Equities update | March 3rd 2026

Week 9 saw blockchain equities outperform broader equity markets, which remained broadly flat, as investors navigated tariff volatility and the viral Citrini AI memo. Circle dominated with a +40.8% surge following a blowout earnings beat, while Latin American fintechs MercadoLibre and NuBank were the week's notable laggards on margin pressures. Cipher Mining formally pivoted to digital infrastructure, Meta pursued stablecoin integration, and Stripe was rumoured as a potential PayPal acquirer. Consumer confidence remained subdued, with December rate cut expectations holding steady at 2.3 cuts.

Week 9 key developments in Blockchain Equities:

• Index Performance: This week, the CoinShares Blockchain Global Equity Index appreciated by 2.9%, outperforming Bitcoin (+0.8%) and broader equities (MSCI World, +0.8%). Equity markets shrugged off the tug-of-war between the U.S. Supreme Court and Trump’s newly instated 10% global tariff as investors were more interested in Citrini Research’s ‘doomsday’ AI memo, which depicted a bleak future for software companies and white collar workers. Back in the present, U.S. consumer confidence remains subdued, despite a slightly more resilient labour market, with end-of-year market implied rate cut expectations broadly unchanged at 2.3.

• Block Index Key Movers: 7-day top performers: Circle (+40.8%), Kinsus (+19.2%), Samsung (+16.0) 7-day worst performers: Nu Holdings (-13.0%), Mercado Libre (-12.8%), Softbank (-6.3%)

• Earnings Recap – Key Holdings:

  • Circle Internet Group, Block Inc. - Positive

  • Cipher mining, Hut-8, Standard Chartered, SharpLink Gaming – Mixed

  • Mercadolibre, NuBank - Negative

• Company news: 

Cipher Mining outlined plans to pivot away from pure-play Bitcoin mining toward broader digital infrastructure, while also monetising assets through the sale of its 49% stake in the West Texas projects to Canaan as part of that transition.

Block Inc. is cutting 4,000 employees, or nearly half of its workforce, with a view that the reduction in staff will be more than offset by increased labour productivity by AI. The business, however, has not given specific details on what kind of roles have been cut or how AI is improving processes, and it could mean that the Block is using AI as an excuse for broad cost cutting measures.

Meta Platforms is reportedly pursuing stablecoin integration later this year, while simultaneously deepening its AI infrastructure push through a major AMD agreement reportedly worth up to US$60 billion over five years, a deal similar to OpenAI and AMD in October 2025.

PayPal is rumoured to be a potential acquisition target, with Stripe cited as a possible buyer in what would represent a significant consolidation move across digital payments and stablecoin infrastructure.

Standard Chartered announced a US$1.5 billion share buyback programme, underscoring confidence in its capital position and shareholder return outlook.