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Good Morning,

Firms re-listing in US are seeing valuation boosts, investors are piling back into stocks, more Americans are concerned of job security, and Harley-Davidson dropped DEI efforts.

Check out our new opportunity with Chicago Atlantic Digital Mining Fund, an exciting entryway investment into the digital asset space.

Let’s dive in.

Before The Bell

Markets

• US stocks rose as investors continued to pile into the market recovery

  • Nasdaq and S&P rose for an eighth-straight day for the latter's longest win streak since November

• Asian stocks hit a one-month high

• Euro hit a YTD high

• Pound hit a one-month peak

• Emerging markets currency index hit a record high

• Gold surpassed $2.5k per ounce for the first time ever

Earnings

• Palo Alto Networks beat Q4 EPS and revenue estimates and issued an above-estimate 2025 forecast on growing demand for its cybersecurity products (RT) 

• What we're watching this week:  

  • Today: Lowe's

  • Wednesday: Target, Macy’s

  • Thursday: TD Bank Group, Cava

• Full calendar here

Headline Roundup

• HP fraud case co-defendants Mike Lynch and Stephen Chamberlain are missing and dead (WSJ)

• More Americans are concerned about job security (CNBC)

• Investors pile back into equities amid 'full recovery' in market confidence (FT)

• Trend-following hedge funds are returning to Japan equities (RT)

• Firms re-listing in US see improved valuations (BBG)

• US regional bank deals rise in drive to bolster balance sheets (RT)

• Saudi wealth fund brings era of easy money to an end (FT)

• Physical buyers win battle for copper market as funds retreat (RT)

• Kamala Harris proposes raising corporate tax rate to 28% (NBC)

• China restricts trading data as foreign investors flee Chinese stocks (FT)

• China left a key lending benchmarks unchanged, as expected (RT)

• Icahn settled with SEC over alleged disclosure failures (CNBC)

• Goldman named Citigroup's NAM FIG coverage head as partner (RT)

• GM will cut over 1k jobs in software business (WSJ)

• US adds most power generation in 21 years as AI demand surges (BBG)

• Harley-Davidson dropped DEI efforts amid pressure (BBG)

A Message From Chicago Atlantic

Beyond Bitcoin

We're Chicago Atlantic, an alternative investment management firm with over $1.7 billion in assets under management. Our approach capitalizes on niche strategies where demand for capital exceeds traditional supply. We serve institutions, family offices and private clients.

Today, in partnership with Exec Sum, we've opened our new Digital Mining Fund to all accredited investors.

What's the Opportunity?

A de-risked investment in the crypto space with monthly cash flow distributions, tax depreciation benefits, attractive returns and potential capital appreciation.

Since inception, we have distributed annualized returns of 36 percent.

Why Invest?

Infrastructure for miners is in high demand. With the Digital Mining Fund, you are investing in real assets with bonus depreciation and in data center infrastructure with significant electrical power availability and applications beyond the crypto landscape. These investments in a fund structure offer less volatility and higher potential for growth than simply buying and holding Bitcoin.

Want to Learn More?

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

Deal Flow

M&A / Investments

• Canadian fuel stop retailer Alimentation Couche-Tard proposed a takeover for the Japanese operator of 7-Eleven Seven & i, which has a ~$38B market cap (FT) 

• AMD agreed to buy AI infrastructure group ZT Systems in a $4.9B cash-and-stock deal (FT) 

• Veteran media exec Edgar Bronfman Jr. submitted a $4.3B bid for Paramount Global -owner National Amusements (RT)

• PE firm Quantum Capital will acquire certain Caerus Oil and Gas assets including debt for ~$1.8B (RT) 

• Oil producer APA is exploring a sale of Permian basin oil and gas drilling assets in a potential ~$1B deal (RT) 

• KKR acquired six US industrial warehouses for $377M (BW) 

• Crypto ETF provider Bitwise Asset Management will acquire UK-based digital-assets issuer ETC Group (BBG) 

VC

• Re:Build Manufacturing, a manufacturer of technologically advanced products, raised $120M from General Catalyst (FN)

• Cyberbit, a cybersecurity skill development platform, raised $60M in from Charlesbank Capital Partners and others (BW)

• AI governance software provider ModelOp raised a $10M Series B led by Baird Capital (FN)

• Photon Health, an electronic prescription startup, raised a $9M round led by Notation Capital and Flare Capital Partners (FN)

• African payment and liquidity platform Waza raised an $8M seed round from YC, Norrsken Africa, Heirloom VC, and more (TC)

IPO / Direct Listings / Issuances / Block Trades

• India's JSW Cement filed for a local IPO worth up to $477M (RT) 

SPAC

• Chinese digital insurance broker Leading Group will merge with Healthcare AI Acquisition Corp. in a $430M deal (YH)  

• Electronic solutions provider AMC will merge with AlphaVest Acquisition Corp. in a $175M deal (GNW) 

Debt

• Kroger is seeking to raise ~$10B in a corporate bond sale to help fund its proposed acquisition of peer Albertsons (BBG) 

• Private credit lenders lead by Goldman Sachs Asset Management are in talks to provide $971M to environmental advisory firm SLR Consulting (BBG) 

• Turkish industrial and retail group Eren secured an $850M loan from local and global lenders to finance a $1.3B tissue plant in Wales (BBG) 

Bankruptcy / Restructuring / Distressed

• Chinese developer Kaisa will raise $9.8B in bonds and convertibles as part of a restructuring deal (FT)

• Appliance parts maker Robertshaw received court approval for a Chapter 11  restructuring that will transfer control from Invesco to a rival lender group (BBG) 

• BurgerFi warned of potential bankruptcy (QSR)

Crypto Corner

• The 2024 DNC platform does not mention crypto policy (CT) 

• Kamala Harris might appoint SEC Chair Gary Gensler as Treasury Secretary if elected. (BZ)

Exec’s Picks

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Financial Services Recruiting 💼

If you're currently a junior banker looking to break into the buy side, lateral to another investment bank, or consider new paths amid changing market dynamics, it's time you check out Litney Partners, a partnership between 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, debt funds, and investment banking.

To get started, simply head over to Litney Partners and create your profile by dropping your resume / filling out the form:

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