Solana’s SOLQ and XRPQ hit C$300 million+ and C$150 million AUM, topping Canada’s altcoin ETF market.
Japan’s Metaplanet raises $1.4 billion to buy BTC, cementing its treasury-first strategy.
Pump.fun rallies 15% ahead of Binance listing; Paxos sharpens its stablecoin bid.
The cryptocurrency market this week saw record-breaking ETF launches in Canada, a major Bitcoin treasury expansion in Japan, US regulatory talks on the Sui blockchain, a memecoin-fueled rally, and a competitive bid to house a new stablecoin.
Together, these updates highlight both institutional adoption and the rapid evolution of decentralized finance.
Canada continues to lead in crypto ETFs, with 3iQ’s Solana (SOLQ) and XRP (XRPQ) funds setting fresh milestones.
SOLQ, launched in April, now manages C$300 million, bolstered by allocations from SkyBridge Capital and ARK Invest, which bought through its ARKW and ARKF ETFs. The ETF also distributes staking rewards and has waived fees until 2026.
XRPQ, which debuted in June, has grown to C$150 million, supported by Ripple as an early investor and a six-month zero-fee period.
The issuer stated that both ETFs lead their respective categories in Canada, underscoring the growing demand for regulated altcoin exposure. While the US only recently approved a Solana staking ETF and continues to review XRP filings, Canadian listings are drawing cross-border attention.
Japanese firm Metaplanet announced a $1.44 billion equity sale to fund Bitcoin purchases through October and expand related businesses. Shares were priced nearly 10% below their market value, raising concerns about dilution.
Metaplanet, once a hotel operator, has pivoted into digital assets since 2024 as protection against yen weakness and negative interest rates. It already holds 20,137 BTC, ranking among the largest public Bitcoin treasuries.
The company’s stock is up 150% in the past year but has dropped 39% this month, reflecting both enthusiasm and caution over its aggressive accumulation strategy.
The SEC held direct talks with Mysten Labs, developer of the Sui blockchain, as deadlines near for spot SUI ETF applications from 21Shares and Canary.
Mysten emphasized Sui’s high-throughput, low-latency network and highlighted projects like DeepBook and Walrus as use cases for DeFi and Web3. The meeting aimed to present Sui’s ecosystem while regulators weigh whether to permit a spot ETF in the US.
Analysts say approval would mark a precedent for emerging blockchains, expanding ETF access beyond Bitcoin and Ethereum.
Pump.fun (PUMP) rallied over 15% to reclaim the $0.005000 level after Binance.US listed a PUMP/USDT trading pair.
The Solana-based protocol has become the second-largest DeFi platform by revenue, generating $2.52 million in 24 hours, second only to Hyperliquid. Over the past month, it has consistently ranked among the top earners.
Technical indicators suggest a potential move toward its $0.006888 July peak, with open interest rising 16% to $753 million.
However, RSI levels above 70 signal overbought conditions, cautioning traders about possible reversals.
Also Read: XRP Price Poised to Surge to $9.69 as ETF Inflows and Breakouts Spark Bullish Momentum
Competition to issue Hyperliquid’s USDH stablecoin intensified as Paxos updated its proposal with a PayPal and Venmo integration. The plan offers free on and off-ramps, $20 million in incentives, and PayPal’s vast network to accelerate adoption.
Paxos pledged to reinvest revenues until USDH reaches $1 billion in TVL, only later taking a capped 5% share. The firm also highlighted its global regulatory licenses, which could give it an edge over rivals like Ethena, LayerZero, Frax, Agora, and Sky.
Validator voting begins September 14, with the winner set to shape USDH’s role in DeFi.
From ETF leadership in Canada to Metaplanet’s billion-dollar Bitcoin buy, from Sui’s regulatory engagement to Pump.fun’s DeFi surge, and the USDH bidding war, the week’s developments underscore how quickly crypto is institutionalizing while still embracing grassroots innovation. Investors face both opportunity and volatility as digital assets expand into new markets and regulatory frameworks.
Also Read: Bitcoin ETFs Outperform Ethereum Funds with $364M Inflows, $787M Withdrawals
1. Why are Solana and XRP ETFs in Canada important?
They demonstrate strong institutional demand for regulated altcoin exposure, outpacing US markets that are still awaiting approvals.
2. What is Metaplanet doing with its $1.4 billion raise?
It plans to buy more Bitcoin and expand BTC-related businesses, reinforcing its treasury-focused strategy.
3. Why did Pump.fun rally this week?
Binance.US approved PUMP/USDT trading, boosting liquidity and sparking a 15% price jump.
4. What’s at stake in the USDH stablecoin bid?
Hyperliquid’s USDH issuance could define DeFi’s next big stablecoin, with Paxos, Ethena, and others competing.
5. How could Sui ETFs change the US market?
Approval would set a precedent for newer blockchains gaining ETF access beyond Bitcoin and Ethereum.