☕️ Parallel universe

Good morning.

There’s understandably been a lot of focus on macroeconomic uncertainty in the markets at the moment as conflict in the Middle East continues to dominate news flow.

But in the parallel financial universe of crypto, life goes on. Bitcoin (which has rallied even harder than gold’s record-breaking run this year) underwent another halving over the weekend, while one of Australia’s top crypto VCs, King River Capital told Capital Brief it’s diving back into Web3 investing after staying on the sidelines for more than year.

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Market movers

Only oil producers and gold stocks avoided the broad-based selloff that knocked the ASX to its worst day since February on Friday as fears over an escalation of conflict between Iran and Israel intensified. Gold-play Northern Star Resources was one of the strongest performers in the top 100, quietly touching its highest levels in nearly four years as prices of the safe-haven metal hit fresh record highs (in nominal terms).

The quick sync

• The strategy behind Macquarie's green transition (Capital Brief)

• The RBA may have been right all along on late rate cuts (Capital Brief)

• China’s new stock champions face growing waves of trade probes (Bloomberg)

• Trump Media CEO says he’ll do ‘whatever it takes’ to defend DJT investors from short sellers (CNBC)

• One of Cettire’s most prominent backers has sold out entirely (AFR)

M&A

• The Growth Fund nears major exit deal with Fitness Passport, offering memberships to over 1500 gyms and leisure centers. (AFR)

• Kohlberg Kravis Roberts in exclusive talks to acquire Perpetual's units for over $1bn amid strategic review. (The Australian)

• Major players like DigitalBridge Group, IFM, and Blackstone are securing financial advisers for AirTrunk's potential $15bn sale. (AFR)

• Japanese renewables firm Shizen Energy Group seeks investors for its first Australian solar project developed with Bison Energy. (AFR)

• Metals Acquisition is now eyeing Glencore's Mount Isa Mines complex as its next potential target. (The Australian)

Capital Markets

• NOJA Power secures $60m pre-IPO investment from Ellerston Capital's Industrial Growth Fund. (AFR)

• Mining experts puzzled by strong demand for Spartan Resources' $80m equity raising for exploration in Western Australia. (The Australian)

VC

• Brisbane's Tritium has entered receivership on the US Nasdaq less than three years after listing. (Startup Daily)

People moves

• Investors await news on Fletcher Building's new chairman. Speculation points to a former NAB CEO as a potential candidate. (The Australian)

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The watercooler