1. Fidelity Advantage Bitcoin ETF (TSX:FBTC)

Assets under management: C$1.48 billion

The Fidelity Advantage Bitcoin ETF launched in November 2021. It offers the security of Fidelity’s in-house cold storage services for its holdings.

While it previously had a management fee of 0.39 percent, the Fidelity Advantage Bitcoin ETF lowered it in January 2025 to an ultra-low management fee of 0.32 percent.

2. CI Galaxy Bitcoin ETF (TSX:BTCX.B)

Assets under management: C$1.40 billion

Launched in March 2021, the CI Galaxy Bitcoin ETF was born out of a partnership between cryptocurrency leaders Galaxy Fund Management and CI Global Asset Management. Galaxy Fund Management is part of Galaxy Digital, a diversified financial services firm with a focus on digital assets and the blockchain technology sector.

The ETF’s objective is to give investors exposure to Bitcoin via an institutional-quality fund platform, as its holdings are wholly Bitcoin and are kept in cold storage. At 0.4 percent, this fund is another with one of the lowest management fees of the crypto funds on the market.

3. Purpose Bitcoin ETF (TSX:BTCC)

Assets under management: C$1.04 billion

Billed as the world’s first physically settled Bitcoin ETF, the Purpose Bitcoin ETF launched in February 2021 and is backed by Bitcoin in cold storage. This means the fund allows investors to add and sell Bitcoin with no digital wallet required.

Hosted by Canadian investment company Purpose Investments, the Purpose Bitcoin ETF has a management expense ratio of 1.5 percent.

4. CI Galaxy Ethereum ETF (TSX:ETHX.U)

Assets under management: C$805.65 million

The CI Galaxy Ethereum ETF, another collaboration between CI and Galaxy, offers investors exposure to the spot Ethereum price through Ether holdings in cold storage. The fund launched on April 20, 2021, the same day as two of the other Ether ETFs on this list.

The CI Galaxy Ethereum ETF has a low management fee of just 0.4 percent.

5. 3iQ Solana Staking ETF (TSX:SOLQ)

Assets under management: C$353.67 million

The 3iQ Solana Staking ETF is designed to provide investors with a user-friendly and secure way to gain exposure to SOL and earn passive rewards through staking. Its launch quickly garnered significant assets under management and attracted investments from SkyBridge Capital and two of ARK Invest’s ETFs.

For the first 12 months after its April 16, 2025, launch, the ETF features a 0 percent management fee. After this initial period, the management fee will be 0.15 percent.

6. Evolve Bitcoin ETF (TSX:EBIT)

Assets under management: C$261.36 million

Evolve ETFs partnered with cryptocurrency experts, including Gemini Trust Company, CF Benchmarks, Cidel Bank & Trust and CIBC Mellon Global Services, to launch the Evolve Bitcoin ETF. The fund, which holds its own Bitcoin, has a management fee of 0.75 percent.

Launched a week after the Purpose Bitcoin ETF, its holdings of Bitcoin are priced based on the CME CF Bitcoin Reference Rate, a once-a-day benchmark index price for Bitcoin denominated in US dollars.

7. Purpose Ether ETF (TSX:ETHH)

Assets under management: C$253.94 million

The Purpose Ether ETF is a direct-custody Ether ETF that launched on April 20, 2021. This fund currently holds over 87,000 Ether, which it stores in cold storage.

The Purpose Ether ETF offers investors exposure to the daily price movements of physically settled Ether tokens with a management fee of 1 percent.

8. 3iQ XRP ETF (TSX:XRPQ)

Assets under management: C$175.27 million

The 3iQ XRP ETF provides investors with exposure to XRP, the digital asset native to the XRP Ledger. The ETF, which launched on June 17, 2025, is passively managed and aims to track the performance of the CME CF XRP-Dollar Reference Rate. The underlying XRP is held in secure cold storage.

The fund’s primary objectives are to give unitholders an opportunity for long-term capital appreciation through exposure to XRP and its daily price movements against the US dollar. This XRP ETF has a 0 percent management fee for its first six months, after which time it will change to 0.59 percent.

9. Purpose Bitcoin Yield ETF (TSX:BTCY)

Assets under management: C$124.85 million

The Purpose Bitcoin Yield ETF uses a covered call strategy to generate yield for investors, which involves writing call options on Bitcoin. Call options give the buyer an option to purchase an asset at a specific price on or before a specific date.

Its structure allows the fund to earn income from option premiums while providing investors with exposure to Bitcoin’s price movements. Its distributions are paid monthly and has a management fee of 1.1 percent.

10. Evolve Ether ETF (TSX:ETHR)

Assets under management: C$107.32 million

The Evolve Ether ETF offers investors an easier route to investing in Ether. The fund’s holdings of Ether are priced based on the CME CF Ether-Dollar Reference Rate, a once-a-day benchmark index price for Ether denominated in US dollars.

As with the Evolve Bitcoin ETF, the Evolve Ether ETF has a management fee of 0.75 percent.

11. Fidelity Advantage Ether ETF (TSX:FETH)

Assets under management: C$101.38 million

Following the successful launch of its Bitcoin fund, Fidelity brought its Advantage Ether ETF to market in September 2022, making this the newest Ether ETF in Canada. Its holdings are stored in Fidelity’s in-house cold storage.

The Fidelity Advantage Ether ETF has a low management fee of 0.4 percent.

12. Purpose Ether Yield ETF (TSX:ETHY)

Assets under management: C$89 million

Like the Purpose Bitcoin Yield ETF, the Purpose Ether Yield ETF offers investors an opportunity to invest in Ether while also generating yield. Purpose Investments lends a portion of its Ether holdings to institutional borrowers and earns interest on those loans.

Investors who purchase shares of this ETF receive a portion of the interest earned in monthly distributions. Like Purpose’s Bitcoin Yield ETF, its management fee is 1.1 percent.

13. Purpose XRP ETF (TSX:XRPP)

Assets under management: C$82.27 million

The Purpose XRP ETF started trading on the Toronto Stock Exchange on June 18, 2025, as part of the launch of Canada’s first XRP ETFs. The fund invests directly in XRP, offering investors access to the XRP spot price.

The new asset is offering a 0 percent management fee through February 2026, after which time it will have a management fee of 0.69 percent.

14. Evolve Cryptocurrencies ETF (TSX:ETC)

Assets under management: C$78.95 million

The Evolve Cryptocurrencies ETF launched in September 2021 as the first multi-cryptocurrency ETF, providing combined exposure to both Bitcoin and Ether. Its holdings have since expanded to include XRP and Solana.

This product from Evolve ETFs allows investors to diversify their crypto portfolios and provides indirect exposure to the four coins, weighing them by market capitalization and rebalancing its holdings on a monthly basis. Bitcoin makes up the majority of its portfolio.

While this ETF has no management fee, the underlying funds that hold both Bitcoin and Ether have management fees of 0.75 percent plus applicable taxes.

15. Purpose Solana ETF (TSX:SOLL)

Assets under management: C$53.96 million

The Purpose Solana ETF gives investors exposure to the price of the Solana cryptocurrency. Its purpose is to provide a regulated and convenient way for investors to participate in the Solana market without the complexities of directly buying and storing the digital asset.

A key feature of this specific ETF is that it was one of the world’s first with staking built right in. It has a low management fee of 0.39 percent.

Economic promise

Lithium Americas estimates construction of Thacker Pass could generate more than US$700 million annually and support 1,800 jobs. Once operational, economic activity linked to the mine could average US$2.1 billion per year, according to a University of Nevada, Reno, study.

Lithium is a cornerstone of batteries that power smartphones, laptops and electric vehicles. The US ranks third globally in known lithium resources but remains dependent on imports.

Due to the resource’ growing importance, developing domestic supply has become a matter of both industrial policy and national security.

Landsat’s value, is hardly confined to mining. A 2023 economic analysis placed its annual contributions to US industries at US$25.6 billion, spanning everything from gold exploration to reduced insurance costs for farmers.

For Thacker Pass, the test will come as mining gets underway. But for now, the view from space has already reshaped how the project is planned and envisioned moving forward.

By applying Landsat data, planners hope to show that resource extraction and environmental stewardship can advance together.

A question of trust in money

Modern fiat currencies function only as long as people believe governments will preserve their value.

In practice, that means limiting money supply growth and keeping inflation low. Since the 1990s, delegating this responsibility to independent central banks has largely worked, anchoring expectations and fostering decades of relative stability.

But Grayscale notes that history is full of examples where governments have broken that trust, turning to the printing press to ease fiscal strain.

Today, the US finds itself in a precarious position: public debt has climbed to roughly 100 percent of gross domestic product, interest expenses are rising as bond yields climb, and Washington continues to run persistent deficits.

The report argues that the credibility gap is widening.

“If holders of US Dollar-denominated assets come to believe” that inflation will be tolerated as a tool for managing debt, Grayscale wrote, “they may seek out alternative stores of value.”

In most countries, inflation fears are local problems. In the case of the dollar, the stakes are far higher. The Federal Reserve estimates the US currency accounts for 60 to 70 percent of international use, compared with 20 to 25 percent for the euro and less than 5 percent for the Chinese renminbi.

That dominance means any loss of confidence in the dollar’s stability ripples across global finance. According to Grayscale, this is why risks tied to US debt are not the “most severe” compared to emerging markets but remain “the most important.”

The US fiscal picture deteriorated after the 2008 financial crisis and worsened during the pandemic. From 2007 to today, average annual deficits have swelled from 1 percent to about 6 percent of GDP, pushing total debt to nearly US$30 trillion.

Much of this was sustainable when interest rates were near zero. But the era of cheap borrowing has ended.

As debt is refinanced at higher rates, interest outlays absorb a larger share of federal spending, squeezing room for other priorities and raising the prospect of a “snowball effect” where debt grows faster than the economy.

Enter crypto

This backdrop has fueled interest in alternative monetary assets that are insulated from political pressures.

Gold has long played that role, but Grayscale points to Bitcoin and Ethereum as digital equivalents with unique advantages.

“These cryptocurrencies have certain design features that can make them a refuge, when needed, from conventional fiat money,” the report said.

Bitcoin’s supply is capped at 21 million coins, its issuance schedule is transparent, and no institution can arbitrarily inflate it.

Ethereum, while more complex due to its broader ecosystem of applications, also shares the qualities of decentralization and predictable supply controls.

In Grayscale’s view, these traits matter most when confidence in fiat currencies erodes. “The utility of these assets comes from what they do not do. Most importantly, they will not increase in supply because a government needs to service its debt.”

Despite this, Grayscale does not argue that crypto’s rise is inevitable. A credible restoration of US fiscal discipline and central bank independence could limit the appeal of alternative assets.

Feasible measures, according to the report, might include stabilizing and reducing the debt-to-GDP ratio, reaffirming the Fed’s inflation target, and resisting political pressure on monetary policy.

History itself can serve as a roadmap for this. Gold soared in the 1970s when inflation ran high and institutional credibility faltered, but lost ground in the 1980s and 1990s as the Fed restored trust and inflation fell. A similar trajectory could shape crypto’s role.

For now, the macro picture points in the opposite direction. With deficits entrenched and debt swelling, investors face a world where the dollar’s long-term credibility is in question.

In such an environment, Grayscale argues, crypto assets can serve as a crucial alternative.

“As long as those risks are getting larger, the value of assets that can provide a hedge against that outcome arguably should be going higher,” the report concluded.

Investor Insight

Lahontan Gold is on track to become a leading gold developer in Nevada’s Walker Lane district, presenting a compelling investment opportunity by combining a high-quality resource base with a clear path to production in Nevada’s premier mining jurisdiction — all in a rising gold price environment.

Overview

Lahontan Gold (TSXV:LG,OTCQB:LGCXF) is focused on advancing its portfolio of high-quality gold and silver projects in Nevada. The company’s flagship Santa Fe mine was a past producer that operated from 1988 to 1992, yielding 356,000 ounces of gold and 784,000 ounces of silver. Lahontan aims to unlock the mine’s full potential by expanding its resources and pushing forward on permitting.

The company recently completed a robust preliminary economic assessment (PEA) outlining a clear pathway to production. Permitting efforts are progressing with the Bureau of Land Management, and Lahontan anticipates being in a position to break ground by 2026.

Additionally, strategic drilling campaigns are planned to further expand the existing resource base.

The company’s strategy to unlock shareholder value is to advance the Santa Fe mine toward production by derisking the project through permitting and feasibility studies, while optimizing heap leach processing for maximum recoveries and economic efficiency. Concurrently, it is unlocking value from satellite deposits, including West Santa Fe, which has high-grade oxide potential, and Moho, an early-stage project with promising historic gold and silver intercepts.

Positioned as a low-cost developer in a top-tier jurisdiction, the company maintains strong institutional support with minimal dilution risk, ensuring capital efficiency and sustainable growth.

Company Highlights

• Flagship Santa Fe Project: 100 percent owned, past-producing open-pit heap leach mine with an updated resource estimate of 1.54 million ounces indicated and 0.41 million ounces inferred pit constrained resource
• Strategic Nevada Location: Situated in Walker Lane, one of the world’s best mining jurisdictions, with excellent infrastructure, water access, and a mining-friendly regulatory environment.
• Strong Resource Growth Potential: The Santa Fe Mine and its satellite projects, West Santa Fe and Moho, offer exploration upside, with further drilling planned to expand resources.
• Advancing Toward Production: With a positive Preliminary Economic Assessment (PEA) completed in late 2024, Lahontan is aggressively moving toward permitting and development.
• Experienced Leadership: The company is led by an experienced management team with a proven track record in mine development, permitting, and value creation for investors.

Key Projects

Santa Fe Mine

The Santa Fe mine, located in Mineral County, Nevada, spans 26.4 sq km and represents Lahontan Gold’s flagship development project. With an updated mineral resource estimate of 1.95 Moz gold equivalent, the project hosts multiple oxide and sulfide zones that remain open for expansion.

Historical production from the Santa Fe mine yielded 356,000 oz gold and 784,000 oz silver from an open-pit heap leach operation. Modern exploration and metallurgical testing have identified additional high-grade mineralization that could support an expanded operation.

The recently completed PEA indicates strong economic potential, with favorable heap leach recoveries and low operating costs. Lahontan is actively working with the Bureau of Land Management to advance the permitting process, with the goal of achieving production readiness by 2026.

Lahontan has received confirmation from the Bureau of Land Management (BLM) that its Santa Fe Exploration Plan of Operations (POO) is now complete, paving the way for the project to enter the full environmental assessment (EA) under the National Environmental Policy Act (NEPA). The completion marks over two years of baseline studies, including biological, cultural, and historical assessments, and covers more than 12 sq km of the Santa Fe project with provision for over 700 drill sites. With this milestone, Lahontan expects to secure final POO approval in Q4 2025, enabling an expanded and robust drilling campaign in 2026.

West Santa Fe

The West Santa Fe project, situated just 13 km from the Santa Fe mine, is a highly prospective satellite project that could serve as an extension of the main operation. Historic drill data suggest the presence of a shallow oxide deposit, with early resource modeling indicating a potential gold equivalent resource of 0.5 to 1 Moz.

West Santa Fe’s excellent resource growth potential

Lahontan is preparing for an extensive drill program in 2025 to validate and expand this resource. Geophysical surveys and geochemical sampling have identified strong structural controls on mineralization, further supporting the potential for economic extraction. Given its proximity to Santa Fe, West Santa Fe offers a compelling low-cost, high-margin opportunity for future production.

Moho Project

The Moho project is another 100 percent owned asset within the Walker Lane district in Nevada, presenting a longer-term growth opportunity for Lahontan. The project is characterized by historic high-grade gold and silver intercepts from past drilling, with reported grades exceeding 20 g/t gold and 300 g/t silver. Initial exploration has confirmed the presence of oxidized tertiary epithermal vein systems, which are ideal for conventional heap leach processing. Core drilling in 2019 further validated the high-grade nature of Moho’s mineralization, with significant intercepts occurring at relatively shallow depths. Lahontan plans to conduct additional exploration drilling to refine resource estimates and assess potential economic viability.

Management Team

Kimberly Ann – Founder, Executive Chair, President and CEO

Kimberly Ann is a seasoned mining executive who has founded multiple junior mining companies and held senior roles, including CEO, president, CFO, and board member. Over the past 12 years, she has raised more than $210 million in project financing and participated in three junior mining M&A transactions. At Prodigy Gold, she led corporate communications, equity financings, and analyst engagement, playing a key role in the company’s $340 million acquisition by Argonaut Gold. As CFO and VP corporate development at PPX Mining, she successfully advanced the high-grade Callanquitas gold-silver underground mine into production in Northern Peru. In 2017, Kimberly founded Latin America Resource Group, transforming Jasperoide from two small concessions into a 57 sq km copper-gold project in Peru’s most prolific mineralized belt. Following LARG’s 2020 merger with Carube Copper to form C3 Metals, she positioned the company for significant portfolio growth and value creation.

Brian Maher – Founder and Vice-president of Exploration

Brian Maher is an economic geologist with over 45 years of experience in the international mining and exploration industry. Prior to Lahontan, Maher was the president, CEO and director of Prodigy Gold, where he guided the company through a period of expansive growth, exploring and developing the 6.6 Moz Magino gold deposit in northern Ontario, culminating in the $341 million acquisition of Prodigy Gold by Argonaut Gold in 2012. In 1982, he began a 16-year career with ASARCO, exploring for gold and copper deposits in a variety of geologic environments throughout North and South America. From 1998 and 2004, he was project manager for Metallic Ventures Gold, supervising underground and surface exploration, mine development and operations at an underground gold mine in Nevada.

John McNeice – CFO

John McNeice is a chartered professional accountant registered in Ontario, Canada, with over 30 years of experience in public company reporting, financial management, accounting and audit. Currently McNeice is the CFO of Gold79 Mines (TSXV:AUU), C3 Metals (TSXV:CCCM) and Northern Graphite (TSXV:NGC), where he is responsible for financial and regulatory reporting as well as day-to-day financial management. He has held CFO roles in seven public resource companies over the past 17 years and has overseen IPOs, RTOs and many quarterly, annual and periodic public company filings. From 2004 to 2007, McNeice was CFO of Ur-Energy, a uranium exploration and development company now a US-based producer of uranium. During his tenure, Ur-Energy raised an aggregate of $150 million in a series of private placements, the IPO and several significant secondary financings.

Josh Serfass – Independent Director

Josh Serfass is the executive vice-president of corporate development and investor relations at Integra Resources. Previously, he was the manager of corporate communications at Integra Gold. He was a key member of the team at Integra Gold that grew, developed and sold the past producing Lamaque mine in Val-dOr, Québec to Eldorado Gold for C$590 million in 2017. Committed to thinking differently about mining, Serfass worked with the team at Integra Gold to host the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining Challenge, initiatives that encouraged innovation and technology disruption in the mining industry.

Shane Williams – Independent Director

Shane Williams is president, CEO, and director of West Red Lake Gold Mines, leading the restart of the Madsen Gold Mine. He was previously COO of Skeena Resources, advancing Eskay Creek, and VP of Operations and Capital Projects at Eldorado Gold, where he brought the Lamaque Gold Mine from PEA to production in just 18 months. As project director, he also oversaw Eldorado’s Skouries and Olympias projects with a combined US$1 billion capex, and earlier led development of Sweden’s Kaunis Iron open-pit mine from exploration to operation in 3.5 years. Williams holds a B.Eng. in Electrical Engineering and an M.Sc. in Project Management.

Evan Pelletier – Independent Director

Evan Pelletier is a mining executive with over 30 years of underground mining experience in North America, Mongolia, Argentina, and Africa. He is currently the interim general manager of the Galena Mine with Americas Gold & Silver, and previously served as VP of Mining at Kirkland Lake (2020–2022) and mine manager at the Macassa Mine (2016–2020). At Kirkland Lake, he helped grow the company from $400 million in 2016 to $13 billion in 2022, including oversight of a nearly 2,000-metre shaft with a $450 milliom budget, delivered on time and on budget.

Max Pluss – Independent Director

Max Pluss is an investment professional with experience across hedge funds, private equity, and venture capital. He is the Founder of Rhea Capital Management, backing and incubating mission-driven companies. Previously, he was an analyst at Extract Capital, a hedge fund focused on natural resource investments, and earlier advised public company CEOs on corporate development and market positioning. pluss holds a B.A. from Colorado College and M.B.A. degrees from Columbia University and London Business School.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$115,680, a one percent decrease in 24 hours. Its lowest valuation of the day was US$114,940, and its highest was US$116,225.

Bitcoin price performance, September 17, 2025.

Chart via TradingView.

The crypto markets showed immediate volatility following today’s US Federal Reserve interest rate decision, which was a widely anticipated 25 basis points, lowering the target range to 4 to 4.25 percent.

Bitcoin initially rose slightly above US$116,000, but then dropped below US$115,000 as traders digested Fed Chair Jerome Powell’s remarks. He noted that inflation risks are currently tilted to the upside, while employment risks are to the downside, posing a challenging situation for policy balance.

Ether (ETH) hovered near US$4,500, showing some cautious optimism against the macro backdrop. It was priced at US$4,519.07 at the closing bell, its highest valuation of the day and an increase of 0.6 percent over the past 24 hours. Its lowest valuation on Wednesday was US$4440.

Crypto derivatives analytics and market indicators

Total BTC Futures Open Interest was at 727.55K BTC, equivalent to US$84.19 billion, up by 1.15 percent over four hours and 0.04 percent over 24 hours. The perpetual funding rate for BTC was at 0.0057 percent, while the ETH funding rate stood at 0.0041 percent, indicating bullish market sentiment.

Liquidations reached US$143.67 million over the past four hours, with long positions representing the majority, signaling strong selling pressure that could push prices down.

BTC dominance stands at 55.8 percent.

ETF data

Institutional Bitcoin demand is now outpacing new issuance. Bitwise data shows that US spot Bitcoin exchange-traded fund (ETF) inflows far exceed new Bitcoin supply. Monday’s (September 15) Bitcoin ETF inflows were about US$260 million versus ETH’s US$360 million, followed by an uptick to US$292 million on Tuesday (September 16).

This seven day inflow streak (US$2.9 billion) is the largest since July, pushing total Bitcoin ETF assets to US$151.7 billion, or around 6.6 percent of Bitcoin’s market cap. Data shows that 97 percent of this surge came from US spot funds, pushing their combined holdings to a record 1.32 million BTC.

Fear and Greed Index snapshot

Sentiment gauges have cooled from recent highs.

CMC’s Crypto Fear & Greed Index currently stands around 51 (neutral), down from “greed” levels last week.

The neutral reading, which is up only slightly from 49 last week, shows that while neither bullish nor bearish sentiments are dominant, investors are still cautiously optimistic buoyed by ETF inflows and Fed hopes of favorable interest rates.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Altcoin price update

• Solana (SOL) was priced at US$238.66, an increase of 0.4 percent over the last 24 hours and its highest valuation of the day. Its lowest valuation on Wednesday was US$232.78.

• XRP was trading for US$3.04, down by 0.4 percent in the past 24 hours. Its lowest valuation of the day was US$2.99, and its highest value was US$3.06.

• SUI (Sui) was valued at US$3.68, trading at its highest valuation of the day and up by 1.3 percent over the past 24 hours. Its lowest price point today was US$3.54.

• Cardano (ADA) was priced at US$0.8832, up by 1.3 percent over 24 hours to its highest value of the day. Its lowest valuation was US$0.8634.

Today’s crypto news to know

Bitcoin ETF inflows surge to highest level since July

Bitcoin exchange-traded products drew their largest weekly inflows since late July, according to K33 Research, as institutional investors piled back into the market.

Net inflows totaled 20,685 BTC, pushing US spot ETFs’ combined holdings to a record 1.32 million BTC.

Analysts say the fresh demand is outpacing new supply nearly nine times over, creating strong upward pressure on prices. Bitwise notes that this reallocation is coming at the expense of Ethereum, with capital flowing back into Bitcoin after months of mixed positioning. ETF inflows have become a critical driver of performance, with Bitwise data showing an unprecedented correlation between flows and price action.

With more than 22,000 BTC accumulated via funds in the last month, compared with just 14,000 newly mined, analysts see this as a bullish signal for the final quarter of the year.

Forward Industries files for US$4 billion ATM equity offering

Forward Industries (NASDAQ:FORD), a prominent Solana treasury company, has filed with the US Securities and Exchange Commission (SEC) to establish an at-the-market (ATM) equity offering program.

This initiative, announced on Wednesday, will be facilitated by Cantor Fitzgerald and will enable the company to incrementally sell up to US$4 billion of its common stock on the open market.

The company said it plans to use the net proceeds for general corporate purposes, including working capital, its Solana token strategy and acquiring income-generating assets.

Chairman of the Board, Kyle Samani, stated this offering provides a flexible mechanism to deploy capital for its Solana treasury strategy, scale its position, which already has over 6.8 million SOL purchased, strengthen its balance sheet and pursue growth initiatives.

Google, Coinbase partner for stablecoin payments in AI protocol

Google (NASDAQ:GOOGL) and Coinbase Global (NASDAQ:COIN) have joined forces to integrate stablecoin payments into AP2, a new open-source artificial intelligence (AI) payments protocol.

Developed in close collaboration with Coinbase, Google’s AP2 enables AI applications and agents to autonomously send and receive payments using both traditional methods and stablecoins. The AP2 system aims to establish a universal, secure, compliant, and flexible payment language for both legacy financial rails and emerging digital assets.

Ultimately, this will enable AI agents to conduct financial transactions in applications like personal shopping or financial advising, without human intervention, a significant step toward an AI economy powered by digital payments.

The initiative extends beyond Google and Coinbase, including the Ethereum Foundation and over 60 other companies from both the crypto and traditional finance sectors, such as Salesforce (NYSE:CRM), American Express (NYSE:AXP) and Etsy.

This partnership ensures the payment infrastructure supports stablecoins and integrates with Coinbase’s existing AI-driven crypto payment system, positioning Coinbase centrally in Google’s efforts to merge AI with digital money, capitalizing on the growing adoption and interest in stablecoins.

Bullish secures New York BitLicense

Bullish has secured a BitLicense from the New York State Department of Financial Services, a key regulatory approval allowing the company’s US entity to legally provide cryptocurrency spot trading and custody services to institutional clients and advanced traders in New York State. This regulatory milestone in New York, a major financial hub, is critical for Bullish’s full-scale launch and expansion in the US market. The company is one of a handful of crypto firms licensed under this rigorous state framework, joining firms like Gemini and Paxos.

The BitLicense will enable Bullish to offer regulated, institutional-grade digital asset services in New York, increasing access for hedge funds, asset managers, banks, and other institutional players.

CEO Tom Farley emphasized the company’s commitment to regulatory compliance and building trusted infrastructure. President Chris Tyrer highlighted that clear regulation drives responsible market evolution and institutional engagement.

Metaplanet expands to US with new Bitcoin income unit

Metaplanet (TSE:3350,OTCQX:MTPLF) has established a Miami-based subsidiary to oversee its Bitcoin income generation business, following the close of a US$1.44 billion global equity sale earlier this month.

The new arm, Metaplanet Income, received an initial US$15 million capital injection and will focus on derivatives trading and related yield strategies separate from the company’s core treasury holdings.

Upsized from an original plan of 180 million shares to 385 million due to strong demand, the offering raised ¥212.9 billion in gross proceeds. Funds are earmarked for further Bitcoin purchases through October as well as expansion of income products that have generated steady revenue since late 2024. Management says the new US subsidiary will not materially affect 2025 earnings but strengthens its long-term operational footprint.

Saudi Arabia doubles down on digital payments with Google and Ant

Saudi Arabia is accelerating its financial technology ambitions through new partnerships with Google Pay and Ant International, its central bank confirmed at the Money20/20 conference in Riyadh. Google Pay will now integrate with the country’s mada network, allowing cardholders to manage payments through Google Wallet.

Meanwhile, a collaboration with Ant International aims to enable cross-border QR code payments linking mada with Alipay+ by 2026. The push is expected to benefit small and mid-sized merchants.

Canada’s top mining provinces

The two Canadian jurisdictions ranked the highest by the Fraser Institute are Saskatchewan, which came in seventh on the Investment Attractiveness Index, and Newfoundland and Labrador, which took the eighth spot.

Both provinces ranked highly in terms of policy, with Saskatchewan earning a score of 96.37 to take the third spot out of 82, and Newfoundland and Labrador achieving a score of 91.84 for sixth place.

Alberta also placed in the top 10 for policy, coming in ninth place at a score of 87.8.

When it comes to mineral potential, both Saskatchewan and Newfoundland and Labrador were left out of the top 10, placing 21st and 16th, respectively. Still, Canada maintained a presence, with BC scoring 85.45 for fourth, Yukon receiving a score of 79.03 for eighth and Manitoba coming in ninth with 78.57.

Behind the figures, respondents to the Fraser Institute’s survey identified uncertainty as their chief concern. In BC, political stability and disputed land claims were top concerns, but these worries were also accompanied by decreased apprehension surrounding regulatory duplication and environmental regulations.

In Saskatchewan, there were increased concerns over the province’s taxation regime and regulatory duplication, but there was less worry over the availability of labor.

Canadian mining policies and tax credits

At both the provincial and national levels, Canada has established various programs with the intent of attracting investment capital to the country’s resource sector.

Among them are flow-through shares (FTS), which enable companies to pass certain expenses onto shareholders. For tax purposes, investors can claim 100 percent of eligible expenses, ultimately lowering their tax burden.

On top of FTS are several tax credit programs. The Mineral Exploration Tax Credit (METC) provides a 15 percent tax credit on exploration expenses incurred through FTS. The program was designed to stimulate investment in early stage exploration projects, which tend to carry higher risk than assets already in production.

The federal government has a similar program tailored for investment in critical minerals projects. Although it cannot be combined with the METC, the Critical Mineral Exploration Tax Credit (CMETC) doubles the tax credit to 30 percent and targets exploration for minerals, including lithium, cobalt, copper, nickel and rare earths.

Other programs exist at the provincial level as well. This is one of the reasons Saskatchewan scored so highly on policy in the Fraser Institute’s report — the province offers a 30 percent tax credit, which, when combined with either the METC or CMETC, gives investors total tax credits worth 45 percent and 60 percent.

BC has also incentivized investment in the mining sector with a 20 percent tax credit, which grows to 30 percent if projects are located in areas affected by the invasive mountain pine beetle.

Additionally, as tariff threats from south of the border loomed in the first half of 2025, the Canadian government introduced the Building Canada Act, intended to streamline the regulatory approval process for infrastructure projects deemed to be in the national interest, including resource development.

The goal is to reduce red tape by consolidating federal reviews into a single process, eliminating redundancies between the federal and provincial governments and reducing timelines to within two years.

Similar initiatives have been introduced on the provincial level. In May of this year, the BC government introduced the Infrastructure Projects Act, designed to expedite permitting and environmental reviews.

Mining challenges in Canada

Although regulations vary from province to province and are subject to change with the election of new governments, Canada has developed a reputation for being a safe mining jurisdiction due to its political stability.

These positive outcomes are reflected in how many provinces scored highly in the Fraser Institute’s report; however, respondents weren’t without criticisms of Canada. One participant suggested that investment in BC is deterred by regulatory failures that create uncertainty, while another stated that taxation is a significant issue.

When examining Manitoba, which fell sharply in the standings to 26th from sixth in 2023, one exploration company president noted that a long list of roadblocks makes exploration in the province challenging.

How the new acts and shifts in policy will affect the mining industry won’t be known for some time. Still, they could go a long way to addressing issues outlined in the report and begin attracting new projects to the Canadian resource sector, which would be a boon to both mining companies and investors.