Highlights

• OpenAI abandons plans for a full for-profit structure; will convert its capped-profit LLC into a Public Benefit Corporation, removing the 100x investor return cap and potentially easing future fundraising 1.
• 3G Capital to take Skechers private in a $9.4B deal, marking one of the largest leveraged buyouts since the market reopened to big transactions 2.
• Waymo and Toyota partner to build 2,000 Jaguar robotaxis in Mesa, Arizona, with plans to expand Waymo’s autonomous fleet to 3,500 vehicles by 2026 and broaden Waymo One’s ride-hailing reach 3.
• TeleMessage, a secure messaging app used by U.S. officials, suspended service after a major breach exposed customer data, highlighting rising cybersecurity risks for government contractors 4.
• VanEck files for a BNB ETF with the SEC; odds of Litecoin ETF approval rise to 47%, with altcoin ETF decisions expected in October; Litecoin price jumps 4% 5.
• Tether announces Tether AI, an open-source, decentralized AI platform supporting USDT and Bitcoin payments, aiming to disrupt the $25B crypto-AI sector 6.
• OKX relaunches its DEX aggregator after a security pause, introduces real-time fraud monitoring, upgrades wallet infrastructure, and launches a $1.17M $ZKJ airdrop 7.
• Wrapped Bitcoin (WBTC) goes live on Solana , enabling direct BTC liquidity and the first bridgeless BTC transfer to Cardano , advancing cross-chain interoperability 8.
• Santander sells 49% of its Polish unit and 50% of its asset management arm to Erste for €7B, boosting capital and launching a strategic partnership in European banking 9.
• President Trump publicly backs crypto, with his family’s World Liberty Financial netting $550M and planning a $2B crypto deal; $TRUMP memecoin surges ahead of a gala event 10.
• Freight Technologies invests $20M in $TRUMP memecoin, stock jumps 75% amid ethics probe by U.S. senators into Trump-linked crypto activities 11.
• Rite Aid prepares for a second Chapter 11 bankruptcy, plans mass layoffs, store closures, and a strategic sale process 12.
• S&P 500 posts a nine-day winning streak, led by Microsoft and Meta ; Nvidia faces headwinds from U.S. chip export restrictions to China but is adapting chip designs 13.
• Federal Reserve set to hold rates at 4.3% despite Trump administration pressure; Bank of England expected to cut rates as global monetary policy diverges 14.
• Berkshire Hathaway names Greg Abel as CEO effective 2026, with Warren Buffett remaining as chairman and active in daily operations 15.

Commentary

Today's news cycle underscores two dominant themes: the intensifying interplay between tech innovation and regulatory frameworks, and the resurgence of large-scale M&A and capital market activity. OpenAI’s decision to remain under nonprofit control while shifting its for-profit arm to a Public Benefit Corporation removes the much-lamented 100x investor return cap, potentially making future rounds more attractive for late-stage and crossover investors 1. This signals a new era for AI deal structuring, where mission-driven governance coexists with scalable investor returns—likely to set a precedent for other high-profile AI ventures navigating public scrutiny and capital needs.

The 3G Capital/Skechers buyout and Santander’s €7B asset sale to Erste highlight renewed appetite for sizable strategic transactions, suggesting that private equity and cross-border banking deals are back in force 29. This bodes well for VC-backed companies approaching growth-stage exits, as public and private buyers are again willing to deploy capital at scale. Meanwhile, Rite Aid ’s looming bankruptcy and mass layoffs serve as a reminder that not all sectors are rebounding, and distressed asset sales may present opportunistic entry points for turnaround-focused funds 12.

On the frontier of fintech and crypto, regulatory momentum is building: VanEck’s BNB ETF filing and rising odds for a Litecoin ETF approval point to mainstreaming of altcoin exposure 5, while Tether’s decentralized AI launch and OKX’s DEX relaunch reinforce the convergence of AI, DeFi, and digital asset infrastructure 67. The Trump family’s crypto activities—now drawing both capital and regulatory scrutiny—underscore the sector’s political entanglement and the potential for sudden market moves tied to policy or legal developments 1011.

The macro backdrop remains supportive for tech and growth assets, with the S&P 500’s rally driven by AI leaders and a resilient labor market, even as the Fed holds rates steady amid political pressure and the BOE pivots to easing 1314. Berkshire Hathaway ’s leadership transition to Greg Abel ensures continuity at one of the world’s largest allocators, likely maintaining its appetite for strategic investments and providing stability for late-stage dealmakers 15.

For VCs, the key watchpoints are: evolving governance models in AI and deeptech, the pace of crypto regulatory approvals, cross-chain infrastructure breakthroughs, and the re-emergence of large-scale M&A as an exit path. Deal flow and valuations in AI, fintech, and digital assets should remain robust, but investors should stay alert to sector-specific risks (cybersecurity, regulatory, distressed retail) and the impact of macro policy shifts on capital costs and exit timing.