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US stock markets suffered another historically volatile day, this time triggered by one troll Tweet.

A popular Twitter account by the name *Walter Bloomberg posted a false rumor of tariff relief. The account blamed Reuters, who in turn pointed to CNBC, who erroneously aired an unconfirmed headline on live TV, causing a $2.5T market swing. Absolute cinema!

Bitcoin Depot, the biggest Bitcoin ATM network in North America, has its eyes set on global expansion and wants the key retail trader segment to stay involved. Check out their investor insights.

Let's dive in.

Before The Bell

As of 4/7/2025 market close.

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks closed lower in a comically unusual volatile trading session stirred by rumors–and a troll post on Twitter–hinting at potential tariff relief

    • S&P is down 17% from its February ATH

    • VIX spiked to its highest since the peak of Covid 

  • Canada's TSX index fell to a seven-month low

  • Europe's Stoxx 600 fell 4.5% to a one-year low

  • UK's FTSE 100 fell to a one-year low

  • EM stocks wiped out all YTD gains after sliding 8% in its worst day since 2008

  • US Treasury yields surged over 20 bps, with the 30Y yield rising 23 bps in its worst day since Covid 

  • US investment grade spreads widened to the most since November 2023

  • US high-yield spreads widened to the most since June 2023

  • European junk credit risk hit the highest level in 18 months

  • Oil slid to the lowest since 2021

  • Chinese yuan fell to a 19-month low versus dollar

Earnings

  • Levi's missing Q1 revenue estimates but beat on earnings and maintained its FY forecast despite an 'uncertain environment’ (WSJ)

  • Dave & Buster's missed Q4 revenue estimates but beat on earnings while expressing uncertainty over FY performance amid deteriorating consumer sentiment (YH)

    • Wednesday: Delta, Constellation Brands 

    • Thursday: CarMax

    • Friday: JPMorgan, Morgan Stanley, Wells Fargo, BlackRock

  • Full calendar here

Prediction Markets

  • What do you know about volatility?

  • Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

  • Anonymous "Bloomberg" Twitter account caused historic stock market volatility with false tariffs rumor Tweet yesterday (TC)

  • China will 'fight to the end' over US tariffs (CNBC) 

  • China quoted Ronald Reagan's speech to criticize US tariffs (NW)

  • Trump says no pause on tariffs but is open to negotiations (BBG)

  • Some hedge funds are selling ALL stocks from portfolios (RT)

  • Leveraged bets dominate trading in tariff rout like never before (BBG)

  • Tail-risk hedges soar amid global market turbulence (BBG)

  • Banks are postponing LevFin deals amid fears of hung debt (BBG)

  • Bankers are struggling to gauge when US IPOs might rebound (BBG)

  • No new US investment-grade bonds have been issued in one week (BBG)

  • Top bank CEOs held a call to discuss tariff fallout (RT)

  • Jamie Dimon called for clarity on tariff policy (BBG)

  • China intervened to support plunging stocks (RT)

  • Billionaires seek to take firms private amid market mayhem (BBG)

  • US tariffs threaten $2T of investment pledges by global companies (FT)

  • UK will cut regulations for smaller PE firms and hedge funds (FT)

  • Japan bankruptcy filings hit an 11-year high last year (RT)

  • Microsoft fired employees who protested at 50th anniversary (CNBC)

  • PNC named ex-BlackRock exec Mark Wiedman as president (WSJ)

  • Spirit Airlines CEO resigned weeks after firm exited bankruptcy (RT)

  • US ordered another review of Nippon Steel's takeover of US Steel (BBG)

  • Warren Buffett's 2025 wealth gains stand out amid billionaire wipeout (BBG)

  • US is quietly revoking student visas across elite colleges (BBG)

A Message from Bitcoin Depot

Bet on Bitcoin's Growth, Not Volatility

There's no denying that Bitcoin is on a price rollercoaster. But the ups and downs even out to offer an unmistakable truth: crypto adoption is on the rise. Bitcoin Depot (Nasdaq: BTM) is the infrastructure play for the growing Bitcoin market, offering an accessible physical on-ramp for everyday users through their network of Bitcoin ATMs — and it's the largest operator in the world, with over 8,400 machines.

The best part? Their growth isn't tied to Bitcoin's price. Since transactions drive Bitcoin ATM revenue, Bitcoin Depot delivers stable and predictable financial performance, historically generating revenue regardless of Bitcoin’s volatility.

Here are some quick facts:

  • Proven market leader with 27% of the US market share1

  • Global growth potential with Bitcoin ATMs only making up 1.2% of global cash ATMs2

  • Strong financial performance in 2024, reporting yearly revenue at a robust $573M

  • Over 3.7 million transactions and ~$3B in volume since 2016

Don't just invest in Bitcoin; invest in the infrastructure that fuels its growth and adoption.

Learn about Bitcoin Depot's growth potential.

1. Top crypto ATM operators, as of March 2025. Source: coinatmradar.com. 2. Bitcoin ATM share of global cash ATMs, February 2024. Sources: Davos Insights report; Statista data. The above is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation or solicitation to buy or sell a particular financial instrument. Bitcoin Depot is not a registered investment adviser under the U.S. Investment Advisers Act of 1940. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Bitcoin Depot to buy or sell any securities or other financial instruments.

Deal Flow

M&A / Investments

  • Chipmaker Infineon Technologies agreed to buy tech infrastructure firm Marvell Technology's automotive networking business for $2.5B in cash

  • UK PE firm 3i Group delayed a $640M sale of cat food maker MPM due to tariffs on Thailand

  • OpenAI is in talks acquire Sam Altman's AI hardware startup io Products for ~$500M

  • UK drinks maker Diageo formed a JV between its Ciroc vodka brand and LeBron James-backed Lobos 1707 tequila amid declining Ciroc sales

  • Former execs of crypto exchange Kraken acquired a majority stake in real estate software firm Janover with plans to become the MicroStrategy of Solana

  • Chinese EV battery giant CATL is in talks to buy a controlling stake in EV maker Nio's power unit

VC

  • Rescale, a digital engineering platform, raised a $115M Series D from Applied Ventures, Hitachi Ventures, Nvidia, Prosperity7, UMich, YC, and others

  • RayThera, a biotech discovering and developing small molecule therapies in immunology, raised a $110M Series A led by Foresite Capital and OrbiMed Advisors

  • Pennylane, a French e-invoicing solutions startup, raised an $82M round led by Meritech and Capital G

  • Ethic, a sustainable tech-enabled asset manager, raised a $64M Series D led by State Street

  • AI video startup Moonvalley raised a $43M round from eleven unnamed investors

  • Easebuzz, an Indian digital payments and FinOps platform, raised a $30M Series A led by Bessemer Venture Partners

  • Stramsen Biotech, a plant-based biopharmaceutical company, raised $25M in funding led by GEM Global Yield

  • AppWork, a software platform for maintenance operations, raised a $13M Series A led by Resolve Growth Partners

  • Different Dog, a fresh dog food subscription service, raised $12M from new and existing investors

  • Zero Industrial, a development company decarbonizing industrial heat with thermal energy storage, raised a $10M Series A led by Evok Innovations

  • PyannoteAI, an AI startup improving speaker intelligence, raised a $9M seed round led by Crane Venture Partners and Serena

  • Customer interaction platform Wallet Studio raised an $8M seed round led by Earlybird Venture Capital

  • Electrochemical gas detection startup FaradaIC Sensors raised a $5M seed round led by JOIN Capital

IPO / Direct Listings / Issuances / Block Trades

  • Novo Banco, a Portuguese lender owned by PE firm Lone Star, is preparing for a Lisbon IPO at a potential $6B-$7.5B valuation in what could be Portugal's largest listing in four years

Debt

  • SoftBank will raise $4.1B in its largest ever retail bond issuance to buy more shares in chip designer Arm

  • Brookfield delayed a $2.4B refinancing package for a Hawaii mall and office complex

  • Banks paused a $1.1B leveraged loan dea; for HIG Capital's $908M LBO of Canadian cloud company Converge Technology 

  • Harvard University plans to raise $750M in bonds amid potential federal funding cuts

  • India's state-owned National Bank for Financing Infrastructure and Development saw high demand for its $665M bond sale

  • Sequoia's China spinoff HongShan Capital raised a $523M loan to fund its $1.2B LBO of audio equipment maker Marshall Group

  • Mello Warehouse Securitization Trust plans to issue $300M in notes secured by a revolving warehouse facility

  • Lenders are looking to sell a $187.5M loan backed by San Francisco's KPMG building

Bankruptcy / Restructuring / Distressed

  • US casino group Bally's agreed to provide a $180M rescue package to struggling Australian casino group Star Entertainment

  • Regional airline Republic Airways will acquire struggling peer Mesa Air in an all-stock deal

Fundraising

  • VC firm SignalFire raised over $1B for a new fund to invest in AI; the firm will use AI to pick investments

  • India's Neo Asset Management plans to raise $600M for a second private credit fund

  • VC firm FM Capital raised $240M for its fourth VC fund to seed retail and automotive industry technology startups

  • French PE firm Ardian postponed fundraising for its multi-billion-dollar eighth flagship fund

Crypto Sum Snapshot

  • Crypto VC activity is slow to catch up despite friendlier US environment

  • Tether considers US-only stablecoin amid looser crypto rules

  • Ex-Kraken execs seek to make Janover the MicroStrategy of Solana Pakistan named Binance founder CZ as strategic advisor to crypto council

  • Subscribe to our Crypto Sum newsletter for the full stories on everything crypto.

Exec’s Picks

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.