Crypto collapse: Bitcoin Depot files for Chapter 11

BY Fraser Tennant

Bitcoin Depot, the largest bitcoin automated teller machine (BTMs) operator in North America, has filed for voluntary Chapter 11 bankruptcy and shut down its entire network of over 9000 machines.

With the company having exhausted other alternatives before seeking bankruptcy protection, the court will oversee proceedings, which include Bitcoin Depot’s Canadian entities. Separate restructuring proceedings are expected to commence in Canada.

Founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system, Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space.

However, under severe financial pressure for months prior to the bankruptcy filing, the company reported a 49.2 percent revenue decline year over year for the first quarter of 2026, as well as posting a $9.5m net loss compared with $12.2m in net income a year earlier.

“Over time, the company has strengthened its protocols and procedures to combat fraud and protect customers who use its BTMs,” said Alex Holmes, chief executive of Bitcoin Depot. “This includes enhanced identity verification, customer fraud warnings and the recent adoption of lower transaction limits for customers.

“Nevertheless, the regulatory environment for BTM operators has shifted significantly,” he continued. “States have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations. Operators have also faced increasing litigation and regulatory enforcement.”

As a result, the company’s stock has plummeted 79.48 percent over the past six months. In another setback, hackers breached the company’s IT systems and stole $3.7m from its crypto wallets.

As a result of these developments, Bitcoin Depot’s business and financial position was materially affected, leaving the company’s current business model unsustainable.  

“After evaluating all options, we determined to initiate this court-supervised process to facilitate an orderly wind-down of operations and a sale of the company’s assets,” said Mr Holmes. “We are grateful to our customers, suppliers and business partners for their support. I also want to thank our employees across the globe for their continued hard work and dedication.”

News: Bitcoin Depot Initiates Voluntary Chapter 11 Process To Facilitate An Orderly Wind-Down And Sale Of The Company's Assets

NextEra Energy and Dominion agree $66.8bn mega merger

BY Richard Summerfield

NextEra Energy and Dominion Energy, two US power companies, have announced their intention to merge in an all-stock $66.8bn megadeal to create one of the world’s largest electric utilities.

Under the terms of the deal, Dominion Energy shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each share of Dominion Energy they own at the close of the transaction, resulting in NextEra Energy and Dominion Energy shareholders owning approximately 74.5 percent and 25.5 percent of the combined company, respectively. The deal values Dominion at $75.97 per share, a premium of about 23 percent to its ​last close.

The deal has been struck as US utilities race to meet ever growing demand from data centres fuelling the artificial ​intelligence boom. The deal, which will be one of the largest in the history of the US power industry, adds to a wave of consolidation as ‌the rapid data centre buildout lifts power demand for the first time in two decades, opening up a lucrative revenue stream and boosting profit prospects.

NextEra is one of the world’s largest energy developers and access to ​Dominion’s portfolio would enable it to expand into the PJM Interconnection region, the largest US power grid operator ⁠spanning across 13 states, and capitalise on opportunities in Virginia, one of the biggest data centre markets in the world.

The deal is expected to close in 12-18 months, subject to antitrust review, shareholder and regulatory approvals from the Federal Energy ​Regulatory Commission, Nuclear Regulatory Commission and ​state utility regulators in Virginia, North ⁠Carolina and South Carolina.

“This is a historic moment for our two companies and for the states we are privileged to serve,” said John Ketchum, chairman, president and chief executive of NextEra Energy. “Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever – not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.”

“Dominion Energy and NextEra Energy share a deep commitment to delivering reliable and affordable energy and to the customers and communities we are honored to serve,” said Robert Blue, chair, president and chief executive of Dominion Energy. “This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need.

“Most importantly, this combination is built around our customers,” he continued. “The bill credits we are committing to, the continued investments in generation, reliability and storm resiliency and our commitments to retain our team and dual headquarters in Juno Beach and Richmond, as well as Dominion Energy South Carolina’s existing operational headquarters in Cayce, reflect the values that have always defined Dominion Energy. We are excited to bring these great companies together and to write the next chapter in every community we serve.”

News: NextEra plans to buy Dominion Energy for $66.8 billion, form biggest US power company as AI demand booms

eBay rejects $56bn GameStop offer

BY Richard Summerfield

Online marketplace eBay has rejected the surprise $55.5bn takeover offer from video game retailer GameStop, calling the proposed deal “unsolicited” and “neither credible nor attractive”.

The deal would have seen GameStop, which has built up a 5 percent stake in eBay, acquire 100 percent of the company at $125 a share. The price would have represented a 46 percent premium to eBay’s unaffected closing price on 4 February 2026, the day GameStop started accumulating its position in eBay.

GameStop intended to use about $9.4bn in “cash on hand” and $20bn in potential debt financing from TD Securities to complete the deal. According to a statement announcing the offer, adding GameStop’s market capitalisation of just over $10bn, the total remains about $16bn short of what it offered in its unsolicited bid.

In a press release issued on Tuesday, eBay rejected the offer. “The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” said Paul S. Pressler, chairman of the board of directors of eBay.

“We have concluded that your proposal is neither credible nor attractive,” he continued. “We have taken into account such factors as 1) eBay’s standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay’s long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop’s governance and executive incentives.”

Mr Pressler described eBay as a robust and resilient business that has generated solid results in recent years. He noted that the company has refined its strategic direction, improved execution, strengthened its marketplace and seller experience, and consistently returned capital to shareholders. He also expressed the board’s confidence that, with its distinct global platform and clear strategy, the current management team is well positioned to sustain growth, operate with discipline and create long-term shareholder value.

The proposed deal was notable given GameStop’s significantly smaller value, uncertainty around the company’s financing proposal as well as its borrowing and the operational risks of a combined group. GameStop rose to prominence during the COVID-19 pandemic as a so-called ‘meme-stock’, which saw gen Z and millennial investors piling into stocks, including GameStop, in a frenzy that pushed a number of hedge funds close to bankruptcy.

GameStop had a market valuation of roughly $12bn before its bid, almost a quarter of eBay’s $46bn valuation. Since the height of the meme-stock craze, which saw GameStop shares up from $3.25 in April 2020 to $347.50 in late January 2021 – a rise of 10,692 percent – the company has subsequently closed hundreds of stores, including 590 in 2025. It currently has around 1600 remaining sites.

GameStop’s chief executive, Ryan Cohen, has previously said that the company was prepared to launch a hostile bid and take the offer directly to eBay’s shareholders if the board was not receptive to his proposal.

News: EBay rejects GameStop's $56 billion bid as ‘neither credible nor attractive’

Indicor sold to Ametek for around $5bn

BY Richard Summerfield

Industrial technology group Ametek has agreed to acquire the instrumentation businesses of Indicor, a portfolio company of private equity firm Clayton, Dubilier & Rice (CD&R), in an all-cash deal valued at around $5bn.

According to a statement announcing the deal, Ametek plans to fund the acquisition through borrowings under its existing credit facility and new debt issuance. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026.

Indicor, which is owned by CD&R, designs and produces testing and control equipment ​used for scientific and industrial applications. ​It generates $1.1bn in annual sales, according to Ametek.

“Indicor is an exceptional fit for Ametek,” said David A. Zapico, chairman and chief executive of Ametek. “In a single transaction, we are adding a high-quality group of businesses with differentiated technologies, complementary market positions, and attractive growth prospects. We see meaningful potential to create value through integration into AMETEK’s operating model.”

Indicor itself is a 16-brand industrial-instrumentation portfolio (including Alpha, AMOT, CCC, Cornell, Dynisco, Roper Pump, Struers, Uson and others) that originated as a 2022 carve-out from Roper Technologies, with CD&R taking a 51 percent majority stake at a $3.6bn enterprise value and Roper retaining a 49 percent minority equity interest plus $2.6bn in upfront cash. The company adopted the Indicor brand name in January 2023.

Under the terms of the deal, Ametek is not buying the whole Indicor portfolio; rather, the deal is for the test-and-measurement subset specifically. The pumps-and-valves businesses, namely Roper Pump, Cornell, AMOT and Hansen, will remain inside Indicor under CD&R’s continued majority ownership.

According to Private Equity Insights’ deal analysis, the total cash consideration of $5bn is in the 12-14x earnings before interest, taxes, depreciation and amortisation (EBITDA) range, and the firm is on track for a 2.5-3.5x money multiple on its original equity once the remaining pumps-and-valves businesses exit separately. This is a strong return, particularly in the context of PE industrial exits in 2025 and the first half of 2026 where exits have been difficult to achieve, thanks to rising rates and compressed strategic-buyer multiples.

Roper, the original seller, also benefits from the Indicor deal. Per its 2022 announcement, its 49 percent minority interest entitles it to a proportional share of exit proceeds. The sale to Indicor returns material cash to Roper on top of the original $2.6bn.

News: AMETEK Announces Agreement to Acquire Indicor Instrumentation

Bullish to acquire Equiniti for $4.2bn

BY Richard Summerfield

Cryptocurrency exchange Bullish has agreed to acquire Equiniti, a leading global transfer agent and provider of mission-critical shareholder services, from private equity firm Siris Capital in a deal worth $4.2bn.

Under the terms of the deal, which is expected to close in January 2027, subject to regulatory approvals, Bullish will acquire around $1.85bn of assumed Equiniti debt. The rest of the transaction is comprised of approximately $2.35bn in Bullish stock consideration, subject to customary purchase price adjustments.

The transaction also includes a call option for Siris to acquire non-core Equiniti business lines. The financials of those business lines were excluded from the transaction disclosures. Siris is expected to receive two board seats as part of the deal. Siris acquired Equiniti in 2021 and has played a central role in the company’s strategic development over the last five years.

“Tokenization is a once-in-a-generation shift in how capital markets operate, the defining infrastructure trend of the next 25 years,” said Tom Farley, chief executive of Bullish. “Broad adoption at institutional scale requires three things: end-to-end tokenization services, a single, unified ledger, and a broad base of blue-chip issuer relationships, at scale. This combination delivers all three and I believe it uniquely positions us to lead the transition to tokenized securities.”

“Equiniti sits at the heart of global capital markets, supporting clients who rely on resilient and trusted infrastructure,” said Dan Kramer, chief executive of Equiniti. “When I joined, the mission was clear: support our clients as they modernize by combining deep operational expertise with modern technology in a responsible way. This transaction reflects that intent. It strengthens our ability to support clients as markets evolve, while maintaining the stability, service, and trust they expect from Equiniti. Working closely with Tom over the last few months, it’s clear we share a common view: market infrastructure should modernize thoughtfully, securely, and with clients leading the way.”

“When Siris invested in Equiniti, we identified a scaled, high quality infrastructure platform with deep client relationships, and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth,” said Frank Baker, co-founder and managing partner of Siris. “This outcome reflects our strategy of backing tech enabled services businesses at the center of market transformation, and we are confident that Bullish is exceptionally well positioned to build on Equiniti’s strength in an evolving capital markets ecosystem.”

Equiniti is a global transfer agent serving nearly 3000 issuer clients, around 15,000 corporate clients and more than 20 million shareholders. The company processes about $500bn in annual payments.

After deal completion, Equiniti will operate under Bullish alongside Bullish Exchange and CoinDesk. Mr Kramer and the existing leadership team will continue to oversee day-to-day operations, regulatory obligations and client relationships.

News: Crypto exchange Bullish to buy Equiniti for $4.2 billion in capital markets push