TL;DR
OpenAI-Microsoft tensions escalate; Tron to go public via $210M reverse merger; Meta monetizes WhatsApp.
Highlights
- OpenAI is considering an antitrust complaint against Microsoft as tensions rise over ownership and access following OpenAI’s $3B Windsurf acquisition 1.
- Tron will go public via a $210M reverse merger with SRM Entertainment after the SEC paused its probe; Eric Trump is expected to join leadership 2.
- Coinbase and Gemini are set to secure the first pan-European MiCA licenses, enabling EU-wide crypto operations amid regulatory disagreements among member states 4.
- Meta will introduce ads and paid channel subscriptions in WhatsApp’s Updates tab, targeting 1.5B daily users; shares rose 2–3% 5.
- Manna has completed 370,000 drone deliveries in Ireland, outpacing Amazon and Google; Eve (Embraer) secured a $250M flying car deal in Brazil 6.
- Sarepta halted Elevidys gene therapy shipments after a second patient death; Supernus will acquire Sage Therapeutics for up to $795M, gaining Zurzuvae 3.
- JPMorgan filed a trademark for “JPMD,” indicating plans for a potential bank-backed stablecoin 8.
- CoinShares filed for a spot Solana ETF, the eighth such application amid growing demand for regulated crypto products 9.
- Metaplanet issued $210M in zero-coupon bonds to buy Bitcoin , raising holdings to 10,000 BTC and boosting its market cap 12.
- Brazil launched Pix Automático, enabling nationwide automatic recurring payments and modernizing its payments infrastructure 14.
- Amazon Ads and Roku partnered to offer advertisers access to 80% of U.S. connected-TV households 15.
- Baykar and Leonardo formed a 50-50 JV, LBA Systems, to develop next-gen drones for European and NATO markets 11.
Commentary
AI and digital asset headlines continue to dominate, with OpenAI’s dispute with Microsoft highlighting how governance and control issues can impact even the most prominent partnerships 1. As OpenAI seeks to reorganize and limit Microsoft ’s influence, VCs should watch for shifting alliances and potential openings for new strategic investors or acquirers in the AI infrastructure space 1.
Crypto market infrastructure is evolving rapidly. Tron ’s public listing via reverse merger, following the SEC’s pause on enforcement, could set a precedent for other digital asset firms seeking U.S. listings despite regulatory uncertainty 2. Coinbase and Gemini’s expected EU-wide MiCA licenses will expand their addressable market, but regulatory fragmentation within the EU remains a risk 4. Meanwhile, the push for institutional-grade crypto products—evident in CoinShares’ Solana ETF filing and JPMorgan ’s stablecoin trademark—signals continued mainstreaming of digital assets, with implications for custody, compliance, and liquidity startups 98.
Fintech and payments innovation remains strong, particularly in emerging markets. Brazil’s Pix Automático launch demonstrates the potential for real-time, low-cost payment infrastructure to displace legacy systems, creating opportunities for automation and embedded finance platforms 14. Meta ’s move to monetize WhatsApp and the Amazon -Roku ad partnership both point to new channels for digital commerce and marketing, which could boost demand for martech and analytics startups 515.
Mobility, aerospace, and defense tech are seeing increased commercial traction. Manna’s operational lead in drone delivery, Eve’s sizable flying car contract, and the Baykar-Leonardo JV for next-gen drones all indicate growing market acceptance and cross-border collaboration 611. These developments may drive further M&A and partnership activity, especially among startups with proven technology or regulatory expertise.