“There is nothing that Bitcoin can do which Ethereum can't." — Fred Ehrsam
Good Morning! Investment bankers swear they’re seeing pent-up demand in this dealmaking desert. Goldman Sachs is cooking up a dozen generative AI projects. And one ex-Goldman partner is performing a tell-all cabaret show in NYC about her time at the bank and her divorce. SoftBank posted $6.2 billion after WeWork bankruptcy. Global wellness spending exploded to $5.6 trillion last year. And Affirm is teaming up with private credit giants like Apollo and Ares for their buy-now-pay-later business.
SQUEEZ OF THE DAY
BlackRock's making moves and is reportedly working on an Ethereum ETF.
They filed trust paperwork in Delaware yesterday and Ethereum shot up 10%, breaking that $2k barrier for the first time since April.
They registered it as the iShares Ethereum Trust. Nasdaq's on-board too, filing to list and trade shares of the trust yesterday.
Blackrock has previously filed to launch a Bitcoin ETF, but the SEC hasn’t approved it yet. There’s a lot of $ETH hype - some investors prefer the digital asset for its practical blockchain applications and since its transition to proof of stake, Ethereum doesn’t need to be mined like Bitcoin.
Ethereum has been quietly popping off, outperforming the S&P 500 by 13x over the past 3 years.
Takeaway: If these ETFs get approved, will they boost crypto prices? Probably. But the jury’s still out on what that really means. Crypto doesn’t have the same intrinsic value as stocks - so while an ETF would remove barriers for investors, it could inflate its price in the short term without addressing the underlying problems.
Stocks snapped an 8-day winning streak yesterday.
(+) Duolingo ($DUOL) +21% after hiking its full-year forecast.
(+) Affirm ($AFRM) +14% after the fintech company topped revenue expectations.
(–) Krispy Kreme ($DNUT) -7% after its adjusted profit was half of what analysts expected.
Photonic, a quantum computing startup, raised $100 million
Elucid, a provider of imaging software for heart disease, raised $80 million
OrsoBio, a biotech for metabolic disorders, raised $60 million
Cast AI, a cloud spending optimization platform, raised $35 million
Niron Magnetics, a developer of earth-free magnets for EVs, raised $33 million
Cleanlab, an automated data curation startup, raised $25 million
For more PE & VC deals, subscribe to Buysiders.
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Why the IPO market has grown quiet again (CNBC)
Citadel’s Ken Griffin says global investors have to invest in China (YF)
Universities shouldn’t be punished for betting on private equity (BB)
Former Blackstone exec wants to salvage WeWork (YF)
When private equity giants sell, investors buy their stocks (WSJ)
Goldman’s consumer retreat isn’t over (YF)
UBS made a fast start in butchering Credit Suisse (BB)
AI could cut animated film costs by 90% (YF)
How Adam Neumann won WeWork’s bankruptcy (WSJ)
BOOK OF THE DAY
Emotional Intelligence Habits
Emotional Intelligence Habits is a groundbreaking new book from Dr. Travis Bradberry, author of the multi-million copy bestseller Emotional Intelligence 2.0. In Emotional Intelligence Habits, Dr. Bradberry, the world's foremost expert on increasing EQ, offers an abundance of practical strategies that will teach you how to form good habits, break bad ones, and master the micro behaviors that will take your EQ to new heights.
The book includes a passcode to the updated online edition of the world's #1 EQ test, the Emotional Intelligence Appraisal®, which will show you where your EQ stands today and which new habits from the book will increase your EQ the most.
By now, emotional intelligence (EQ) needs little introduction—it's no secret that EQ is critical to your success. But knowing what EQ is and knowing how to use it to improve your life are two very different things. Emotional Intelligence Habits offers a proven framework for increasing your EQ via tiny habits that make big changes in small steps.
“Emotional intelligence is at the core of life success.”
Short Squeez Picks
Marginal Tax Brackets for 2024 Tax Year
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The 85% rule, inspired by sprinting legend Carl Lewis, emphasizes working smarter, not harder, for success at work. Instead of maxing out effort, maintain a relaxed stance to conserve energy and enhance qualities like awareness.
Research, such as a study from City University in London, highlights that excessive hours and intensity don't always lead to career advancement. Overexertion often causes burnout and reduced productivity, making a smarter approach vital.
To apply the 85% rule, calibrate effort to the actual needs of each task. Reduce pressure through pre-event exercise or calming techniques like deep breathing. Embrace rhythmic renewal by taking short, deliberate breaks throughout the day for improved focus and creativity.
This rule encourages ongoing experimentation and adjustment, enabling better energy management and enhanced workplace success, while preventing unnecessary intensity and burnout.
Memes of the Day