GME3: PointsBet MIXIs It Up, Bybit-ten Off More Than Expected & Transparency X-emption

A potential PointsBet acquisition, a record-breaking crypto heist, and a legal win for X – this week’s GME3 showcases major shifts across gambling, finance, and tech. PointsBet Canada’s parent company is set to be acquired by MIXI Australia in a CAD $320 million all-cash deal, solidifying its focus on the Australian and Canadian markets. Meanwhile, the crypto firm Bybit finds itself at the center of the largest crypto theft in history, with hackers siphoning $1.5 billion from its Ethereum wallet. Over in California, Elon Musk’s X has successfully pushed back against a transparency law, scaling back state-mandated disclosures on content moderation. Read the full stories below!

Gambling

PointsBet MIXIs It Up

PointsBet Canada’s parent company is set to be acquired by MIXI Australia, pending shareholder approval. The board of the Australian-based betting operator has unanimously approved the CAD $320 million all-cash deal, which offers shareholders CAD $1.06 per share – a 27.7% premium over its February 2025 closing price. A shareholder vote is scheduled for May, with the transaction expected to be finalized in June. MIXI Australia is a subsidiary of Japanese entertainment and sports group MIXI Inc., which owns FC Tokyo and multiple gaming platforms.

The deal comes as PointsBet reports solid financial performance, with its Ontario net win rising 14% to CAD $16.4 million. Overall, the company’s net win across Australian and Canadian operations reached CAD $122 million in the last six months of 2024, with sports betting up 5% year-over-year to CAD $113 million. PointsBet’s Ontario online casino saw a 15% increase, generating CAD $9.9 million, while its Ontario sports betting net win climbed 13% to CAD $6.5 million.

MIXI’s bid outpaced a competing CAD $360 million offer from BlueBet, which included a mix of cash and stock. While BlueBet promoted its proposal as offering greater long-term strategic value, the certainty of MIXI’s all-cash offer ultimately won board approval.

This sale marks another major transition for PointsBet, which exited the U.S. market in 2024 after selling its American operations to Fanatics. With the pending MIXI acquisition, PointsBet’s future now firmly lies in Australia and Canada.

Media

Bybit-ten Off More Than Expected

Bybit, a Dubai-based cryptocurrency firm, has reported a record-breaking $1.5 billion theft from its Ethereum wallet, potentially making it the largest crypto heist in history. Despite the breach, Bybit’s founder, Ben Zhou, assured users that their funds are safe and that any affected individuals would be reimbursed, with losses covered either by the company or through partner loans. 

The hackers exploited security flaws to siphon the funds into an unidentified address. Following the attack, Ethereum’s value dropped by about 4% to $2,641 per coin. This incident surpasses the 2022 Ronin Network hack, which resulted in a $620 million loss.

Founded in 2018, Bybit claims to have over 60 million users. Reports indicate that former U.S. President Donald Trump and ex-PayPal CEO Peter Thiel were among its early investors. The company maintains that all client assets remain fully backed and that it remains solvent even if the stolen funds are not recovered.

Bybit has reported the attack to authorities and is actively investigating the hackers’ identities.

Entertainment

Transparency X-emption

California has agreed to drop parts of a law requiring large social media companies to disclose their policies on hate speech, disinformation, harassment, and extremism after a legal challenge from Elon Musk’s X. The settlement, reached with state Attorney General Rob Bonta, stops short of overturning the entire law but weakens California’s efforts to make content moderation practices more transparent.

The dispute began when X sued in 2023, arguing that the law violated the First Amendment by forcing platforms to disclose how they regulate political speech. The 9th Circuit Court of Appeals temporarily blocked parts of the law in September, agreeing that some provisions likely infringed on free speech rights.

As a result of the settlement, social media companies will no longer have to reveal how they define or handle hate speech, extremism, or misinformation. They also won’t be required to disclose data on how often they remove flagged content. However, platforms must still publicly post their terms of service and report enforcement updates to the state twice a year.

The law, originally passed as AB 587 in 2022, was meant to increase transparency around content moderation. Assemblymember Jesse Gabriel, the author, expressed disappointment but emphasized that some provisions remain intact. The California justice department pledged to enforce the remaining parts of the law.

The settlement now awaits final approval from a federal judge. Meanwhile, the decision marks a broader shift in Big Tech’s approach to content moderation, as companies like Meta have also loosened restrictions and reduced third-party fact-checking.