DEAL NOTE
Kraken parent Payward to acquire Saldo Bank for an undisclosed price. Saldo made €28M revenue in 2025, up 24%.
Saldo holds a Lithuanian bank license, passported into five markets in the EU.
Relayzero take: Buying a bank is easier than applying to become one.
Relayzero retweeted
Lots of takes on the the Pepsi Co write down of $300M earn out to $12M that miss the mark.
Here are a quick explainer on different types of M&A payouts, what happened with Poppi, and how to value with probability.
Price vs CVRs and Earn Outs
/ Purchase price represents the fair value of the business today with growth price in paid out in cash and equity when the deal closes.
// CVRs (Contingent Value Rights) are ways for investors to get paid more for future growth post closing. Per above, growth needs to be priced into the purchase price. If future growth, however, is contingent on new business lines with no track record, then CVRs could make sense.
/// Team earn outs are ways for the team to get paid on top of investor payouts. Broadly, these are a way to retain the team and should be negotiated like executive compensation for your business unit
Now...what happened with Pepsi Co acquisition of Poppi?
Incumbents like buying high growth competition to (a) buy ideas that are working and (b) kill competition.
Here for whatever reason Poppi did not grow as much as they projected and the probability of earn outs being paid decreased. Why? Could be a lot of reasons: changing priorities, market changes, or maybe something nefarious.
I honestly can't commit and neither can the rest of the internet.
How should founders price payouts?
Simple, what is the Expected Value?
EV = dollar value multiplied times probability of likelihood of getting paid
Example: $100M CVR if revenue hits $1B in 2027 multiplied by probability of hitting the revenue number. Is it 50% (100m x 50% = $50M) or 10% (100m x 10% = $10m). Most companies are horrible at predicting revenue so you rarely a 50% likihood so proceeed with caution.
For cash at close, this is simple math with increasing probability as you negotiate final terms near closing date. For CVRs and earn outs, it's critical for founders and their advisors to discount with realistic probability.
Hope this helps!
DEAL NOTE
Balaji's Network School acquires Farcaster.
Second ownership change in nine months.
Relayzero take : Recent acquisitions of consumer social protocols mirror traditional media acquisitions where influence is more important than profit.
The Bank Account Reimagined,
Part II: What features are next for stablecoins?
- Yield
- Compliant Privacy
- Onchain Insurance
- Transaction Disputes (AI-powered undo button)
by @lwsnbaker and @amartyahari
relayzero.com/research/what-…
DEAL NOTE
Stripe to acquire Parafin. Price not disclosed.
Parafin has extended over $3B to more than 60,000 US small businesses through DoorDash, Amazon, Gusto and others.
Relayzero take: Embedded Finance is winning
DEAL NOTE
MoonPay agreed to acquire North Capital, for $60M in stock per Fortune.
North Capital holds investment adviser, commodity trading advisor and broker-dealer registrations.
Relayzero’s take: M&A shifting from payments to investments.
FROM THE FED
The 10-year Treasury yield closed at 5.11% on Sep 23, its highest close since July 2007. Hovering around 5.2% now.
The 2 Yr Treasury note yield, jumped on trader expectation of another Fed rate hike, as bond market rout continues
~71% odds of a rate hike in Oct 26
DEAL NOTE
S&P Global to acquire OpenZeppelin on 17-Sep. Announced but no price disclosed.
CEO Demian Brener will report to S&P Global Ratings.
Relayzero Take : The trend of "Tradfi" companies acquiring crypto capabilities deepens.
FROM THE FED
Just In: The Federal Reserve’s FOMC voted unanimously, 12–0, to raise the target range for the federal funds rate by 25 basis points to 3.75%–4.00%.
Rate increase is intended to support a timelier return to its 2% target.
DEAL NOTE
BabyDoge acquired LimeWire for an undisclosed price.
LimeWire was one of the internet's most recognizable brands
Relayzero's take : Buying a famous brand is easier than building one from scratch. We expect more meme coins to try a similar strategy.
DEAL NOTE
Consensys spinning out institutional business and rebrand as Metamask
Why? Conglomerates business units are sometimes discounted by markets as part of a larger company
Spinning out the businesses drives more value to current investors now holding two companies' stock
*UPDATED*
Circle to acquire Singapore based Tazapay for $400M
est. 15x gross revenue
Relayzero's take: Valuation is inline with private transactions for stablecoin powered infrastructure businesses
The Bank Account Reimagined,
Part I: History of Stablecoin Go-to-Markets
The latest research from @lwsnbaker and @amartyahari at Relayzero
relayzero.com/research/stabl…
Relayzero retweeted
Relayzero recommends: Pause, Disclose, & Create an Open Bidding Process for Stargate.
With multiple bidders emerging, the DAO must maximize transparency and competition.
This is your deal to decide.

















