Category: Canada

TLDR

• Neptune Digital Assets purchased 1 million Dogecoin at $0.37 per token in December 2024, alongside recent Bitcoin acquisitions
• DOGE price currently at $0.2637, down 10% with analysts predicting potential rise to $1.25 based on historical patterns
• Analysts observe similarities between current market cycle and 2020-2021 bull run, noting two major corrections before previous surge
• Grayscale launched a Dogecoin Trust, providing institutional investors with regulated investment options
• Multiple Canadian firms including Spirit Blockchain and BC Bud Corporation are diversifying crypto treasury holdings beyond Bitcoin

Neptune Digital Assets, a publicly traded Canadian cryptocurrency company, has acquired 1 million Dogecoin tokens through a strategic derivative purchase, marking a growing trend of corporate cryptocurrency diversification beyond Bitcoin.

The Vancouver-based firm completed the purchase on December 27, 2024, at an average price of $0.37 per token, representing an investment of approximately $370,000 at the time of acquisition. The company’s move comes as several firms explore alternatives to traditional treasury management strategies.

Neptune Digital Assets has also bolstered its Bitcoin holdings, purchasing an additional 20 Bitcoin between January 26 and February 3, 2025. These acquisitions bring the firm’s total Bitcoin holdings to 327 BTC, valued at roughly $32 million based on current market prices.

The company’s shares, listed on the Toronto Stock Exchange under the ticker NPPTF, have shown strong performance, trading at $1.55 and recording a 110% increase from $0.72 over the past month. This surge in share price suggests investor confidence in the firm’s cryptocurrency investment strategy.

Cale Moodie, CEO of Neptune Digital Assets, has expressed the company’s commitment to expanding its digital asset holdings while maintaining a careful approach to leverage risk. This strategy aligns with a broader market trend of corporate treasury diversification.

Other Canadian firms have also entered the Dogecoin market. Spirit Blockchain began holding DOGE as a treasury reserve asset in 2024 and recently announced plans to generate yield from its holdings. This development indicates growing institutional interest in cryptocurrency yield generation strategies.

DOGE Price

The corporate adoption of Dogecoin comes amid market volatility, with the cryptocurrency currently trading at $0.2637, representing a 10% decline. Recent trading volumes have exceeded $4.36 billion, highlighting active market participation despite price fluctuations.

Market analysts have drawn parallels between current market conditions and the 2020-2021 bull run. During the previous cycle, Dogecoin experienced two major corrections before a substantial price increase. The first correction resulted in a 65% decline, while the second saw a 58.18% drop.

Technical analysts, including Javon Marks, have projected potential price targets for Dogecoin. Marks suggests a possible rise to $0.6533, representing an 80% increase from current levels. Some analysts have set more ambitious targets, suggesting the possibility of DOGE reaching $1.25 under favorable market conditions.

Grayscale’s recent launch of a Dogecoin Trust has provided institutional and accredited investors with a regulated pathway to invest in the cryptocurrency. This development may contribute to increased institutional participation in the Dogecoin market.

Beyond Dogecoin, companies are exploring various cryptocurrency options for treasury management. BC Bud Corporation, another Vancouver-based firm, invested $250,000 in XRP. Similarly, SOL Global Investments acquired 12,828 Solana tokens, demonstrating the broader trend of corporate cryptocurrency diversification.

The cryptocurrency market has shown increased maturity with the entry of institutional investors and publicly traded companies. This evolution suggests a shift from purely speculative interest to strategic corporate treasury management.

Trading data shows Dogecoin has experienced a 17% decrease in price over the past week and a 31% decline in the longer term. These movements reflect the volatile nature of cryptocurrency markets and the importance of risk management in corporate treasury strategies.

Current market data indicates a 24-hour trading volume exceeding $4.36 billion for Dogecoin, demonstrating sustained market activity despite recent price declines. This trading volume suggests continued market interest in the cryptocurrency.

TLDR

• Neptune Digital Assets purchased 1 million Dogecoin at $0.37 per token in December 2024, alongside recent Bitcoin acquisitions
• DOGE price currently at $0.2637, down 10% with analysts predicting potential rise to $1.25 based on historical patterns
• Analysts observe similarities between current market cycle and 2020-2021 bull run, noting two major corrections before previous surge
• Grayscale launched a Dogecoin Trust, providing institutional investors with regulated investment options
• Multiple Canadian firms including Spirit Blockchain and BC Bud Corporation are diversifying crypto treasury holdings beyond Bitcoin

Neptune Digital Assets, a publicly traded Canadian cryptocurrency company, has acquired 1 million Dogecoin tokens through a strategic derivative purchase, marking a growing trend of corporate cryptocurrency diversification beyond Bitcoin.

The Vancouver-based firm completed the purchase on December 27, 2024, at an average price of $0.37 per token, representing an investment of approximately $370,000 at the time of acquisition. The company’s move comes as several firms explore alternatives to traditional treasury management strategies.

Neptune Digital Assets has also bolstered its Bitcoin holdings, purchasing an additional 20 Bitcoin between January 26 and February 3, 2025. These acquisitions bring the firm’s total Bitcoin holdings to 327 BTC, valued at roughly $32 million based on current market prices.

The company’s shares, listed on the Toronto Stock Exchange under the ticker NPPTF, have shown strong performance, trading at $1.55 and recording a 110% increase from $0.72 over the past month. This surge in share price suggests investor confidence in the firm’s cryptocurrency investment strategy.

Cale Moodie, CEO of Neptune Digital Assets, has expressed the company’s commitment to expanding its digital asset holdings while maintaining a careful approach to leverage risk. This strategy aligns with a broader market trend of corporate treasury diversification.

Other Canadian firms have also entered the Dogecoin market. Spirit Blockchain began holding DOGE as a treasury reserve asset in 2024 and recently announced plans to generate yield from its holdings. This development indicates growing institutional interest in cryptocurrency yield generation strategies.

DOGE Price

The corporate adoption of Dogecoin comes amid market volatility, with the cryptocurrency currently trading at $0.2637, representing a 10% decline. Recent trading volumes have exceeded $4.36 billion, highlighting active market participation despite price fluctuations.

Market analysts have drawn parallels between current market conditions and the 2020-2021 bull run. During the previous cycle, Dogecoin experienced two major corrections before a substantial price increase. The first correction resulted in a 65% decline, while the second saw a 58.18% drop.

Technical analysts, including Javon Marks, have projected potential price targets for Dogecoin. Marks suggests a possible rise to $0.6533, representing an 80% increase from current levels. Some analysts have set more ambitious targets, suggesting the possibility of DOGE reaching $1.25 under favorable market conditions.

Grayscale’s recent launch of a Dogecoin Trust has provided institutional and accredited investors with a regulated pathway to invest in the cryptocurrency. This development may contribute to increased institutional participation in the Dogecoin market.

Beyond Dogecoin, companies are exploring various cryptocurrency options for treasury management. BC Bud Corporation, another Vancouver-based firm, invested $250,000 in XRP. Similarly, SOL Global Investments acquired 12,828 Solana tokens, demonstrating the broader trend of corporate cryptocurrency diversification.

The cryptocurrency market has shown increased maturity with the entry of institutional investors and publicly traded companies. This evolution suggests a shift from purely speculative interest to strategic corporate treasury management.

Trading data shows Dogecoin has experienced a 17% decrease in price over the past week and a 31% decline in the longer term. These movements reflect the volatile nature of cryptocurrency markets and the importance of risk management in corporate treasury strategies.

Current market data indicates a 24-hour trading volume exceeding $4.36 billion for Dogecoin, demonstrating sustained market activity despite recent price declines. This trading volume suggests continued market interest in the cryptocurrency.

SilverCrest Metals has received clearance from Mexico’s Comisión Federal de Competencia Económica (COFECE) for its acquisition by Coeur Mining in a deal with an equity value of approximately $1.7bn (C$2.45bn).

SilverCrest shareholders will receive 1.6022 Coeur shares for each SilverCrest share held. The exchange ratio values each SilverCrest share at $11.34.

Post-acquisition, Coeur and SilverCrest shareholders will own approximately 63% and 37% of the combined entity, respectively.

SilverCrest CEO N. Eric Fier said: “We are pleased to have completed this important milestone in our path to build a leading global silver company through our transaction with Coeur.

“The approval from COFECE is a key regulatory approval for SilverCrest and Coeur and represents a significant step towards the successful completion of the arrangement.”

The definitive agreement for the acquisition was signed in October 2024, with the combined company set to benefit from increased production, diversification and growth opportunities.

SilverCrest’s Las Chispas underground mine in Sonora, Mexico, adds value to Coeur’s portfolio. It ranks among the world’s “highest-grade, lowest-cost and highest-margin” silver and gold operations.

The Las Chispas mine, combined with increasing silver production from Coeur’s expanded Rochester mine in Nevada, US, and Palmarejo mine in Mexico, is expected to boost the combined company’s silver production to approximately 21 million ounces (oz) this year.

Additionally, the merged company is forecast to produce around 432,000oz of gold in 2025.

The transaction benefits will also include an immediate boost to Coeur’s free cash flow and a 40% expected reduction in its leverage ratio.

Subject to necessary approvals, the transaction will result in SilverCrest delisting from the Toronto Stock Exchange and the NYSE American.

The deal is expected to close on 14 February 2025 upon receiving the approval of SilverCrest’s securityholders at a meeting scheduled on 6 February 2025 and the approval of the court.

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A publicly traded Canadian cryptocurrency company has purchased more than $250,000 in Dogecoin, joining a growing list of firms that have loaded up their balance sheets with leading cryptocurrencies in recent months.

Neptune Digital Assets—a firm focused on amassing and staking crypto assets—bought 1 million DOGE, worth nearly $258,000 as of this writing, on December 27, the company said Tuesday in a statement. On the date of purchase, that tally would’ve been valued at more than $300,000.

Its purchase comes as some firms are beginning to emulate leading corporate Bitcoin buyer MicroStrategy, but with a twist—filling their reserves not just with Bitcoin, but with more volatile cryptocurrencies amid a surging altcoin market.

The Vancouver-based company said in a statement that it bought 1 million Dogecoin through a strategic derivative purchase at an average price of $0.37 per token.

Shares of the company, listed on the Toronto Stock Exchange under the ticker NPPTF, are trading at $1.55 as of writing time. The firm’s shares are up 110% from $0.72 in the past month. 

Dogecoin is trading at $0.26 as of writing time, down 30% over the past month, CoinGecko data shows. However, the token hit a three-year-high price of $0.48 in early December, a couple weeks before Neptune Digital Assets snapped up the asset.

Meanwhile, Neptune Digital Assets also topped up its coffers with nearly $2 million worth of Bitcoin between January 26 and February 3. The purchase brings the firm’s Bitcoin holdings to 327 BTC, worth roughly $32 million as of writing time, CoinGecko data shows. 

Neptune Digital Assets is one of several publicly traded firms mimicking MicroStrategy’s playbook in recent months. The companies are pouring funds into Bitcoin and other cryptocurrencies in a bid to get higher returns on their investments.

Canadian investment firm Spirit Blockchain began holding Dogecoin as a treasury reserve asset last year. Early last month, the company unveiled its plans to earn yield on its DOGE tokens.

But firms are looking even more broadly beyond Bitcoin. For example, Vancouver-based BC Bud Corporation diversified its treasury with a $250,000 XRP purchase late last year. Several weeks later, SOL Global Investments picked up 12,828 Solana tokens, according to the company’s website.

Edited by Andrew Hayward

Good morning. I’m Matt Lundy, economics editor. My team and I have had a close eye on trade, so we were quick to pivot when Canada got a one-month reprieve from U.S. President Donald Trump’s 25-per-cent tariffs.

It seems there was some wiggle room on the matter after a second phone call, with Prime Minister Justin Trudeau promising to invest $200-million more to fight organized crime and drugs and appoint a “fentanyl czar.”

But even with a delay, the threat of tariffs casts a dark cloud over the livelihoods of many Canadians and Americans. Even if the pause does provide Canadian businesses with a bit of breathing room to prepare for levies. Maybe Campbell Clark said it best: Oh how Trump loves to leave his neighbours hanging on his whim. More on all that, but first:

In non-tariff news

Evolve Funds Group Inc. plans Canada’s first leveraged crypto ETFs, hoping to draw back investor dollars from U.S. funds

Joriki Inc., the beverage maker linked to listeria outbreak, was struggling financially before recall, court filings show

StackAdapt Inc. will announce that the Ontario Teachers’ Pension Plan has led a US$235-million financing, backed by Intrepid Growth Partners and four other investors

On the radar

• Follow more trade news with our Canadian tariff war journal.
• U.S. data on job openings and factory orders for December will be released.
• Earnings include: Advanced Micro Devices Inc., Allied Properties REIT, Alphabet Inc., Amgen Inc., Chipotle Mexican Grill Inc., Finning International Inc., Merck & Co. Inc., PayPal Holdings Inc., Pepsico Inc., Pfizer Inc. and Spotify Technology SA

In focus

Tariff tracker: The dollar speaks

For many Canadians, following the value of the Canadian dollar is akin to a national sport. And lately, it feels like we’re cheering on a hapless squad with no shot at making the playoffs (so, like the Toronto Raptors).

On Sunday, the Canadian dollar plunged below 68 US cents as investors absorbed Saturday’s news that U.S. President Donald Trump was pressing ahead with his tariff threats on Canada and Mexico.

Then on Monday afternoon, as news broke that tariffs on Canada would be delayed by a month, similar to what happened with Mexico earlier in the day, the Canadian dollar soared above 69 US cents.

Put another way, if you want to gauge how the country’s trade skirmish with the U.S. is going, there is no better indicator than the Canadian dollar.

Here’s a cheat sheet: If the loonie takes a dip, Trump said something threatening about Canada. When it rises, the prospect of a trade war diminishes.

Equity markets, by contrast, have been generally cheerful during weeks of Trump’s threats. Between the presidential election day and last weekend, the S&P 500 had risen 4.5 per cent, bolstered by Trump’s aims to lower taxes and regulations on business.

Yesterday played out differently. Canadian and U.S. stock indices opened sharply lower, before clawing back some ground. The S&P 500 and Dow Jones Industrial Average fell 0.8 per cent and 0.3 per cent, respectively, on the day – a timid response to a potential trade war. Canada’s benchmark stock index dropped 1.1 per cent.

It’s likely that stocks will rebound today. The news of the tariff pause was announced after market close.

Currency markets, however, are where the action is. And it’s been that way for a while.

There’s quite a lot working against the loonie of late: a U.S. dollar that’s dominating all major currencies, the sluggish Canadian economy, and the interest-rate policy divergence between the Bank of Canada and its U.S. counterpart, the Federal Reserve.

But tariff threats are a huge part of the loonie’s beleaguered status.

“The recent depreciation we’ve seen in the Canadian dollar has been more driven, in our view, by trade uncertainty, and particularly President Trump’s threats to impose 25-per-cent tariffs on Canadian exports,” Bank of Canada Governor Tiff Macklem explained at last week’s rate decision.

If tariffs went ahead in a month, the depreciation in the Canadian dollar would help to offset some of their impact, allowing domestic exporters to remain somewhat competitive in the U.S. market.

Conversely, the weaker loonie makes our imports from the U.S. more expensive. Get ready for pricier fruits and vegetables, which have a faster pass-through to consumers.

Before yesterday’s announcement, many economists and currency analysts forecast that the Canadian dollar could erode to roughly 66 US cents in a lengthy trade war.

Yes, the loonie is like a car crash that you can’t look away from.

But right now, it may be the easiest way to track Canada-U.S. relations.

Read more (and more and more)

• Do’s and don’ts for investors: Rob Carrick has a half-dozen ideas for your investments in these uncertain times
• What does “made in Canada” mean? How to read labels on products in stores
• For consumers: If tariffs do come for Canada, here’s what would get expensive first
• Retaliation: Some premiers pause plans for U.S. booze ban and Starlink
• Housing: A trade war will wreak havoc on a fragile homebuilding industry in Canada
• Resources: Canadian steel sector averts ‘doomsday’ scenario
• Labour: Tariffs would lead to job losses in auto and resource sectors, economists predict
• Abroad: Europe braces for tariffs as Trump signals expanded trade war

Views

Shopify’s Lütke and other appeasers miss Trump’s real agenda on tariffs

“The 30-day delay in rolling out tariffs announced on Monday doesn’t change the fact that Mr. Trump wants to replace decades of free trade between two countries with a one-sided business relationship where Washington sets the rules,” Andrew Willis writes.

Trump’s art-of-the-deal playbook is evident

“But just as the victors write the history of wars, the president of the strongest nation on the globe gets to define who is the winner and who is the loser. That, as much as the fluctuations of the financial markets and the rate of inflation, is the measure that in this conflict counts,” David Shribman writes.

Hopefully the U.S. and Canada can strike a deal on tariffs. But that doesn’t fix the real problem

“More importantly, this new trade war is a sobering wake-up call on the need for Canada to improve productivity, expand markets and re-establish the country as a place to invest in and grow companies – a sentiment that came through loud and clear in our discussions with Canadian business leaders,” writes Benjie Thomas, a senior partner and the chief executive officer of KPMG in Canada.

Charted

A closer look at the border

As part of the agreement to pause tariffs, Trump said Canada has agreed to appoint a “fentanyl czar.”

It was one of the reasons Trump claimed to want tariffs in the first place: to put Canada to task on border control. Particularly he mentioned the movement of fentanyl, which he claims is flowing freely from Canada into the U.S. While this type of drug trafficking does happen, it is not at the scale he claims.

Conservative Leader Pierre Poilievre said he wants Canadian soldiers sent to the border as part of a broader plan he says would both save Canada-U.S. trade and also serve Canada’s national-security interests.

Bookmarked

On our reading list

Boy, bye: A 22-year-old Canadian math whiz has been charged in connection with cryptocurrency hacking schemes that allegedly netted him US$65-million.

Sponsor, bye: The Giller Prize, Canada’s most lucrative literary prize for fiction, is looking for a new collaborator. The Giller Foundation and Bank of Nova Scotia have ended their decades-long partnership.

TikTok, hi: Donald Trump signed an executive order for the creation of a sovereign wealth fund within the next year, saying it could potentially buy the short-video app.

Morning update

Global stocks wobbled in cautious trading after Canada and Mexico struck deals for a 30-day reprieve from U.S. President Donald Trump’s 25-per-cent tariffs, with markets assessing the road ahead. Wall Street futures were mixed, while TSX futures followed sentiment lower as crude prices dipped.

Overseas, the pan-European STOXX 600 was flat in morning trading. Britain’s FTSE 100 fell 0.21 per cent, Germany’s DAX rose 0.05 per cent and France’s CAC 40 gained 0.25 per cent.

In Asia, Japan’s Nikkei closed 0.72 per cent lower, while Hong Kong’s Hang Seng advanced 2.83 per cent after markets were closed much of last week for lunar new year celebrations.

The Canadian dollar traded at 69.27 U.S. cents.