Equities update - September 8th 2026

Week 36 saw blockchain equities outperform as the BLOCK Index gained 5.2% versus Bitcoin’s 2.7% increase, supported by strength across crypto financials and a broader improvement in risk sentiment. Friday’s stronger-than-expected payrolls subsequently reinforced the resilience of the US labour market and strengthened the case for a September rate hike, leaving next week’s CPI and PPI releases as the key near-term catalysts. Within blockchain equities, Digital Asset Treasury activity accelerated as stronger token prices reopened access to capital, with Strategy resuming Bitcoin purchases and Hyperliquid Strategies expanding its equity facility to support further HYPE accumulation. At the same time, the AI infrastructure thesis continued to strengthen as power, land and deployment-ready data-centre capacity emerged as increasingly important constraints on growth, supporting the strategic value of miners and former miners with large-scale power portfolios.

Week 36 key developments in Blockchain Equities:

• Index performance: The BLOCK Index gained 5.2% during the week, outperforming Bitcoin (+2.7%). US Treasury yields initially moved sharply higher following Fed Chair Kevin Warsh’s more hawkish Jackson Hole comments. However, sentiment reversed on Thursday after Fed Governor Christopher Waller argued for giving disinflation more time and indicated he could support keeping rates unchanged in September. Friday’s labour report subsequently surprised to the upside, with non-farm payrolls increasing by 162k in August versus 55k expected, while July was revised from a 23k decline to a 21k increase. The stronger report reduces concerns around deterioration in the labour market and strengthens the case for a September rate hike, partially offsetting Waller’s more dovish comments on Thursday. Attention now shifts to next week’s CPI and PPI releases, which are likely to be the key determinants of the Fed’s September decision. 

• Block Index key movers: 7-day top performers: Robinhood (+13.6%), Circle (+9.5%), Bullish (+7.9%) 7-day worst performers: PayPal (-7.6%), Metaplanet (-5.9%), Keel Infrastructure (-4.6%) 

• Digital Asset Treasury (DAT) accumulation revives with diversified access to capital - Digital Asset Treasury activity accelerated again as stronger token prices reopened access to capital markets. Strategy resumed Bitcoin purchases after a roughly 10-week pause, acquiring 4,603 BTC for US$369.7m, taking its total holdings to 845,050 BTC. Hyperliquid Strategies also expanded its committed equity facility with Chardan from US$1bn to US$2.5bn, increasing its potential capacity to fund further HYPE accumulation. Meanwhile, Strive acquired a further 1,800 BTC. The trend also extended across European treasury companies with Capital B announcing a €7.6m capital raise with strategic investor Adam Back. Smarter Web Company acquired a further 35 BTC for approximately £2.0m, taking its total holdings to 2,747 BTC. Together, these transactions reinforce the growing breadth of the DAT model while highlighting the importance of capital access, strategic investors and disciplined execution alongside the headline size of token holdings.

• Power and powered-shell availability remain the key bottleneck to AI deployment benefitting Bitcoin miners - This week provided further evidence that land, power and deployment-ready data-centre capacity are becoming key constraints on AI infrastructure growth, increasing the strategic value of miners and former miners with large power portfolios. On its earnings call, Broadcom CEO Hock Tan identified “land, power and shell” as major determinants of how quickly AI capacity can be deployed, despite demand from its six largest AI customers supporting up to 30GW of potential capacity. 

• The same constraint was evident across the blockchain infrastructure sector. Index constituent Cipher Digital began developing natural-gas pipelines to support up to 2.5GW of on-site generation, while Bitdeer acquired 200 acres adjacent to its Rockdale facility for US$100m, expanding control over a site with 563MW of existing interconnected capacity and potential expansion to 742MW. Bitdeer’s 9.5MW Malaysia AI Cloud facility is also fully contracted, with more than US$800m of expected revenue. Meanwhile, Anthropic’s US$35bn cloud agreement with Lambda will use approximately 350MW at a Texas campus being developed by Hut 8. The broader implication is that the AI bottleneck is shifting from demand for compute to the ability to physically deliver it, favouring several BLOCK Index linked companies that already control large-scale power, interconnections and developable sites.

Other news - index constituents:

• Standard Chartered became the first Global Systemically Important Bank to offer institutional spot Bitcoin and Ether trading in the UAE. Eligible clients can now access deliverable BTC/USD and ETH/USD trading through the bank's electronic channels alongside its existing custody offering, extending the institutional crypto platform it first launched in the UK.

• Coincheck Group/Monex announced a strategic partnership with DFNS to develop institutional-grade digital-asset custody in Japan. The partnership is intended to support Coincheck’s expansion beyond retail trading into custody services for Japanese financial institutions, subject to regulatory approval and definitive agreements.

• SBI Holdings is progressing an on-chain trade-finance initiative through SBI XDC Network APAC after receiving support from Osaka Prefecture. The project will combine blockchain with corporate digital identity to move KYB and export-factoring processes on-chain.

• Hyperliquid/HYPE gained another regulated distribution channel after Hashdex added HYPE to its US-listed NCIQ multi-asset crypto ETF, increasing the portfolio from eight to nine assets. HYPE qualified following the introduction of generic listing standards and after meeting liquidity, market-capitalisation and custody requirements, providing another positive read-through for Hyperliquid Strategies.

• Coinbase filed with the SEC to offer US equity perpetuals, extending the perpetual-futures model beyond crypto and potentially broadening its addressable derivatives market. The product would also require CFTC approval before launch.

Other news – Non - index constituents:

• LSEG partnered with Payward, the parent of Kraken, to develop tokenised UK equities through its planned LSE 24 venue, which is expected to offer blockchain-based exposure to London-listed shares and extended trading hours from 2027, subject to regulatory approval.

• Hargreaves Lansdown, the UK's largest investment platform, began offering nine Bitcoin and Ether ETNs following the relaxation of UK retail restrictions, including products from CoinShares, BlackRock, Invesco, WisdomTree, 21Shares and Bitwise. The move is notable given Hargreaves had previously remained cautious on retail crypto access and represents another meaningful expansion in mainstream UK distribution.

• Revolut received conditional OCC approval for a US national bank charter and is targeting a 2027 launch, subject to remaining FDIC, Federal Reserve and OCC approvals. The proposed bank is expected eventually to offer deposits, credit, foreign exchange and a stablecoin, further blurring the line between neobanking and digital-asset financial infrastructure.

• Polymarket expanded beyond prediction markets with the launch of perpetual futures offering up to 20x leverage across crypto, equities, indices and commodities. The international platform launched with 67 markets, including 36 equity-linked contracts and 24 cryptocurrencies, although trading is not currently available to US users.