Yuga Labs, the Web3 company behind Bored Ape Yacht Club, has sold the intellectual property rights of the CryptoPunks NFT collection to the Infinite Node Foundation. The move, announced by the foundation on Tuesday, marks a significant shift for one…

Yuga Labs sells CryptoPunks rights to Infinite Node Foundation

CoinShares, a digital asset investment firm with offices in the United States 
and Europe, said its net profit fell to $24 million in the first quarter of 
2025, a 42.2% decrease from the same period a year ago.
Although CoinShares&#8217;s profits and EBITDA remained positive in Q1 2025, the 
margins declined compared to the same period in 2024. Last year, CoinShares 
posted a net profit of $41.5 million and an EBITDA of $35.5 million in the 
first three months. Year-over-year, CoinShares&#8217;s net profit dropped 42.2% and 
its EBITDA fell 15.5%.
The firm&#8217;s ETPs contributed to the quarter&#8217;s performance. For Q1 2025, 
CoinShares&#8217;s ETPs saw net inflows of $268 million, with $202 million coming 
from its Physical Bitcoin (BITC) ETP. Revenue related to assets under 
management increased from $24.5 million to $29.6 million, a rise of 20.8%.
Year-to-date, CoinShares&#8217;s stock is down 9.4%, _according_ to Google Finance.
_CoinShares disclosed a $30 million EBITDA in Q125, despite market turbulence. 
Source. CoinShares_
In a letter to shareholders, the company&#8217;s CEO, Jean-Marie Mognetti, said 
macroeconomic headwinds during the quarter exceeded market movements. &#8220;What we 
are witnessing is not mere market volatility &#8212; it is a wholesale 
transformation of the global economic order.&#8221;
According to Mognetti, Ether&#8217;s underperformance over the quarter led to $23 
million in outflows from its CoinShares Physical Staked Ethereum ETP (ETHE). 
&#8220;Due to broader market corrections &#8212; including a 12.1% decline in Bitcoin 
prices &#8212; assets under management (AuM) fell 10.7%, closing Q1 at $1.52 
billion.&#8221;
_**Related:**__**Robinhood beats Q1 estimates despite revenue, crypto trading 
dip**_
## Crypto companies show mixed results during market upheaval
The first wave of Q1 2025 earnings from crypto firms suggests a broadly 
negative quarter, with revenue declines across sectors.
Coinbase revenue, for instance, fell 10% quarter-over-quarter in Q1 2025, as 
transaction revenue plummeted 19% to $1.3 billion. Kraken, another US-based 
cryptocurrency exchange, saw its revenue decline 7% from Q4 2024. Michael 
Saylor&#8217;s Bitcoin treasury company, Strategy, also missed Wall Street&#8217;s 
estimates, alongside Bitcoin miner Core Scientific.
The quarter was marked by high volatility across financial markets after US 
President Donald Trump unleashed global tariffs on trade partners, dragging 
the BTC price to lows of $78,000 over the period. Ether (ETH) also experienced 
a significant pullback.
_**Magazine: Financial nihilism in crypto is over &#8212; It&#8217;s time to dream big 
again**_

CoinShares Q1 net profit falls to $24M

On Tuesday afternoon, bitcoin appreciated by 2.6% against the U.S. dollar, 
brushing up against the $105,000 threshold. At the same time, a broad array of 
altcoins outpaced the leading cryptocurrency: ETH gained 8.5%, SOL advanced 
5.9%, and DOGE registered a 4.8% increase. Bitcoin’s Macro Role Grows as 
Bitfinex Cites ‘Increasingly Favourable’ Sentiment The broader crypto […]

Bitcoin Brushes $105K as Altcoins Steal the Spotlight in Tuesday Crypto Frenzy

SEC delays decision on Solana ETF while opening public comments for Dogecoin, 
BlackRock proposals amid crypto market scrutiny.
The post SEC delays Solana and Litecoin ETFs as Dogecoin and BlackRock 
proposals enter public comment appeared first on Crypto Briefing.

SEC delays Solana and Litecoin ETFs as Dogecoin and BlackRock proposals enter public comment

XRP has gained significant momentum over the past several days, posting a 
sharp 24% rally since last week as bullish sentiment returns to the broader 
crypto market. With Bitcoin holding above $100K and Ethereum reclaiming the 
$2,200 mark, altcoins like XRP are beginning to show strength after months of 
subdued performance. Analysts are now calling for a potential breakout, 
emphasizing the importance of XRP reclaiming key resistance levels in the 
coming days to confirm a sustained move higher. Related Reading: Ethereum 
Recovery Gains Strength: Massive Comeback Above Key Support Fueling this 
optimism is new data from Glassnode revealing a dramatic surge in XRP Futures 
Open Interest. The metric has climbed over $1 billion in just one week, rising 
from $2.42 billion to $3.42 billion—a 41.6% increase. This spike suggests a 
growing wave of speculative interest and directional conviction among traders. 
As leverage builds, all eyes are on XRP’s next move to determine whether this 
momentum can evolve into a full-blown rally. The rise in open interest 
alongside price appreciation often points to sustained bullish intent, adding 
weight to calls for a continued surge. With volatility returning to the 
altcoin market, XRP could be gearing up for one of its most critical breakouts 
in months. XRP Leads With Strong Momentum And Rising Leverage XRP is emerging 
as one of the strongest performers in the market, displaying remarkable 
resilience during recent downtrends and now showing clear strength in the 
current bullish environment. After consolidating through volatile conditions, 
XRP has surged above the $2.50 level, firmly positioning itself as a leader 
among large-cap altcoins. The price action remains tight, with bulls 
continuing to test the $2.60 zone while bears are unable to push the price 
below the new support levels formed near $2.35. This price compression, 
combined with broader market optimism, suggests that XRP may be gearing up for 
a major move. With Bitcoin consolidating near its all-time highs and Ethereum 
testing crucial resistance zones, analysts are paying close attention to XRP’s 
trajectory. The altcoin market is heating up, and XRP’s technical structure 
hints at a bullish expansion phase if current levels are maintained or 
reclaimed with volume. Supporting this bullish outlook is recent data from 
Glassnode, showing that XRP Futures Open Interest has soared by over $1 
billion in the past week. It jumped from $2.42 billion to $3.42 billion—a 
41.6% increase—coinciding with a price rally from $2.14 to $2.48. This surge 
in leverage underscores growing speculative interest and strong directional 
conviction among traders. Elevated open interest, particularly when paired 
with upward price movement, often signals sustained momentum and institutional 
participation. With XRP firmly above key support and showing signs of renewed 
investor confidence, the next few sessions could be pivotal for determining 
whether XRP will finally break out into a new macro trend. Related Reading: 
Ethereum Hits Major Level After Biggest Weekly Candle In Years – What Comes 
Next? Price Action Signals Strength Amid Market Momentum XRP is showing strong 
bullish momentum as it continues to trend higher, currently trading around 
$2.55. The chart reveals a well-established uptrend, with XRP recently 
breaking above key resistance levels and holding above both the 200-day Simple 
Moving Average (SMA) and Exponential Moving Average (EMA), currently at $2.13 
and $2.02, respectively. This alignment of moving averages below the current 
price reinforces the bullish structure. Over the past two weeks, XRP has 
surged more than 24%, confirming higher lows and higher highs in the process. 
After briefly stalling at $2.60, the price is now consolidating with low 
volatility just below that level—indicating potential for another breakout if 
buying pressure resumes. Volume also picked up significantly during the 
initial leg of this move, signaling strong interest from market participants. 
Related Reading: Solana Rallies Into Pivotal Zone – $180 Level Could Define 
Next Move The next resistance level to watch is near $2.80, which marked a 
major rejection zone earlier in the year. On the downside, the $2.35 zone has 
now turned into strong support and would be a critical level for bulls to 
defend if momentum weakens. Featured image from Dall-E, chart from TradingView

XRP Open Interest Surges 41% As Speculation Grows – Over $1B Added In Just One Week

Coinbase has partnered with Canadian stablecoin issuer Stablecorp in a bid to 
expand access to tokenized Canadian dollars, a company executive told 
Cointelegraph during the Blockchain Futurist Conference in Toronto.
According to Coinbase Canada&#8217;s CEO, Lucas Matheson, the exchange is investing 
an undisclosed amount in Stablecorp and will help market its fiat- 
collateralized stablecoin, QCAD.
&#8220;It&#8217;s really important that we have a stablecoin for Canadians,&#8221; Matheson told 
Cointelegraph in an exclusive interview on May 13, adding that stablecoins are 
especially urgent because the country has &#8220;no peer-to-peer [payment] rail&#8221; and 
&#8220;wire transfers cost $45 and take 45 minutes of paperwork.&#8221;
&#8220;With stablecoins, 24/7, instant, borderless payments become possible &#8212; this 
is already feasible with existing tech,&#8221; he said.
_Lucas Matheson (left) and Sam Bourgi (right) on the sidelines of the Futurist 
Conference in Toronto. Source: Cointelegraph_
 _**Related:**__**What Canada &#8216;s new Liberal PM Mark Carney means for 
crypto**_
## Barriers to adoption
As of May 13, stablecoins have an aggregate market capitalization of around 
$245 billion, primarily comprising US dollar-backed stablecoins Tether (USDT) 
and USDC (USDC), according to data from CoinGecko.
Stablecorp&#8217;s most recent report on QCAD&#8217;s fiat reserve backing dates to July 
2024, at which time only around $175,000 worth of QCAD were in circulation, 
according to its website.
_Stablecorp &#8216;s flagship product is QCAD, a fiat-backed stablecoin. Source: 
__Stablecorp_
However, &#8220;Canada lacks a clear path for stablecoin adoption&#8221; in part because 
its government has yet to &#8220;remove securities regulation barriers for fiat- 
backed stablecoins,&#8221; Coinbase said in a March 26 blog post. It needs to begin 
&#8220;treating them as payment instruments rather than securities,&#8221; the exchange 
added.
In April, the US SEC said that stablecoins do not qualify as securities in the 
country if they are marketed solely as a means of making payments.
&#8220;We&#8217;re asking the federal government to develop a national strategy for 
digital assets. Crypto is strategic, and we hope this new administration sees 
that,&#8221; Matheson said.
Canada elected Prime Minister Mark Carney during its federal elections in 
April. Carney has historically been critical of cryptocurrency.
_**Magazine: **__**Ethereum is destroying the competition in the $16.1T 
TradFi tokenization race**_