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We’re all about opening Word documents like it’s 2009 — respectfully
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"Closing The Nuclear Fuel Cycle" - Newcleo's $780M War Chest And Oklo Partnership Fuel $2.4B SPAC Debut
It's open season in the nuclear industry for going public, and this week's episode features newcleo, a European lead-cooled reactor developer.
The Paris-based developer of lead-cooled fast reactors (LFRs) and closed-cycle MOX fuel announced it will merge with NewHold Investment Corp III (ticker NHIC) in a deal valuing the company at roughly $2.4 billion.
A $220 million oversubscribed PIPE at $10 per share plus up to $209 million from the SPAC trust should deliver as much as $429 million in gross proceeds before redemptions and fees. The combined entity expects to list on Nasdaq under ticker NWCL in the second half of 2026.
Hopefully their transition to public markets doesn't follow the same path as microreactor developer Hadron Energy…
Founded by Stefano Buono (the man who took Advanced Accelerator Applications public on Nasdaq in 2015 and sold it to Novartis for $3.9 billion in 2018), Newcleo has already raised approximately $780 million privately across Europe. It generated roughly $80 million in revenue last year from its vertically integrated supply-chain subsidiaries while building a 900-plus employee team across seven countries and 16 offices.
The technology: Newcleo’s 200 MW (electric) reactor uses liquid lead coolant. The company highlights that lead is cheap, high-boiling, and chemically inert with water and air. The lead is paired with proprietary MOX fuel (a mixture of uranium and plutonium) fabricated from reprocessed nuclear waste.
Their target for commercial fuel manufacturing is 2031, and they hold a pipeline of 9.2 GW of advanced commercial opportunities, including a state-backed Slovak project for up to four 200 MWe units.
As we recently covered, Oklo was selected by the Department of Energy for advanced negotiations under the Surplus Plutonium Utilization Program; one of five firms tapped to convert up to 20 metric tons of Cold War-era weapons plutonium into usable reactor fuel. Newcleo is Oklo’s fuel-cycle partner on the deal, supplying European MOX expertise and potential project capital.
The two companies already signed a strategic partnership last October that contemplates up to $2 billion in Newcleo-affiliated investment into U.S. advanced fuel fabrication infrastructure, alongside Sweden’s Blykalla.
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Bitcoin ETFs Bleed $2.8B In Record 9-Day Outflow Streak
Authored by Helen Partz via CoinTelegraph.com,
US-listed spot Bitcoin exchange-traded funds (ETFs) posted their longest outflow streak since launch, extending withdrawals as institutional demand for Bitcoin exposure weakened.
Spot Bitcoin ETFs recorded another $223 million in net outflows on Thursday, marking the record nine-day outflow streak since the funds launched in 2024, according to data from Farside Investors.
The latest streak surpassed the previous record eight-session outflow run recorded in February 2025, though its roughly $2.84 billion in cumulative withdrawals remains below the $3.2 billion lost during the earlier selloff.
US spot Bitcoin ETF outflows in May 2026 versus February 2025. Source: SoSoValue
Visualizing further shows BTC ETFs have seen outflows for 13 of the last 15 days...
The outflows suggest institutional demand for Bitcoin exposure is weakening through the ETF channel, and come as major corporate holders such as Strategy face renewed pressure even as some new altcoin products like Hyperliquid (HYPE) ETFs continue attracting investor interest.
BlackRock’s IBIT leads the outflows at $2 billionSigns of institutional selling have also emerged beneath the surface.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by assets, accounted for a massive share of losses during the nine-session outflow streak, recording its largest single-day outflow since launch earlier this week, driven largely by a sizeable dark pool transaction.
The fund recorded roughly $2.04 billion in cumulative outflows between May 15 and Thursday. As Cointelegraph reported, a $527.8 million withdrawal on May 27 marked IBIT’s second-largest daily outflow on record, narrowly below the $528.3 million record posted on Jan. 30, 2025.
BTC holdings for all US spot Bitcoin ETFs as of market close on Wednesday. Source: Wallet Pilot
While the precise motivation behind the trade is unknown, CoinDesk notes that the scale of the redemption suggests some investors may be reallocating capital away from bitcoin exposure and toward sectors that have recently generated stronger returns.
Despite the selling pressure, BlackRock’s Bitcoin ETF remains the dominant US spot Bitcoin fund by assets under management. IBIT held roughly 792,000 BTC as of market close on Wednesday, representing about 62% of all US spot Bitcoin ETF holdings, according to Wallet Pilot data.
US spot Ether ETFs have also faced persistent selling pressure, logging 13 consecutive days of outflows between May 11 and Thursday, with cumulative losses of roughly $694 million.
HYPE ETFs buck the broader slowdownWhile spot Bitcoin ETFs face sustained selling pressure, newly launched HYPE ETFs have continued attracting fresh capital from investors.
The products recorded steady inflows between May 12 and Thursday, with cumulative net inflows rising above $100 million, according to SoSoValue.
Daily flows in US-listed spot HYPE ETFs. Source: SoSoValue
Other altcoin funds such as spot XRP ETFs also recorded steady gains over the period, totaling roughly $120 million in net additions between May 4 and Thursday.
The divergence underscores a shift in crypto fund flows, with investors pulling back from Bitcoin and Ether ETFs while newer products tied to tokens such as Hyperliquid’s HYPE continue to attract inflows.
Tyler Durden Fri, 05/29/2026 - 15:00