Good morning, Coin Discoverers!

CRYPTO

• BTC: $59,501.70(-0.01%)YTD (+34.70%)

• ETH: $2,603.85(-1.42%)YTD (+10.67%)

• BNB: $538.61(-0.65%)YTD (+71.58%)

*Crypto numbers as of 5:00 am EST on August 19th

BlackRock ETFs surpass Grayscale's assets

BlackRock, the world’s leading asset manager, has now become the largest holder of on-chain bitcoin and ether across its IBIT and ETHA funds. This achievement positions BlackRock ahead of Grayscale, the previous leader in the space.

With over $21.2 billion in digital assets under management, BlackRock has solidified its dominance in the cryptocurrency market, as confirmed by blockchain intelligence firm Arkham. This milestone underscores the firm’s growing influence in the digital asset sector.

Foresight Ventures: Report on the Intersection of AI and Cryptocurrency

At Foresight Ventures, we conducted comprehensive interviews with the founding teams of top AI and crypto projects, culminating in the release of our AI x Crypto Report. This report showcases the latest innovations at the crossroads of AI and blockchain, while also evaluating potential opportunities in this emerging field.

AI x Crypto has introduced several promising research areas with significant potential, including ZKML, FHE-ML, distributed ML training, network quantization, decentralized databases, fully homomorphic encryption, AI hardware, and FHE hardware. These emerging fields offer vast opportunities for innovation and exploration at the intersection of AI and blockchain technologies.

Former Creative Director of BAYC Joins Meta’s Reality Labs as Executive Producer

Jeff Nicholas, formerly the creative director at Yuga Labs for the Bored Ape Yacht Club (BAYC), announced on X that he will be joining Meta’s Reality Labs as an executive producer in September.

In his new role at Meta, Nicholas will concentrate on virtual reality (VR) projects, collaborating with the Reality Labs team to create innovative entertainment experiences.

Monero veterans are gearing up to launch the Tari token

Aiming to make cryptocurrency more accessible for a new generation, a team of former Monero developers, including core contributor Riccardo Spagni (also known as “fluffypony”), is launching the testnet for their Tari Universe desktop application. This platform will enable users to mine the Tari token with greater ease.

Reflecting on the early days of Bitcoin, when people could mine the cryptocurrency using their personal computers, he remarked, 'This is how the industry began. Imagine if we could return to that simplicity, allowing anyone to download free software from the internet, install it, and start mining a new blockchain protocol.

STOCKS

• DOW: 40,659.76(+0.24%)

• S&P: 5,554.25(+0.20%)

• NASDAQ: 17,631.70(+0.21%) 

*Stock numbers as of market close on August 16th

Porsche has agreed to invest in the restructuring deal for Varta

German battery maker Varta (VAR1.DE) announced on Saturday that it has secured a restructuring agreement with its creditors, with sports car manufacturer Porsche (P911_p.DE) coming on board to support the struggling company. Following intense negotiations, the deal will reduce Varta's debt from €485 million ($534.86 million) to an initial €200 million, according to the company.

Varta, a manufacturer of batteries for automotive, industrial, and consumer markets worldwide, had been seeking a resolution among major shareholder Michael Tojner, creditors, and Porsche to reduce its debt and secure new capital.

Documents reveal that Tempur Sealy's acquisition of Mattress Firm

According to a document released by a Texas judge, Tempur Sealy International's (TPX.N) proposed $4 billion acquisition of retailer Mattress Firm is aimed at "eliminating future competition."

Documents reveal that a May 2022 presentation to Tempur Sealy's board by the company's CEO suggested that acquiring Mattress Firm would allow Tempur Sealy to "eliminate future competition" and "block future competition." The presentation did not identify the executive.

REAL ESTATE

• 15-year: 6.14%

• 30-year: 6.56%

*Mortage rates via Mortgage News Daily

A quieter week ahead, but could storms be on the horizon?

With this week’s CPI data arriving as anticipated, it seemed unlikely that the current week would mirror the volatility of the previous two weeks. Although Thursday’s jobless claims and retail sales data tried to stir the economic waters, the bond market remained relatively stable, showing no signs of panic. Treasuries initially followed European yields lower overnight but then stabilized before ending the day on a stronger note.

Overall, the trading activity this week was subdued compared to the tumultuous NFP Friday from two weeks ago. Looking ahead, all eyes will be on Fed Chair Powell next week for any indications or preparations regarding a potential rate cut in September.

TECH

South Korean AI chip manufacturers Rebellions and Sapeon have agreed to merge

On Sunday, South Korean AI chip makers Rebellions Inc and Sapeon Korea Inc announced they have signed a definitive merger agreement.

The companies revealed their merger talks in June. This deal represents South Korean firms' latest effort to compete with global AI chip leaders like Nvidia (NVDA.O).

Sapeon's shareholders include South Korea's largest telecom provider, SK Telecom (017670.KS), and the world's second-largest memory chipmaker, SK Hynix (000660.KS).

QUICK RECAP

#1. Brazil's Petz (PETZ3.SA) surged 29.5% on Friday after confirming a merger with rival Cobasi, creating Brazil's largest pet products retailer.

#2. Chile’s government will review if Enel’s local unit meets concession terms after a storm left thousands powerless, taking 6-18 months.

#3. Spain's Cepsa will sell its Gasib division in Spain and Portugal to Empresas Copec for €275 million ($302.42M).

#4. B. Riley Financial co-CEO Bryant Riley proposed buying the bank for $7 per share, valuing it at $212 million.

#5. EQT (EQTAB.ST) is acquiring KJ Environment for over 1 trillion won ($733M) via its 6th infrastructure fund.