☕️ Memecoin Mania

Crypto ‘degens’ are lapping up the return of the Bitcoin rally.

Good morning.

If DogWifHat means nothing to you, fear not, you can consider yourself clear of the self-titled degenerate crypto gamblers, degens, who are revelling in crypto’s latest resurgence. DogWifHat could be considered a descendent of Dogecoin, the original memecoin, which features a Shiba Inu as its mascot.

Despite sounding a tad unserious, DogWifHat has delivered some serious coin for lucky (or well informed) punters. Capital Brief reports that crypto traders have been banking ungodly returns on DogWifHat transactions, with one trader dropping just US$310 ($472.29) in November to pull out US$1.2 million ($1.83 million) months later. Another trader named ‘binance-insider’ bought US$8 million in DogWifHat two months ago, conveniently, prior to the Binance Exchange listing the memecoin on Wednesday.

It may be a cynical take, but perhaps that anecdote tells us everything we need to know about this latest rally.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in online luxury retailer Cettire plummeted over 20% during trading yesterday to close at $3.99, on news that duties charged by the company on goods were not paid to the federal government. The AFR claimed that during a test order as part of an investigation into the retailer, "none of the duties paid as part of the order were handed over by Cettire to Australian customs officials." It also said that its courier DHL confirmed there were no duties charged for the shipment. Cettire has since rejected the claims in the report.

The quick sync

  • Beijing hinted that more liquidity support for China’s economy is likely during a briefing on Wednesday, and unexpectedly provided disclosures around the country’s trade-data performance. (Wall Street Journal)

  • Origin Energy and the NSW Government agreed to delay the planned retirement of the country’s largest coal-fired power station beyond August 2025. (The Australian)

  • Google and Apple app stores, and video game developers are set to face new consumer law scrutiny over pricing from the ACCC in the coming 12 months. (Capital Brief)

  • Delivering remarks before the House Financial Services Committee, US Federal Reserve chair Jerome Powell has confirmed that the country is on track to cut rates later this year. (Wall Street Journal)

  • Anthony Albanese’s government will unveil a new plan to pay super on government-paid parental leave from 2025 later today. (Capital Brief)

Trading floor

M&A

  • National Group seeks refinancing and buyers. (AFR)

  • Mineral Resources enlisted JPMorgan to sell a 49% stake in a key private haul road in the Pilbara. (AFR)

  • Industry veterans, Tolga Kumova and Simon Rushton, are set to lead Macro Metals' strategic shift. (The Australian)

  • Till Payments Global, once valued at $500m, sells to Nuvei for $47m. (AFR)

  • ANZ has finalised the sale of a 16.5% stake in Malaysian bank AmBank through a block trade. (Capital Brief)

  • KKR backs new leisure concept Drifter on the purchase of its first local property in Byron Bay. (The Australian)

  • L Catterton renews bid for Quadrant's gym roll-up. (AFR)

  • Jarden analysts recommend breaking up Fletcher Building, proposing the sale of non-core assets for $NZ3.1b. (The Australian)

  • AusSuper backs Origin Energy leadership despite bid disagreement. (AFR)

  • Social Garden founders acquire Homeshelf.com.au for New Home Network. (BNA)

  • Takeover battle heats up for Eureka Group as Ben Cottle acquires stake. (The Australian)

  • Allegro Funds hinted at finalising a bilateral deal for its fourth fund during a conference in Sydney. (The Australian)

Capital Markets

  • None

VC

  • Kirk Tsihlis ventures into low-carbon steel and cement production with Axis Green Steel Limited. (AFR)

People moves

  • Growthpoint Properties Australia has named Ross Lees as its new CEO and managing director, taking over from Timothy Collyer. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

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