Purpose Investments has received regulatory approval to launch Canada’s first XRP ETF. This new product will offer direct exposure to XRP and begin trading on June 18.
Additionally, the OSC will allow customers to hold this product in registered accounts, allowing them to pay substantially lower taxes on gains. This regulatory breakthrough is heartening, as Canada’s new PM is a Bitcoin critic.
The Ontario Securities Commission (OSC), Canada’s top regulator, is allowing users to hold this ETF in registered accounts. Under Canadian law, this means that customers could pay substantially lower taxes on these assets.
“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem. We’re proud to continue pushing the boundaries of what’s possible in the space,” claimed Vlad Tasevski, Purpose’s Chief Innovation Officer.
For the last few years, Canada has positioned itself as a crypto leader, launching the first crypto ETF in North America four years ago.
However, a prominent Bitcoin critic became Prime Minister this March, potentially disrupting the nation’s policies. In other words, it’s a very good sign that the OSC approved an XRP ETF under these circumstances.
Hopefully, this will help encourage the SEC to move forward with a similar product in the US.
BlackRock, the largest asset manager in the US, still hasn’t filed for a spot product based on XRP, but prominent analysts believe it will do so soon.
Btw, I still fully expect BlackRock to file for spot sol & xrp ETFs…
As leader in both spot btc & eth ETFs, it would make *zero* sense to cede other top crypto asset ETF categories to competitors.
Related, I also fully expect BlackRock to file for index-based crypto asset ETF.
At this time, it’s impossible to predict when it’ll win approval, but the US will be the third nation in the hemisphere to offer it at the earliest. Canada and Brazil may remind the US that it needs to catch up to stay on the market’s cutting edge.
The listing news sent LPT’s daily trading volume soaring to over $4 billion on May 30—more than 10 times the previous average. This marked its highest daily volume so far this year.
At the time of writing, LPT’s trading volume still exceeds $1 billion. According to CoinMarketCap, it has surpassed Virtual Protocol to become the highest-volume AI token on the market, which indicates strong interest from traders.
However, LPT’s price has since dropped sharply, down 40% from its $14.30 peak to around $8.50. This suggests that the surge in volume, paired with the price drop, may reflect profit-taking activity.
It also implies that investor expectations could be short-term.
At press time, LPT was trading at $8.51, up over 10% in the past 24 hours.
Whales have taken advantage of increased liquidity and price gains to realize profits. On-chain data today shows that a whale withdrew 526,000 LPT (worth $4.81 million) from LPT’s PoS staking contract and transferred the funds to Binance.
Although selling pressure is mounting, some technical analysts believe the price could rebound from the $7 region.
Technical analysis and LPT price prediction. Source: Muneeb on X
“LPT eyes on this one, should hold the green zone for a potential bounce to yearly open 14.5$,” crypto analyst Muneeb predicted.
Livepeer Faces Challenges as AI Tokens Struggle to Recover
Livepeer has a clear mission: to revolutionize video infrastructure by leveraging AI. Its real-time video processing capabilities and a decentralized approach to GPU usage place it at the forefront of innovation.
Launched in 2021, Livepeer raised $51.8 million—well before the current AI boom. In 2025, the project is returning with renewed momentum, fueled by exchange listings and increasing attention from funds interested in AI technology.
“Livepeer is building the open video infrastructure for the AI era. Real-time AI video processing, decentralized GPUs, and a permissionless network powering new creative and technical frontiers,” the project states.
But this renewed spotlight also brings challenges. Despite the recent gains, LPT faces headwinds as the broader AI crypto sector has declined by over 45% year-to-date. This downturn highlights the volatile nature of the market and the risks associated with investing in AI-related cryptocurrencies.
Performance of crypto sectors year-to-date. Source: Artemis
Listing on exchanges and inclusion in key indices may bring short-term attention. However, Livepeer must overcome current market challenges and prove real-world use cases beyond the crypto ecosystem for sustainable growth.
Grayscale Research just published its new “Top 20” list for promising altcoins in Q3 2025. The list mostly remains the same from Q2, removing Lido DAO (LDAO) and Optimism (OP) to add Avalanche (AVAX) and MORPHO.
The firm assessed these altcoins on their market sector performance and individually. AVAX and OP are both smart contract protocols, but it swapped the two out due to company-specific circumstances.
The firm uses a diverse set of criteria to assess its preferred altcoins, tracking which market sectors perform better than others. Today, Grayscale released its new recommendations for Q3 2025:
We have updated the Grayscale Research Top 20. The Top 20 represents a diversified set of assets across Crypto Sectors that, in our view, have high potential over the coming quarter. This quarter’s new assets are Avalanche $AVAX and Morpho $MORPHO. All the assets in our Top 20… pic.twitter.com/gqy0NBLsE1
However, AVAX and OP are both smart contract protocols, and Grayscale assessed that this sector didn’t grow or shrink much. In other words, Avalanche’s business developments must account for its place in Grayscale’s list.
Grayscale further clarified that Ethereum’s new focus on interoperability could make an L-2 like Optimism redundant. AVAX’s organic growth stands out in contrast, making it a clear choice for Grayscale’s list.
The firm expressed similar concerns for LDAO, as the SEC might approve ETF staking soon, removing the blockchain’s main market appeal.
MORPHO grew significantly in the last year, but that isn’t why Grayscale put it on the Top 20 list. Instead, the research firm was highly optimistic about its potential to outperform competitors in its own market sector:
“This past month, Morpho announced Morpho V2, designed to bring DeFi to traditional financial institutions. Grayscale Research is optimistic about the future of on-chain lending activity, and Morpho seems well positioned to potentially capture a meaningful share of that growth,” Grayscale claimed.
Grayscale’s findings and commentary are insightful, but it’s important to remember that it’s a research firm, not a market mover. It cautioned potential investors that all 20 of these tokens are very volatile.
In fact, all four of these assets slightly decreased in value since Grayscale released this list, even the ones it was optimistic about.
If Bitcoin reaches $119,000 by the end of August, MicroStrategy’s (now Strategy) third-quarter earnings could set a new record for a publicly traded company’s highest quarterly profit in financial history. This impressive figure would easily top Nvidia’s earnings and approach Apple’s record.
As Bitcoin gains widespread acceptance, it prompts the question of whether major players will adopt Strategy’s plan by the book. According to Brickken analyst Enmanuel Cardozo, it depends. Though Strategy’s current achievements are impressive, the quality of its long-term health comes into question.
Could MicroStrategy’s Bitcoin Gains Top Tech Giants?
Michael Saylor’s aggressive Bitcoin plan for Strategy (formerly MicroStrategy) continues to remain strong through sunshine or rain. For now, it shows no signs of slowing. With 592,100 Bitcoins on its balance sheet, Strategy is the biggest corporate holder worldwide.
As Bitcoin’s price continues to climb, so will Strategy’s overall earnings. This large-scale success has already led several publicly traded companies to follow suit. The question is whether other corporate giants will also take the leap and purchase Bitcoin.
If Bitcoin closes Q3 above $119,000, and Strategy has 592,100 bitcoins acquired at an average cost of $70,666 each, Strategy’s estimated quarterly net earnings would be approximately $28.59 billion.
Strategy’s most recent Bitcoin purchases. Source: Strategy.
This figure would exceed Nvidia’s highest reported quarterly net income of $22.091 billion, making it Strategy’s largest quarterly earnings and a significant outlier among many publicly traded tech companies.
Since Strategy uses fair value accounting for its Bitcoin, it directly reflects these gains in its net income. If Bitcoin’s price continues to rise beyond this level, Strategy’s earnings could potentially challenge Apple’s current record-setting quarterly net income of $36.33 billion.
Could this unprecedented success generate a fear of missing out among other competitors?
To Buy or Not to Buy
Cardozo expressed excitement over how such a scenario could generate further Bitcoin adoption by other corporate trailblazers.
“With [Strategy’s] 592,100 BTC holdings, other companies might feel the need to finally jump in, especially as Strategy’s performance is outpacing traditional metrics. That kind of success won’t go unnoticed and will eventually push their boards to at least explore Bitcoin to keep up,” he told BeInCrypto.
Some of Bitcoin’s advantages over assets may even appeal to companies with massive earnings, like Nvidia or Apple.
“There’s a solid case for tech giants like Apple and Nvidia to diversify into Bitcoin, and I’m loving the possibilities here. On the pro side, Bitcoin is built as a perfect hedge against fiat devaluation because of its limited supply and decentralized nature,” Cardozo added.
However, a playbook like Strategy’s comes with many risks, and it’s not a one-size-fits-all win—even for Strategy itself.
Strategy’s Financial Health: A Deeper Dive
While Strategy has seen significant profits from holding Bitcoin, these gains primarily stem from a tax advantage, not from its core business operations.
“These gains, driven by fair value accounting, aren’t cash in hand like Apple’s billions from iPhone sales, they are paper profits tied to Bitcoin’s price. Investors and analysts should see this as a speculative boost, not a sign of operational strength, and focus on cash flow and debt to gauge real business health,” Cardozo explained.
Effectively comparing Strategy’s net income to other characteristics like cash flow and debt indeed reveals more about the problems that may lie ahead for the company, especially if Bitcoin’s price were to decline steadily.
Changes in Bitcoin’s price over the past three months. Source: BeInCrypto.
According to the firm’s most recent SEC filings, Strategy reported its outstanding debt amounted to $8.22 billion as of March 2025. It also had a negative cash flow of -$2 million, representing a significant decline year over year.
Though these numbers make sense considering Strategy’s aggressive Bitcoin buying, they also demonstrate that the company’s core software business is not generating enough cash to cover its expenses. Strategy said so itself in its latest filing.
“A significant decrease in the market value of our Bitcoin holdings could adversely affect our ability to satisfy our financial obligations,” read the statement.
It must issue debt and new equity to raise capital to continue its strategy. The plan is risky, to say the least.
Is Bitcoin Right for Every Company?
Given that Strategy’s main income comes from its Bitcoin purchases, Cardozo argues that other companies should carefully consider their financial position before taking a similar approach.
“Analysts should weigh this against operational metrics; a company living on unrealized gains is riskier by nature. I think it’s an innovative strategy, but for long-term health, especially for traditional businesses, cash-generating operations beat paper profits any day, investors should keep that in mind,” he said.
However, as Bitcoin increasingly symbolizes technological innovation, companies aligning with this principle might feel pressured to embrace it. They wouldn’t need to acquire nearly 600,000 Bitcoins, like Strategy, to make such a statement.
They also have a resilient enough treasury to break a fall.
“I’m pretty confident that Apple and Nvidia will eventually invest into Bitcoin, especially with its current track record over the last 10 years,” Cardozo said, adding, “their treasuries could handle a small 1-5% allocation, and not only be hedged against inflation but also as a branding move since they represent the very image of innovation which will also pressure them to do so eventually.”
Yet, ultimately, companies like Apple and Nvidia cater to different customers. Adding Bitcoin to their balance sheets may cause them to lose clients.
The Sustainability Question for Bitcoin Adopters
It’s no secret that Bitcoin mining is extensively damaging to the environment. Strategy, through its Bitcoin acquisitions, directly contributes to the high energy consumption levels associated with the industry.
“Bitcoin’s annual energy consumption is equivalent to a mid-sized country and of course it’s a conflict right off the bat with Apple’s 2030 carbon neutrality target and Nvidia’s renewable energy push,” Cardozo told BeInCrypto.
These companies could risk damaging their public image by associating with an industry that conflicts with their own Environmental, Social, and Governance (ESG) goals.
“Customers and activists might pressure them, seeing it as greenwashing, especially with sustainability being a big part of their public image… they could align Bitcoin with their ESG goals and keep their image intact as Bitcoin mining becomes more sustainable than traditional banking’s legacy system,” Cardozo added.
Ultimately, while the allure of Bitcoin’s gains might pressure tech giants like Apple and Nvidia to follow Strategy’s lead, such a consideration may cause these companies more problems than profits.
