Good Morning! The SEC gave the green light to Bitcoin ETFs. US banks are about to take a profit hit this quarter, thanks to the looming storm of souring loans. Wealthier Americans now own a record share of stocks. Plus how to improve your soft skills as a remote worker, 9 strategies to stay positive during career setbacks, and the 25 unwritten rules of flying you’re probably breaking.

Don’t let hearing loss ruin your new year. Give them (or yourself) the latest, most discreet hearing aid loved by 300,000+ customers and counting from hear.com.

_{SQUEEZ OF THE DAY}

VC-Funded Coffee

If you work in NYC, chances are Blank Street Coffee might have become one of your go-tos for their $5 lattes and cold brew. Since its founding in 2020, the chain has raised $100 million and has opened 74 locations. And now they're throwing a subscription program into the mix.

The Blank Street Regulars program has been open to the public since summer, already signing up 5,000 paying members, with another 4,000 on the waiting list. Subscription models have been a go-to move for startups looking to secure recurring revenue. 

Blank Street’s subscription service starts at $9/week - with a cap of 14 drinks a week. And Blank Street’s prices are probably around 20-25% cheaper than Dunkin’ or Starbucks. They’re able to undercut the larger chains and mom-and-pop stores alike with smaller spaces and fewer staff.

But there’s a little bit of controversy. A lot of New Yorkers say the coffee is mid. And because of the significant VC money Blank Street has raised, some call them the WeWork of NYC coffee. I don’t know about you but while it might not be the best coffee I’ve ever had - I’ll gladly drop $5 on a cold brew when I need that quick afternoon caffeine fix.

Takeaway: Blank Street’s had a wild ascent. The chain didn’t even exist before Covid, and now you can’t even walk a few blocks in Manhattan without seeing a location. But is Blank Street the next great NYC chain - or is it really a VC-funded fad masquerading as a local business?

_{SPONSORED BY HEAR.COM}

Hearing Loss? You Can Help Them Hear Again

Let’s be honest: What does Dad really want for the new year? A new sweater, or…

Crystal-clear hearing from a device so discreet, no one will even notice. 

The Horizon by hear.com is *not* your typical hearing aid–it’s German engineered to process noise and speech separately, delivering maximum speech clarity with minimal background noise.

Bluetooth capable, wireless charging, dual processing… Over 300,000+ people are hearing effortlessly again, thanks to these cutting edge devices.

Make it the best new year ever–give the joy of hearing with Horizon by hear.com.

_HEADLINES

Top Reads

• SEC gives the green light for Bitcoin ETFs (CNBC)

• US banks’ profits to shrink as they brace for souring loans (YF)

• Amazon cut over 500 Twitch employees (CNBC)

• JetBlue CEO is leaving a deal headache for his successor (BB)

• Morgan Stanley briefly displaces Citi as least-loved big bank stock (YF)

• Bill Ackman article triggers tension between Business Insider and owner (WSJ)

• The wealthiest 10% own a record 93% of the stock market (Axios)

• How to think about Bitcoin ETFs and your portfolio (YF)

• What Wall Street wants to see from Hollywood in 2024 (CNBC)

• Last year was likely JPMorgan’s best year ever - why it may not be able to do better (YF)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher ahead of key inflation readings.

Movers & Shakers

• (+) GoodRx ($GDRX) +14% after higher-than-expected Q4 results.

• (+) Crocs ($CROX) +5% after the company raised sales guidance after a strong holidays season.

• (–) iRobot ($IRBT) -20% after Amazon won’t offer concessions to resolve its EU probe.

Private Dealmaking

• Hewlett-Packard agreed to buy Juniper Networks for $14 billion 

• CVC Capital Partners in talks to buy Sunday Natural, a vitamin and supplement maker, for around $987 million

• Ji Xing Pharmaceuticals, a Chinese drugmaker, raised $162 million

• ExtraHop Networks, a cyber analytics company, raised $100 million 

• PerformYard, an employee performance management software, raised $95 million

• Quora, an online Q&A site, raised $75 million for its AI chatbot

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Tyranny of the Minority

America is undergoing a massive experiment: It is moving, in fits and starts, toward a multiracial democracy, something few societies have ever done. But the prospect of change has sparked an authoritarian backlash that threatens the very foundations of our political system. Why is democracy under assault here, and not in other wealthy, diversifying nations? And what can we do to save it?

With the clarity and brilliance that made their first book, How Democracies Die, a global bestseller, Harvard professors Steven Levitsky and Daniel Ziblatt offer a coherent framework for understanding these volatile times. They draw on a wealth of examples—from 1930s France to present-day Thailand—to explain why and how political parties turn against democracy.

They then show how our Constitution makes us uniquely vulnerable to attacks from within: It is a pernicious enabler of minority rule, allowing partisan minorities to consistently thwart and even rule over popular majorities.

Most modern democracies—from Germany and Sweden to Argentina and New Zealand—have eliminated outdated institutions like elite upper chambers, indirect elections, and lifetime tenure for judges. The United States lags dangerously behind.

“This eye-opening study, filled with analysis of analogous historical moments from around the world, is an essential primer in the struggle for democracy this century.”

_{DAILY VISUAL}

Eurozone Unemployment Rate

_{SPONSORED BY TEA}

Ranking, Rewarding, and Revolutionizing Open-Source Software

tea is a web3 protocol that’s designed to enhance the sustainability and integrity of the software supply chain by enabling open-source software developers to capture the value that they create. 

Founded by the creator of Homebrew—the largest macOS package manager with tens of millions of users—Max Howell started tea because he’s on a mission to solve the problem of open-source software contributors not being fairly rewarded for their important work.

The tea Protocol uses an algorithm called Proof of Contribution to quantify the impact of a software project across the software ecosystem. The algorithm assigns each project a dynamic score—referred to as the project’s teaRank—based on the project’s orientation within, and utilization by the software ecosystem over time. 

Find out what’s brewing and join the OSS rewards revolution by getting involved with the communi’tea!

Sign up for the tea Incentivized Testnet waitlist here.

_{DAILY ACUMEN}

Luck

Luck, that elusive force often deemed capricious and unpredictable, plays a significant role in the journey towards success. As we navigate the complex tapestry of life, it becomes increasingly evident that our paths are often shaped by chance encounters, unforeseen opportunities, and serendipitous moments.

While hard work, determination, and skill undoubtedly contribute to success, the element of luck cannot be dismissed. Consider the myriad of variables that shape our lives – the people we meet, the timing of opportunities, and the unpredictable twists of fate. These factors can propel us forward or present unforeseen challenges that alter our course.

In the pursuit of success, acknowledging the role of luck is not an admission of weakness, but rather a recognition of the dynamic and uncertain nature of life. Some may argue that creating our luck is within our control, and to an extent, it is.

Preparation, resilience, and seizing opportunities are essential components of crafting a successful journey. Yet, the unpredictable nature of external circumstances remains a constant.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to improve your soft skills as a remote worker

• 9 strategies to stay positive during career setbacks

• The 25 unwritten rules of flying 

• An ergonomics expert on how to set up your desk

• 9 books for a saner, more balanced 2024

_{MEME-A-PALOOZA}

Memes of the Day