out, the strategy was just market manipulation in Indian derivatives. India has since banned Jane Street. WSJ and Bloomberg covered the story too. Robin Wigglesworth also shared all relevant screenshots of India's complaint against Jane Street's 'sinister scheme.' India will also reportedly expand its investigation into Citadel and Millennium.

  • Remember when BCG fired two partners for conducting unauthorized work on Gaza? Turns out, they were modeling a plan to 'relocate' Palestinians from Gaza. Ex-UK PM Tony Blair's staff also took part in this project with BCG.

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

Meme Cleanser

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☎️ Book a call with Lit: Want to pick Litquidity's brain on business advice, insights, or just chat to say what's up? Buy his time here.

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.

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