Total Bitcoin options open interest vs. the Bitcoin price, January 2 to March 31, 2025.

Chart via Coinglass.

However, low volume provided insufficient support for high prices, foreshadowing the volatility to come.

Q1 data from Coinglass shows that Bitcoin fell 11.82 percent and Ethereum dropped 45.41 percent for the period, with February seeing the largest losses at 17.39 percent for Bitcoin and 31.95 percent for Ethereum.

Bitcoin’s price at the end of the Q1 was around US$80,000, while Ethereum — which has struggled to retake US$2,000 after dipping below that threshold mid-March — closed at around US$1,800.

Proposed economic policies, an impending trade war and poor economic data have acted as major catalysts, resulting in a turn from risky assets like crypto and tech stocks toward traditional safe havens like bonds and gold.

Institutional momentum, Stablecoin growth signal crypto’s next chapter

Despite market fluctuations, some areas of the crypto sector experienced notable growth and development in Q1.

Speaking at Benzinga’s Fintech & FODA Event in December 2024, Venable partner Chris O’Brien said that Sam Bankman-Fried’s conviction marked the end of an initial highly speculative phase for cryptocurrencies.

While cryptocurrencies and blockchain technology will persist, their future hinges on moving beyond mere speculation and focusing on practical applications that address real-world problems.

A defining feature, identified early in the quarter by Bitwise’s Matthew Hougan, is the continued and increasing involvement of institutional players in the crypto market. This trend manifested in strategic investments from companies like Strategy (NASDAQ:MSTR) and BlackRock, both of which accumulated substantial portions of Bitcoin’s supply in Q1.

Major banks like BNY Mellon, which have incorporated cryptocurrency services to allow transactions between certain clients using Circle’s USDC, also began expanding their crypto services.

Earlier this year, Bank of America (NYSE:BAC) CEO Brian Moynihan told CNBC’s Andrew Ross Sorkin that the US banking industry is eager to integrate crypto into traditional banking if — or, more likely, when — regulation allows for it.

Alongside institutional interest, stablecoins saw significant growth in Q1. The total market cap for stablecoins surged past US$200 billion, outpacing Bitcoin’s price trajectory for the period.

Total stablecoin market cap vs. the Bitcoin price, Q1 2025.

Chart via Coinglass.

A key crossover occurred in February after the US announced tariffs targeting Canada and Mexico. The move resulted in a downturn in both cryptocurrencies and traditional markets.

Amid these developments, lawmakers turned their focus to passing stablecoin legislation, specifically Senator Bill Hagerty’s (R-Tenn.) GENIUS Act, which is currently awaiting a full House vote. Kristin Smith, CEO of the Blockchain Association, said during Blockworks’ 2025 Digital Asset Summit in New York that lawmakers are on pace to pass legislation establishing rules for stablecoins and cryptocurrency market structure by August.

Divestitures into altcoins continued from Q4 2024, although momentum slowed comparatively, a shift exacerbated by speculative meme coin trading and the controversies surrounding projects like TRUMP, MELANIA and LIBRA.

Bitcoin retook its dominant position, but notable interest in SOL and XRP remained, as multiple firms sought to offer spot ETFs; their approval is all but guaranteed by former US Securities and Exchange Commission (SEC) Chair Gary Gensler’s exit. Applications have also been filed to offer ETFs tracking SUI, AVA and DOGE.

Ethereum’s Q1 presented a complex picture, marked by both progress and setbacks.

The network increased its gas limit to enhance throughput and enable complex DeFi applications; however, competition from other blockchains — particularly Solana — caused it to underperform. Additionally, the upcoming Pectra upgrade ran into testing issues on the Holesky and Sepolia testnets, causing delays.

Declining network activity contributed to price suppression, but the tripling in total value for BlackRock’s BUIDL fund in the weeks leading up to the end of Q2 signaled continued confidence in Ethereum’s long-term potential and a broader trend toward tokenization, mirrored in the growth of the real-world asset (RWA) market.

The market cap of RWAs grew by approximately US$5 billion in Q1 to reach almost US$20 billion as tokenization was applied to diverse assets and expanded across various blockchains.

Volatility, manipulation, hacks create crypto headwinds

The first quarter of the year was marked by market volatility and corrections, with both Bitcoin and altcoins experiencing significant price swings that were not only driven by typical market data, but were also heavily influenced by current events, evolving policies and even speculative social media trends.

Another challenge for the crypto market was opposition to proposed legislation in the US; insider trading and market manipulation concerns also arose, particularly around meme coin launches.

Suspiciously timed trades occurred before Trump’s strategic crypto reserve executive order: a large deposit was made to Hyperliquid, followed by highly leveraged trades on Bitcoin and Ethereum, resulting in profits exceeding US$6.8 million. This led many, including a prominent crypto analyst, to believe it was a case of insider trading.

Analysis by Material Indicators on March 20 also identifies a manipulatory device known as spoofing by one or more whales, which it cites as a reason for Bitcoin’s failure to sustain a rally past US$87,500 in March.

Despite efforts to improve regulation and security, the crypto industry continues to grapple with hacking incidents as well. A major hack of the Bybit exchange on February 23 led to losses of US$195 million, although the firm managed to fully replenish its reserves within 72 hours thanks to a mix of loans and large deposits from other industry players.

Glassnode Insights analysts said the correction following the hack and subsequent US$5.7 billion withdrawal from user wallets pushed Bitcoin’s monthly performance down by 13.6 percent. Altcoins and meme coins suffered even steeper losses, resetting market momentum to April 2024 levels.

2025 Bitcoin price predictions

Moderate Bitcoin growth and price appreciation are expected in mid- to late 2025, tied to stablecoin and DeFi growth.

Bitcoin price performance post-halving.

Chart via IntoTheBlock.

Price targets for Bitcoin this year vary. Network economist Timothy Peterson has predicted that Bitcoin could peak around US$126,000 in the latter half of 2025. A meta-analysis of Polymarket estimates posted by X user Ashwin on March 26 identifies a bull target price of US$138,617 and a bear price of US$59,040.

The potential for a supply shock due to diminishing Bitcoin reserves on exchanges could fuel a rally. Factors like a weakening US dollar and an end quantitative tightening from the US Federal Reserve are seen as positive catalysts. Historical data shows April is often a turning point for the market.

Stablecoins and RWAs are expected to continue their role in the convergence of DeFi with traditional finance. Furthermore, initiatives like the Digital Chamber’s US Blockchain Roadmap, which proposes BitBonds (Bitcoin-backed US Treasuries), could revitalize debt markets and attract global capital.

Key industry figures like Galaxy Digital’s Mike Novogratz and 10T Holdings’ Dan Tapiero, anticipate new crypto companies listing on major exchanges like the NYSE and Nasdaq in the second quarter. This sentiment is supported by reports of initial public offering filings from companies like eToro, Circle, Gemini, Bullish and BitGo.

However, this positive outlook is set against a turbulent economic backdrop, including a possible slowdown in US growth and uncertainty around inflation and trade policies, which could influence sentiment and capital flows.

Speaking virtually at the Digital Asset Summit in New York on March 18, Cathie Wood, CEO of ARK Invest, expressed concerns about a potential recession, citing a significant slowdown in the velocity of money.

“I think what’s happening, though, is that if we do have a recession, declining GDP, that this is going to give the president and the Fed many more degrees of freedom to do what they want in terms of tax cuts and monetary policy,” she said.

However, Wood also said she believes that ‘long-term innovation wins,’ despite the recent market correction, describing crypto assets as a pillar of ARK’s investment approach.

1. Agility Robotics secures US$400 million

On Tuesday (April 1), the Information reported on a US$400 million funding round led by private equity firm WP Global for humanoid robot maker Agility Robotics.

The report cites an individual who claims to have seen the term sheet, noting that the new funding will give Agility Robotics, whose CEO is former Microsoft (NASADQ:MSFT) executive Peggy Johnson, a valuation of US$1.75 billion.

Prior to the report, the company unveiled advancements to its Digit robotic system on Monday (March 31), including extended battery, more efficient power usage, autonomous docking for charging, enhanced safety features and new, robust limbs and end effectors. The company says these structural changes will allow for a wider range of grasping angles and expanded manipulation capabilities.

Digit’s target applications include warehouse automation and last-mile delivery.

2. OpenAI finalizes US$40 billion funding in record-breaking deal

OpenAI finalized a US$40 billion funding deal on Monday, closing the largest private tech deal ever recorded.

The company received US$40 billion from SoftBank (3AG1.BE) and US$10 billion from a syndicate of additional investors that included long-time major investor Microsoft. This round increased OpenAI’s valuation to US$300 billion.

OpenAI will initially receive US$10 billion, with the remainder to be paid out by the end of the year. Anonymous sources for CNBC note that US$18 billion is reserved for the company’s US$500 billion Stargate project commitment.

The funding may also be reduced to US$30 billion if OpenAI doesn’t restructure into a for-profit entity by December 31, 2025. Restructuring would require approval by Microsoft and California’s AG.

In an announcement, OpenAI said it would deploy the funds to “push the frontiers of AI research even further, scale our compute infrastructure, and deliver increasingly powerful tools.’

Meanwhile, in a subsequently released report from Bloomberg, Japan Credit Rating Agency and S&P Global Ratings lowered their ratings for SoftBank as the company sought a bridge loan of up to US$16.5 billion to help fund its US AI investment commitments, according to sources who claim to know of early-stage discussions the company has had with lenders.

3. TikTok deal deadline extended amid negotiations

Earlier this week, the Information reported on a proposal from the Trump administration that would form a US-based TikTok subsidiary called TikTok America in an attempt to prevent a national ban of the popular social media app.

According to reports, the deal would see new US investors take a 50 percent stake in the company, licensing the algorithm from ByteDance, which would retain a 19 percent stake. Additional current investors would own about one-third.

The deal would put ByteDance in compliance with the Protecting Americans from Foreign Adversary Controlled Applications Act, which came into effect in January 2025. The law states that TikTok must be divested in a way that it is no longer considered to be controlled by a foreign adversary.

However, according to a Friday (April 4) Bloomberg report, representatives for ByteDance told the administration that the deal was off until Chinese officials could negotiate tariffs — which reached as high as 54 percent on several Chinese imports — announced by the Trump administration on Wednesday.

On Friday, Trump said he would extend the deadline to reach a deal by another 75 days.

“China has always respected and protected the legitimate rights and interests of enterprises and opposed practices that violate the basic principles of the market economy and harm the legitimate interests of enterprises,” spokesperson Liu Pengyu said. “China’s opposition to the imposition of additional tariffs has always been consistent and clear.”

4. Meta reportedly making billion-dollar data center investment

An anonymous source for Bloomberg claims that Meta Platforms (NASDAQ:META) is the unnamed company named in a previously reported US$837 million deal to develop a data center in Wisconsin.

According to the source, Meta will invest up to US$1 billion to build the center in Wisconsin, which offers an incentive deal to companies meeting investment thresholds across different counties.

Meta already has data centers in Iowa and Illinois and previously announced plans to build one in Louisiana.

During the company’s fourth quarter earnings call in January, CEO Mark Zuckerberg said his company intends to invest up to US$65 billion in AI infrastructure this year.

5. Microsoft announces personalized Copilot features

During an event commemorating Microsoft’s 50th anniversary, the company announced upcoming changes to its Copilot digital assistant that will allow users to tailor it to their own needs.

“You can now let Copilot live up to its name,” Mustafa Suleyman, who leads Microsoft’s consumer AI work, said during the event, which was held at its headquarters in Redmond, Washington.

Microsoft says users will have the ability to choose information Copilot can retain, such as preferences or past life events. Copilot will then be able to recall that information in future conversations. Users also have the option to opt out of personalization. The new features will roll out in the coming months.

Markets and commodities react

Global equity markets were in steep decline following the Trump administration’s tariff announcements on Wednesday.

In Canada, The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 5.67 percent during the week to close at 23,277.79 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) decreased 8.31 percent to 575.91 and the CSE Composite Index (CSE:CSECOMP) dropped 9.23 percent to 108.95.

US equity markets did not fare any better, with the S&P 500 (INDEXSP:INX) losing 8.21 percent to close at 5,074.09, the Nasdaq 100 (INDEXNASDAQ:NDX) dropping 7.36 percent to 17,570.21 and the Dow Jones Industrial Average (INDEXDJX:.DJI) shedding 7.41 percent to 38,314.85.

Precious metals also closed the week in the red. Although the gold price briefly hitting a new high of US$3,167.71 per ounce on Wednesday, it plunged on Friday to close the week down 1.56 percent at US$3,038.04. The silver price declined sharply, losing 12.92 percent during the period to US$29.69.

In base metals, the COMEX copper price plunged 14.17 percent over the week to US$4.42 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) lost 6.75 percent to close at 522.69.

Top Canadian mining stocks this week

So how did mining stocks perform against this backdrop? We break down this week’s five best-performing Canadian mining stocks below.

Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.

1. Euro Manganese (TSXV:EMN)

Weekly gain: 81.82 percent
Market cap: C$40.27 million
Share price: C$0.50

Euro Manganese is a manganese development company working to advance its Chvaletice waste recycling project. The operation is focused on extracting manganese from tailings that are part of a decommissioned mine site near Prague, Czechia. As part of the project’s scope, the company says it will carry out remediation and reclamation work to bring the site into compliance with environmental regulations.

A 2022 feasibility study for the Chvaletice project indicates that it will produce 48,000 metric tons of manganese per year and is expected to have a project life of 25 years. In the study, the company reports a post-tax net present value of US$1.3 billion with an internal rate of return of 22 percent and a payback period of 4 years.

The latest project news was announced on March 25, when Euro revealed that Chvaletice had been designated a strategic project under the European Union’s Critical Raw Materials Act. According to the terms of the act, the project will gain access to both private and public funding opportunities, as well as a more streamlined permitting process.

Shares in Euro experienced significant gains this week after the company announced on March 30 that it would proceed with a share consolidation at a ratio of five to one. The consolidation occurred on Monday (March 31), reducing the number of common shares to 80.53 million from 402.67 million, and post-consolidation shares began trading on April 2.

The company also announced on April 1 that it would be upsizing a financing round up to C$11.2 million and would include a C$3 million private placement with former Sprott (TSX:SII,NYSE:SII) Chairman Eric Sprott. Proceeds generated from the financing will be used to support development at Chvaletice.

2. DLP Resources (TSXV:DLP)

Weekly gain: 60 percent
Market cap: C$61.08 million
Share price: C$0.44

DLP Resources is a mineral exploration company focused on advancing its flagship Aurora copper-molybdenum project in Peru.

The 8,500 hectare site is located in the Central Andes. Exploration work has been performed at the site since the early 2000s, with DLP conducting drill programs in 2023 and 2024.

Shares in DLP have been rising since the release of a technical report for Aurora on February 27, which included a maiden mineral resource estimate with significant copper and molybdenum spread over two zones.

The inferred resource totals 1.05 billion metric tons of ore containing 4.65 billion pounds of copper, 1.1 billion pounds of molybdenum and 80 million ounces of silver. The resource has average grades of 0.2 percent copper, 0.05 percent molybdenum and 2.4 grams per metric ton silver.

The company said it is pleased with the size and results of the report and will continue drilling the site to upgrade the resource ahead of a preliminary economic assessment.

DLP shares also got a boost this week after it released its Management’s Discussion and Analysis for the nine months ending January 31 on Tuesday. In the release, the company discussed its activity for the three-quarter period highlighting its recent mineral resource estimate as well as the completion of a non-brokered private placement in January for proceeds of C$1.36 million.

3. Noram Lithium (TSXV:NRM)

Weekly gain: 35 percent
Market cap: C$12.08 million
Share price: C$0.135

Noram Lithium is a lithium exploration and development company focused on the advancement of its Zeus lithium project in Nevada, US. The property, located near Clayton Valley, comprises 146 placer and 136 lode claims covering 1,133 hectares in a region with existing lithium brine operations since 1967. Noram has been exploring the site since 2016.

Its most recent update came on June 11, when the company released an updated mineral resource estimate, reporting an indicated resource of 564 million metric tons (MT) at a concentration of 956 parts per million (ppm), resulting in 2.9 million MT of contained lithium carbonate equivalent. Zeus’ inferred resource stands at 1.3 million MT of contained lithium carbonate equivalent from 287 million MT grading 861 ppm lithium.

Shares in Noram rose this week, but the company did not publish any news.

4. Maple Gold Mines (TSXV:MGM)

Weekly gain: 31.82 percent
Market cap: C$34.11 million
Share price: C$0.07

Maple Gold Mines is a gold exploration company focused on the advancement of its Douay and Joutel projects located in the Abitibi Greenstone Belt in Québec, Canada.

The Douay project covers an area of 357 square kilometers. In a 2022 technical report, the company said the site hosts an indicated resource of 511,000 ounces of gold from 10 million metric tons with an average grade of 1.59 grams per metric ton (g/t) gold, with an additional inferred resource of 2.53 million ounces from 76.7 million metric tons at 1.02 g/t.

The Joutel project covers an area of 39 square kilometers and is located directly south of Douay. The site hosts Agnico Eagle’s (TSX:AEM,NYSE:AEM) past-producing Eagle-Telbel gold mine, which operated from 1974 to 1993. To date, the company has used 250,000 meters of historic drill results to create 3D models to aid in current exploration efforts.

The most recent news from the project came on Thursday when Maple announced recent exploration at Douay’s Nika zone produced a broad mineralized interval of 2.05 g/t gold over 108.6 meters, which included an intersection of 4.93 g/t over 17 meters, from a vertical depth of 490 meters.

The company said the results build on previously identified mineralization from shallower depths and defines a new high-grade, bulk-tonnage target that remains open in multiple directions.

5. Stillwater Critical Minerals (TSXV:PGE)

Weekly gain: 25 percent
Market cap: C$38.43 million
Share price: C$0.15

Stillwater Critical Minerals is an exploration company focused on advancing its flagship Stillwater West project in Montana, United States.

The brownfield project hosts several multi-kilometer exploration targets with known mineralization deposits of nickel, copper, cobalt, platinum group metals and gold.

A mineral resource estimate included in a January 2023 technical report demonstrated an inferred estimate of 1.05 million pounds of nickel, 499 million pounds of copper, 91 million pounds of cobalt, and a combined 3.811 million ounces of platinum group metals and gold from 254.8 million metric tons of ore with a nickel equivalent cut-off grade of 0.2 percent.

The most recent news from the project came on March 26 when Stillwater reported it had identified multiple large-scale targets from its 2024 geophysical survey. The company said the survey improved the resolution of known targets while identifying unknown targets occurring near surface to a depth of 1.5 kilometers.

Shares have also been bolstered by the recent executive order from President Trump that will help to speed up project permitting for critical mineral projects.

In an announcement on March 24, Stillwater President and CEO Michael Rowley commented, “The order also makes a point of listing copper and gold. This is very relevant to Stillwater because we have a very large polymetallic resource that positions us with a substantial copper inventory and the largest nickel project in an active US mining district.”

FAQs for Canadian mining stocks

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

1. Power Metallic Mines (TSXV:PNPN)

Year-to-date gain: 40.37 percent
Market cap: C$364.15 million
Share price: C$1.53

Power Metallic Mines, formerly Power Nickel, is developing its 80 percent owned Nisk polymetallic property in Québec, Canada, which hosts high-grade nickel, copper, platinum, palladium, gold and silver mineralization. The polymetallic nature of the project is a plus for the economic case for future nickel production in a low price environment.

The company was recognized as one of the 2024 top 50 performers on the TSX Venture Exchange, ranking as the top mining company and fourth overall company due to posting a 365 percent share price appreciation for the year.

Ongoing work at the Nisk project has generated positive news flow for Power Metallic in 2025. After starting the year at C$1.07, Power Metallic’s share price climbed to C$1.49 by January 30 following two key announcements in late January. First, the company released drill results from the 2024 fall campaign on Nisk’s Lion zone and the start of its winter 2025 drill campaign. Shortly after, it announced a new discovery 700 meters east from the Lion zone, now named the Tiger zone, which it plans to target as part of its winter drilling.

From there, Power Metallic’s share price jumped more than 26 percent to reach C$1.88 on February 6, its highest point of Q1. This followed further drill results out its 2024 fall campaign with with notable assays further demonstrating the high-grade nature of the mineralization.

Other notable news supporting the company’s share price this quarter included the closing of a C$50 million private placement and the plan to scale up its 2025 winter drill campaign from three to six rigs in the second quarter. Additionally, further results from the 2024 fall campaign expanded the Lion zone with the deepest assayed intersection to date, plus initial nickel-copper assays from the new Tiger zone.

2. Magna Mining (TSXV:NICU)

Year-to-date gain: 25.93 percent
Market cap: C$273.59 million
Share price: C$1.70

Magna Mining is a base metal exploration and development company based in Sudbury, Ontario, Canada. The company’s flagship assets are the Shakespeare mine and the Crean Hill project. Shakespeare is a past-producing nickel, copper and platinum group metals mine with major permits in place. It hosts an indicated open-pit resource of 16.51 million metric tons at 0.56 percent nickel equivalent. Crean Hill also hosts a past-producing mine that produced the same resources.

Magna Mining was also included in the 2025 TSX Venture 50 list.

Last year, Magna signed a definitive offtake agreement with Vale Base Metals’ wholly owned subsidiary Vale Canada for the advanced exploration portion of Crean Hill, and inked a toll-milling agreement with Glencore Canada for the surface bulk sample of the 109 Footwall zone at Crean Hill. Magna completed an updated preliminary economic assessment at Crean Hill in November.

Magna’s share price started off the year at C$1.42, and gradually climbed throughout the following weeks to reach a year-to-date high of C$1.84 on February 5.

Its share price was supported by continued positive updates on its acquisition of a portfolio of base metals assets located in the Sudbury Basin, including the producing McCreedy West copper-nickel mine, through a share purchase agreement with a subsidiary of KGHM Polska Miedz (FWB:KGHA). The company completed the acquisition at the end of February.

Magna also closed a C$33.5 million private placement in early March.

3. Talon Metals (TSX:TLO)

Year-to-date gain: 23.53 percent
Market cap: C$79.45 million
Share price: C$0.105

Talon Metals is focused on developing high-grade nickel resources for the US domestic battery supply chain. The company has partnered with mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) on the Tamarack nickel-copper project located in Minnesota, US. Talon has an earn-in right to acquire up to 60 percent of Tamarack and currently owns 51 percent. The US Department of Defense awarded Talon a US$20.6 million grant in September 2023.

An environmental review process is underway for the proposed Tamarack underground mine. The company plans to process ore from the mine at a proposed battery mineral processing facility in North Dakota. The company plans to initiate the permitting process for the processing facility in 2025.

Talon has a six year offtake agreement with Tesla (NASDAQ:TSLA) for a total of 75,000 metric tons, or 165 million pounds, of nickel concentrate, as well as cobalt and iron by-products, from the Tamarack project once it’s in commercial production.

The company is also the operator of the Boulderdash nickel-copper discovery and numerous high-grade nickel-copper prospects in Michigan, which it optioned to Lundin Mining (TSX:LUN) in early March.

Talon Metal’s share price reached a year-to-date high of C$0.105 on March 26. That day, the company announced a significant massive sulfide discovery at Tamarack with an intercept measuring over 8.25 meters logged as 95 percent sulfide content.

4. Stillwater Critical Minerals (TSXV:PGE)

Year-to-date gain: 16.67 percent
Market cap: C$32.61 million
Share price: C$0.14

Stillwater Critical Metals’ flagship asset is its Stillwater West polymetallic project in Montana, US. In addition to the platinum group elements, copper, cobalt, and gold resources identified on the property, a January 2023 NI 43-101 inferred mineral resource estimate on Stillwater West shows it to have the largest nickel resource in an active US mining district.

Stillwater Critical Metal’s share price reached a year-to-date high of C$0.14 on March 26.

On this day, the company reported multiple large-scale magmatic sulfide targets following analysis of the property-wide third-party MobileMtm magneto-telluric geophysical survey completed in late 2024.

The data from the survey was also used to build a new 3D geological model of the lower Stillwater Igneous Complex that will help the company to further prioritize targets at Stillwater West in an upcoming planned drill campaign.

5. First Atlantic Nickel (TSXV:FAN)

Year-to-date gain: 15.22 percent
Market cap: C$25.22 million
Share price: C$0.265

First Atlantic Nickel is developing its wholly owned Atlantic nickel project in Newfoundland and Labrador, Canada. The large-scale project hosts a naturally occurring nickel-iron alloy that contains about 75 percent nickel with no sulfur or sulfides. Known as awaruite, it is known for its strong magnetic properties. Its also easier and cleaner to separate and concentrate than conventional nickel ores as it can be processed without a smelter.

A series of catalysts in February gave the company’s stock value a boost to the upside. On February 19, it shared that drilling confirmed ‘the RPM zone extends 400 meters along strike and 500 meters wide, remaining open at depth and along strike to the north and west, indicating significant expansion potential.’

Initial Phase 1 assay results from the Super Gulp zone were released on February 26 showing up to 0.32 percent nickel with an average of 0.25 percent nickel over the entire 293.8 meter length. First Atlantic Nickel stated the results confirmed ‘the presence of a major new nickel zone.’ That same day, shares in First Atlantic surged to C$0.33.

The next month, on March 4, First Atlantic reported a new discovery at the RPM zone with intersects of 0.24 percent nickel over 383.1 meters, and 10 kilometers downstrike from Super Gulp.

First Atlantic shares reached their highest year-to-date value of C$0.35 on March 13 after the company announced initial metallurgical test results from the first drill hole at the RPM zone. The company said “the results confirm the potential for magnetic separation as a viable processing method for awaruite nickel mineralization previously identified at the RPM Zone.”

FAQs for nickel investing

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) had recovered to US$83,879.15, up 2.3 percent in 24 hours. The day’s range has brought a low of US$81,950.04 and a high of US$84,497.52.

Bitcoin performance, April 4, 2025.

Chart via TradingView.

The crypto market staged an apparent recovery by the end of Friday’s trading session. US President Donald Trump’s announcement of new global tariffs has unsettled financial markets, as reflected in risk assets.

Ethereum (ETH) is priced at US$1,808.88, a 1.3 percent increase over 24 hours. The cryptocurrency reached an intraday low of US$1,772.16 and a high of US$1,823.14.

Altcoin price update

• Solana (SOL) is currently valued at US$122.36, up 6.2 percent over the past 24 hours. SOL experienced a low of US$114.16 and a high of US$123.31 on Friday.

• XRP is trading at US$2.12, reflecting a 3.5 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.04 and a high of US$2.15.

• Sui (SUI) is priced at US$2.27, showing a 2.4 percent increase over the past 24 hours. It achieved a daily low of US$2.18 and a high of US$2.30.

• Cardano (ADA) is trading at US$0.6606, reflecting a 3.5 percent increase over the past 24 hours. Its lowest price on Friday was US$0.6667, with a high of US$0.6325.

Crypto news to know

Trumps tap crypto after Trump Organization’s ‘cancellation’

Eric Trump has revealed to CNBC that his family’s business pivoted toward the cryptocurrency sector following what he describes as ‘unprecedented financial deplatforming.’

After the Trump Organization faced legal scrutiny and banking restrictions — including the closure of over 300 accounts by Capital One Financial (NYSE:COF) — the Trump brothers decided to turn to digital assets.

This led to the creation of World Liberty Financial, a US dollar-backed stablecoin venture, and American Bitcoin, a new Bitcoin-mining company co-founded with Hut 8 (NASDAQ:HUT) CEO Asher Genoot.

According to Eric Trump, the shift to crypto was as much about financial opportunity as it was about resistance.

He claims that during what he calls a ‘war on the industry,’ major banks were shutting down accounts simply for holding Bitcoin, and regulatory agencies were targeting crypto firms through aggressive lawsuits.

Now, with Donald Trump back in the White House, the US has taken a more crypto-friendly stance, including signing an executive order to establish a strategic Bitcoin reserve and pardoning Silk Road founder Ross Ulbricht.

Atkins moves closer to SEC chair position

US lawmakers in the Senate Committee on Banking voted to advance Paul Atkins as chair of the US Securities and Exchange Commission (SEC) on Thursday (April 3) through a final vote of 13 to 11.

If approved, Atkins will take over for Gary Gensler, who resigned as chair on January 20. Gensler’s term ends in June 2026, after which Atkins will serve a second consecutive term that will terminate in 2031.

Atkins’ nomination will now move to a full Senate vote on a yet-to-be-determined date. Experts predict a likely confirmation. Interim Chair Mark Uyeda is currently sitting in the role.

Coinbase files for XRP futures contracts

Crypto exchange Coinbase Global (NASDAQ:COIN) filed on Thursday with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts tracking Ripple’s token, XRP.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” Coinbase said in an X post that day, adding that it anticipates that the contract will go live on April 21.

Monthly-settled, margined contracts will trade under the symbol XRP. Each contract will represent 10,000 XRP, worth about US$20,000 at the current value. Trading will halt if the spot XRP price deviates over 10 percent in an hour.

In other news, Grayscale filed an S-1 application with the SEC on Friday to convert its Grayscale Solana Trust into a spot SOL exchange-traded fund trading under the ticker symbol GSOL.

Circle, Klarna and Chime may delay IPOs

A Friday report from the Wall Street Journal suggests that stablecoin firm Circle may delay its initial public offering (IPO). The event was originally slated for April 11, according to the firm’s S-1 filing.

“Circle had been nearing its next steps in going public but is now watching anxiously before deciding what to do,” the news outlet’s report reads, before suggesting that fintech companies Klarna and Chime may also postpone their IPOs amid ongoing market turmoil triggered by the unfolding global trade war.

Bullet briefing — Tariffs rock global markets

Trump’s ‘Liberation Day’

There’s still much uncertainty surrounding tariffs, but here’s what we know at this point.

After declaring a national economic emergency, Trump has put tariffs of at least 10 percent on all countries. Higher tariffs have been levied on about 60 nations that have large trade deficits with the US and have been deemed the ‘worst offenders.’

While Trump has called the tariffs reciprocal, that’s not exactly how they’ve panned out.

A tariff calculation formula published by the White House indicates that the math involves taking the trade deficit for the US in goods with a particular country, dividing that by the total goods imports from that country and then dividing that number by two. A BBC explainer shows how the formula works for the EU, where the US has instated a 20 percent tariff based on what it believes the EU charges.

The situation is more complex for countries like China, which already had a 20 percent tariff in place from the US. Trump has now added a further 34 percent tariff, bringing China’s total rate to 54 percent. Canada and Mexico, which have also already faced tariffs from the US, avoided further charges this week.

Gold, copper excluded from tariffs

While Trump’s new tariffs are sweeping in nature, there are exclusions — among them are steel, aluminum, copper, pharmaceuticals and semiconductors, as well as bullion, which includes gold, plus ‘energy and other certain minerals’ not available in the US.

The news that gold won’t face levies is reportedly cooling its flow from London to New York. In recent months, traders have been rushing to bring the metal into the US ahead of potential tariffs; with this week’s clarity, the transfers no longer appear necessary.

A Section 232 investigation into copper tariffs is ongoing.

Will tariffs cause inflation?

Trump has referred to Wednesday as ‘Liberation Day,’ saying that tariffs will help reinvigorate the US manufacturing industry and help the country grow.

‘Jobs and factories will come roaring back into our country, and you see it happening already. We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers’ — Trump

However, there are widespread concerns that the tariffs will boost inflation in the US, putting pressure on Americans who are already struggling with high prices.

Let’s take a look at it from both angles.

Keith Weiner of Monetary Metals noted that while he doesn’t define inflation as an increase in consumer prices, that’s the standard definition. In his view, tariffs could boost consumer prices in several ways:

If inflation is defined as an increase in consumer prices, and you’ve forced them to manufacture in a high-cost jurisdiction with much higher regulatory costs, and then deport a lot of labor to drive up the price of labor even more, then you’re going to find consumer prices have a one-two punch.

The third punch is — what is everybody’s solution from a monetary policy perspective to so-called inflation? Hiking interest rates. Which means hike the cost of financing new factories, and hike the cost of automation … Every company when faced with massively increased demand for labor and massively higher labor (costs) is going to want to automate. Well, the cost of financing the automation is going to be hiked. So we’re going to see a one-two-three punch for the forces pushing up consumer prices.

Jim Thorne of Wellington-Altus took a different approach to the question. He explained the relationship between tariffs and inflation as follows:

Tariffs slow growth — one. So that’s why we’ve been talking about a growth scare. We’ll have a balance sheet recession in Canada, we will have a slow growth period in the US.

What tariffs do is they change the relative prices in an economy, they don’t change the general price level. And so no, they’re not inflationary. And Tiff Macklem knows that, and Jay Powell knows that, because that’s third year macro.

Click the links above to watch the full interviews with Weiner and Thorne.

Bitcoin and Ethereum price update

At the time of this writing, Bitcoin (BTC) was changing hands at US$86,494.14, up 2.4 percent in 24 hours. The day’s range has brought a low of US$85,315.82 and a high of US$87,210.70.

Bitcoin performance, April 2, 2025.

Chart via TradingView.

Technical analysis indicates a period of potential change for Bitcoin, with the possibility of a shift from a downtrend to an uptrend. However, the market remains uncertain, and various factors could influence its future price.

Ethereum (ETH) is priced at US$1,918.18, a 0.5 percent increase over 24 hours. The cryptocurrency reached an intraday low of US$1,860 and a high of US$1,914.30.

Altcoin price update

• Solana (SOL) is currently valued at US$131.45, up 3.7 percent over the past 24 hours. SOL experienced a low of US$125.56 and a high of US$131.56 on Wednesday.

• XRP is trading at US$2.16, reflecting a 1.2 percent increase over the past 24 hours. The cryptocurrency recorded an intraday low of US$2.11 and a high of US$2.18.

• Sui (SUI) is priced at US$2.47, showing a 2.2 percent increase over the past 24 hours. It achieved a daily low of US$2.43 and a high of US$2.50.

• Cardano (ADA) is trading at US$0.6908, reflecting a 1.8 percent increase over the past 24 hours. Its lowest price on Wednesday was US$0.6782 with a high of US$0.6971.

Crypto news to know

Grayscale launches two Bitcoin ETFs

Grayscale expanded its digital asset offerings with the launch of two Bitcoin exchange-traded funds (ETFs): the Grayscale Bitcoin Covered Call ETF (BTCC) and the Grayscale Bitcoin Premium Income ETF (BPI).

Both ETFs employ an options selling strategy to generate income.

BTCC sells call options to maximize income generation. It is designed for investors who prioritize income over potential price appreciation. While providing income, this strategy limits potential gains if Bitcoin’s price increases.

BPI also sells options, but aims to balance income generation with potential price appreciation. It is designed for investors who want both income and the opportunity to benefit from a rising Bitcoin price.

SEC and Gemini request 60 day stay in lawsuit

The US Securities Exchange Commission (SEC) and Gemini have jointly requested a 60 day stay in a lawsuit filed by the SEC against Gemini concerning the Gemini Earn program, which the SEC alleges violated securities laws. The core of the commission’s argument is that Gemini Earn is an investment contract under the Howey Test.

The lawsuit dates back to January 2023, during former SEC Chair Gary Gensler’s tenure. According to the request, which was filed on Tuesday (April 1), both parties are open to settlement discussions and believe a temporary pause in the litigation would be beneficial to reaching a potential resolution.

Kraken receives restricted dealer registration in Ontario

Cryptocurrency exchange Kraken has secured a restricted dealer registration from the Ontario Securities Commission (OSC) through its Canadian subsidiary, Payward Canada.

According to documentation filed on Tuesday, the registration allows Kraken to facilitate specific digital asset trading activities for Ontario residents. However, activities are subject to regulatory oversight imposed by the OSC, including measures to limit Kraken’s management of digital assets and safeguards to protect clients.

Cruz introduces FLARE Act to incentivize Bitcoin mining with stranded gas

Senator Ted Cruz (R-Texas) has introduced the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, a bill designed to encourage Bitcoin miners and other industries to harness stranded natural gas for on-site energy generation. It aims to improve grid resilience, reduce emissions and solidify Texas as a leader in Bitcoin mining.

FLARE, endorsed by the Digital Power Network, provides permanent full expensing for infrastructure that captures and utilizes flared gas, while restricting access for entities linked to China, Iran, North Korea and Russia.

Cruz emphasized that this initiative supports energy innovation, strengthens economic growth and promotes the responsible use of excess energy resources.

Sony Electronics Singapore to accept USDC payments

Sony Electronics Singapore has partnered with Crypto.com to integrate USDC stablecoin payments, marking a significant step toward mainstream crypto adoption in the region.

Crypto.com Singapore’s general manager, Chin Tah Ang, stated that the collaboration aims to simplify crypto payments for consumers and expand digital currency use in everyday commerce. This development comes as other businesses, such as the Metro Holdings (SGX:MO1) department store chain, embrace stablecoin payments.

Singapore’s pro-crypto regulatory framework has fueled rapid industry growth, with a doubling of crypto-related licenses in 2024, positioning the nation as a major blockchain hub.

BlackRock secures FCA crypto registration

BlackRock has successfully registered with the UK’s Financial Conduct Authority (FCA), allowing it to facilitate crypto-related transactions for its iShares Digital Assets unit.

The FCA’s crypto register, established in 2020 to enforce anti-money laundering compliance, has approved only 51 out of 368 applications, highlighting the strict regulatory environment.

As an authorized arranger, BlackRock can now support subscriptions and redemptions of exchange-traded products (ETPs) tied to crypto assets. However, the firm is restricted from onboarding new clients or operating automated crypto-to-fiat exchange mechanisms without additional regulatory approval.

BlackRock’s registration follows similar approvals granted to Coinbase and other major players navigating the UK’s evolving crypto landscape.

Alabama lawmakers propose Bitcoin bills

Alabama lawmakers have introduced Senate Bill 283 and House Bill 482, which aim to allow the state to invest up to 10 percent of its public funds in Bitcoin.

The legislation, designed to position Bitcoin as a strategic financial asset, restricts investments to digital assets with a market capitalization exceeding US$750 billion — currently limited to Bitcoin. The bills specify that state-held Bitcoin must be stored by the state treasurer, a qualified custodian or via ETPs.

CleanTech Lithium PLC (AIM: CTL), a lithium exploration and development company operating in Chile, further to its announcement on 15 January 2025 (‘Application RNS’), provides an update regarding the Special Lithium Operating Contract (‘CEOL’) application process for the Laguna Verde project.

As outlined in the Application RNS, the Company expected the simplified procedure for the CEOL Award Mechanism to be as follows: Submission of applications closed on 31 January 2025 following which the Ministry IT and legal departments had 5 business days to register and organise the submittal. The Ministry´s Lithium and Salar Unit then has 45 business days to review and analyse the request. Once this analysis is completed and the Lithium and Salar Unit verifies that all the information and documents needed to enter the simplified procedure have been submitted then an administrative act to accept the application will be made.

This timetable indicated that an update from the Government was expected at the beginning of April confirming which applicants will enter direct negotiation on the CEOL with the Ministry. So far, no such update has been made and following recent discussions between CleanTech Lithium and the Ministry, the Company understands that the administration process is still progressing for all applicants. The Company will inform the market as soon as official communication is received.

Steve Kesler, Executive Chairman and Interim CEO, CleanTech Lithium said:

‘Clearly, the process is taking a little longer than we had initially anticipated but we look forward to the response when the Ministry has completed its review process.’

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to scale battery grade lithium at its flagship project, Laguna Verde, using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium is committed to utilising Direct Lithium Extraction (‘DLE’) with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. For more information, please visit: www.ctlithium.com

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