TL;DR

Thoma Bravo acquires Verint for $2B; $2.5B+ raised for Solana/BNB treasuries; AbbVie buys Gilgamesh drug for $1.2B.

Highlights

• Thoma Bravo to acquire Verint Systems for ~$2B in cash, extending its software M&A activity amid demand for AI-driven automation 1.
• AbbVie acquires Gilgamesh Pharmaceuticals’ lead psychedelic depression therapy for up to $1.2B, expanding its neuroscience pipeline 2.
• Three major digital asset treasuries—Galaxy/Jump/Multicoin ($1B for Solana ) 3, Sharps Technology/DFDV ($525M+ for Solana ) 5, and B Strategy ($1B for BNB ) 4—seek to raise a combined ~$2.5B+ for large-scale token accumulation, with institutional backing.
• OKX launches a $100M X Layer Ecosystem Fund for zkEVM Layer-2 development, burns OKB tokens, and introduces DEX fees with rebates 6.
• Andreessen Horowitz, OpenAI leaders, and others launch “Leading the Future,” a $100M super PAC to influence U.S. AI policy 7.
• Global private equity fundraising drops to a seven-year low ($592B), with buyout firms offering fee discounts and seeking retail capital 8.
• Kraken and Backed Finance expand tokenized U.S. equities (xStocks) to TRON; regulatory discussions on digital asset tokenization intensify 9.
• Perplexity AI introduces a $5/month Comet Plus tier with 80% revenue share for publishers, addressing legal and industry concerns 10.
• Higgsfield Records launches an AI K-pop “virtual idol” with $50M+ in contracts, reflecting new business models in entertainment 11.
• Royalty Pharma acquires up to $950M in Imdelltra royalties from BeOne Medicines, highlighting continued interest in biopharma royalty financing 12.
• SBI Group partners with Chainlink to tokenize assets and verify stablecoins for institutional clients in Japan/APAC 13.
• Saudi AI firm Humain starts construction of two 100MW data centers, seeks 18,000 Nvidia chips for regional AI infrastructure 14.
• Canary Capital files for a U.S.-centric crypto ETF, joining a wave of specialized digital asset fund proposals 15.

Commentary

Private equity fundraising continues to contract, with global totals at a seven-year low and major buyout firms offering incentives to attract capital 8. This environment may tighten late-stage deal flow and slow exits for VC-backed companies outside of high-demand sectors. However, strategic and nontraditional buyers remain active, as seen in Thoma Bravo’s $2B acquisition of Verint (AI-driven enterprise software) 1 and AbbVie ’s $1.2B neuroscience asset purchase 2—both moves providing exit pathways for growth-stage investors in software and biotech.

Digital assets are drawing significant institutional capital. The launch of multiple large-scale Solana 35 and BNB 4 treasury vehicles, with combined targets exceeding $2.5B and support from ParaFi, Pantera, and YZi Labs, signals growing adoption of token accumulation strategies by institutional players. This could provide price support for major L1 tokens and increase demand for infrastructure, custody, and compliance solutions. OKX’s $100M fund for Layer-2 development and Kraken’s expansion of tokenized equities to TRON further illustrate the push for broader blockchain adoption and real-world asset integration, though regulatory scrutiny is intensifying 69.

AI remains a focus for both capital deployment and policy action. The $100M “Leading the Future” super PAC, backed by a16z and OpenAI executives, aims to shape the regulatory environment for AI innovation in the U.S.—potentially reducing policy risk for early-stage AI startups 7. Perplexity’s new publisher revenue-share model and Higgsfield’s AI-generated K-pop artist highlight emerging business models and ongoing legal considerations in generative AI 1011. Meanwhile, Saudi’s Humain is investing heavily in AI infrastructure, with large-scale data centers and a major Nvidia chip order, reflecting continued global competition for compute resources 14.

Royalty Pharma ’s $950M acquisition of Imdelltra royalties and SBI Group’s partnership with Chainlink for asset tokenization underscore ongoing innovation in biopharma financing and institutional blockchain adoption, respectively 1213. These moves suggest that differentiated assets and technology-driven solutions continue to attract capital even as broader fundraising slows.

VCs should monitor the institutionalization of digital asset treasuries, regulatory developments in AI and tokenization, and strategic M&A in software and biotech for signals on deal flow, valuations, and exit opportunities.