2 min readIn Week 41, the CoinShares Global Blockchain Equity Index went up 10.8% as AI-driven demand continues to re-rate miners and broaden investor interest beyond crypto. Galaxy’s retail push with GalaxyOne highlights growing competition with mainstream fintechs, while major capital raises and stablecoin deals signal accelerating investment in digital asset infrastructure.
Week 41 Key Developments in Blockchain Equities:
Index Performance: The Index gained 10.8% this week, supported by sustained strength in mining operators benefiting from the ongoing re-rating of AI infrastructure valuations. Although the U.S. government shutdown continues to delay certain economic data releases, the Bureau of Labor Statistics has indicated that inflation figures remain scheduled for release before the end of the month. However, uncertainty persists over whether the data will be published ahead of the next FOMC meeting on October 28–29.
Block Index Key Movers: 7-day top performers: Bitfarms (+42.3%), AMD (+37.2%), Iris Energy (+35.8%) 7-day worst performers: MicroStrategy (-9.1%), Canaan Inc (-7.6%), Metaplanet (-7.0%.
AI-driven demand continues to bolster Bitcoin miners – Bitcoin miners continue to outperform, buoyed by growing evidence of constrained power supply. Recent headlines highlight the scale of demand, from Microsoft’s need for readily available HPC capacity and AMD’s pledge to deliver 6GW of GPUs to OpenAI, to Applied Digital’s strong earnings and expanding hyperscaler pipeline, and Iris Energy’s agreement to provide 11,000 GPUs through new HPC contracts. The surge in miner valuations draws comparisons to the 2020-2021 “mining gold rush,” when a lack of Bitcoin proxies, an ASIC glut, and China’s mining ban drove profitability (hashprices) sharply higher. Today, however, the rally reflects a broader investor base: beyond crypto-focused capital, miners are now attracting interest from energy, data center, semiconductor, and electrical infrastructure investors, highlighting the strategic value of their power and infrastructure assets. Within the sector, several index constituents are pivoting most aggressively from traditional Bitcoin mining toward AI compute capacity, including Cipher Mining, Core Scientific, Galaxy Digital, Iren, Bitfarms, Riot Platforms, and Cleanspark.
Galaxy launches Galaxy One in the US – Index constituent Galaxy launched GalaxyOne, a U.S. retail “all-in-one” finance app that integrates a FDIC-insured cash account, crypto trading, and commission-free U.S. stock and ETF brokerage compatible with fractional shares and IRAs. The near-term roadmap includes business accounts, staking (e.g., Solana), and expanded lending products, all underpinned by Galaxy’s institutional lending book and infrastructure. Strategically, the platform is positioned toward a more “mature” retail segment, aiming to compete with Robinhood, Coinbase, and SoFi, while looking to capture stickier customers with potentially higher account balances.
Other news: Coinbase and Mastercard are reportedly in advanced talks to acquire London-based stablecoin startup BVNK for US$1.5–2.5 billion, with Coinbase seen as the frontrunner in a deal that would mark one of the largest stablecoin infrastructure acquisitions to date. Iren announced an US$875 million convertible senior notes offering maturing in July 2031 at 130% of the conversion price. Bitfarms secured US$300 million in project financing for its Panther Creek campus by converting an existing Macquarie debt facility. Alipay (Europe) Limited SA received authorisation from Luxembourg’s CSSF under the MiCA framework to issue a euro-backed stablecoin across the EU. Meanwhile, Intercontinental Exchange (ICE) will invest up to US$2 billion in Polymarket, valuing the prediction market platform at approximately US$8 billion.
