☕️ Bitcoin Grifter

Good morning.

It was a tough day for Australian Dr Craig Wright, self-proclaimed inventor of Bitcoin, as a London court resolutely handed down its decision against him.

As the Jack Dorsey-backed crypto alliance COPA, who brought the action against Wright, rather smugly posted on X: “Justice Mellor found that: 1) Dr Wright is not the author of the Bitcoin White Paper. 2) Dr Wright is not Satoshi Nakamoto. 3) Dr Wright is not the person who created the Bitcoin System. 4) Dr Wright is not the author of the initial versions of the Bitcoin software.”

During the trial, Wright was accused of forgery, using courts in several jurisdictions as vehicles for fraud and that he may have perjured himself in the course of the trial. Justice Mellor said the "evidence was overwhelming."

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Market movers

Arafura Rare Earths shares rocketed a staggering 76.27% during trading yesterday, closing at $0.26, after the government announced an $840 million investment in the country’s first combined rare earths mine and refinery operated by Arafura. The miner, backed by Gina Rinehart, is expected to create more than 300 new jobs across the NT, with over 200 jobs during construction and over 125 permanent roles. This includes Arafura's stated ambition of securing 20% local Indigenous employment. On the investment, Anthony Albanese said: "This project is a major vote of confidence in the Northern Territory, which continues to punch above its weight in global trade."

The quick sync

• Smaller investors voice concern that super funds’ control over the startup ecosystem could create a ‘VC oligopoly.’ (Capital Brief)

• Amazon is building a fleet of contractors to challenge Australia Post’s last-mile delivery. (The Australian)

• How Australian aluminium smelters are embarking on long-term journeys to reduce their carbon footprint. (Capital Brief)

• Singtel reportedly enlists JPMorgan to explore selling a portion of its stake in Optus to Brookfield. (The Australian)

• US retail sales for February came in lower than expected at 0.6% after a deeper pullback in January, adding to concerns about the strength of consumer spending. (US Census Bureau Retail Sales data)(Bloomberg)

• Chinese wheat importers have cancelled or postponed around one million metric tonnes of Australian wheat cargoes which had been scheduled for shipment between February and April. (Reuters)

M&A

• Kapstream initiates a new fund for pre-public securitisation investments with Perpetual backing. (AFR)

• Shareholders of Jarden Group have given the green light for the sale of its New Zealand division, boosting capital for its Australian operations. (BNA)

• DroneShield has received a new order from the US government for its counter-unmanned aerial systems. (Capital Brief)

• Arcus Partners has purchased a majority share in brand and automation software start-up Sesimi. (AFR)

• The Carlyle Group has emerged as a potential contender in Perpetual's $1b corporate trust unit sale. (The Australian)

• Queensland takes the lead in adopting the Help to Buy scheme for home ownership, seeking to enact state legislation ahead of other regions. (BNA)

• Adamantem Capital has outperformed Rouse International in its bid to take over QANTM Intellectual Property, earning exclusive due diligence access. (Capital Brief)

• Jefferies' industrial banking team has initiated a search for investors interested in the National Group. (AFR)

• Superloop's move to make Origin Energy a 14% shareholder is seen as a strategic move to thwart Aussie Broadband's bid. (The Australian)

• The Federal Court has dismissed the regulator's claims against Finder Earn. (BNA)

• Cape is acquired by the UK's Anna.Money in a scrip-based deal of undisclosed value. (BNA)

• Innodata has withdrawn its $154m takeover bid for Appen due to a breach of confidentiality. (Capital Brief)

Capital Markets

• Myer investors are eagerly awaiting Premier Investments' results for potential clues regarding the back door listing. (The Australian)

VC

• The Queensland government has launched grant programs aimed at supporting female founders. (Startup Daily)

• EnergyLab’s alumni collectively raised $289m in funding despite facing challenges in the local startup ecosystem. (Smart Company)

People moves

• Tabcorp CEO Adam Rytenskild steps down over use of ‘offensive’ language. (Capital Brief)

The watercooler