Bitcoin

CSG NV's record IPO and subsequent fundraising indicate strong institutional appetite for defense plays—a sector inversely correlated with risk appetite. At Fear & Greed 11, crypto is in full risk-off mode, and any capital leakage to 'safe-haven' defense stocks exacerbates selling pressure on BTC and alts.

The founder of CSG NV, which completed the largest ever IPO for a pure defense company four months ago, plans to raise up to €200 million ($233 million) this year to expand his industrial group.