Equities update | December 15th 2025

As markets focused on the Federal Reserve’s rate decision on Tuesday, week 50 saw few headlines around blockchain-focused equities, with the most notable being 21 Capital’s IPO and Oracle’s results. As attention turns to this week’s heavy number of macroeconomic releases, the low liquidity in cryptocurrency markets could result in increased volatility as figures drop in, which could also affect broader blockchain equities.

Week 50 key developments in blockchain equities:

• Index performance: The index declined 0.9% this week, detracted by declining volumes and transaction fees across crypto exchanges and renewed concerns over AI, to which the Index is exposed via Bitcoin mining companies. Conversely, Digital Asset Treasury constituents showed some recovery this week, despite 21 Capital's disappointing IPO.

• Block index key movers: 7-day top performers: Hut 8 (+9.2%), Galaxy Digital (+8.1%), Metaplanet (+5.9%) 7-day worst performers: Defi Technologies (-12.8%), eToro (-10.6%), Robinhood (-10.0%)

• Oracle results throw further questions into AI: shares down sharply after results missing analyst estimates, especially in Cloud (in line, no beat), despite being up 68% year-on-year and bookings jumping 5x, to US$523bn. Analysts also raised eyebrows with Oracle’s Capex figures, which came in at US$12 billion for the quarter, significantly ahead of consensus estimates of US$8.25 billion, raising doubts about how expensive the development of AI infrastructure in scale will be. The disappointing results dragged down other neo-clouds and AI exposed businesses as doubts are cast around demand and costs for the whole industry.

• Earnings recap – Key Holdings: Notable earnings from portfolio constituents included:
  

• Oracle – Negative

• 21 Capital IPO: shares of crypto treasury company 21 Capital (XXI US) declined by 19% on its debut Tuesday after the completion of its merger with Cantor Equity Partners SPAC. The decline was not followed by other treasury companies, and indicates that it was a correction of its mNAV, which was trading at around 1.4x pre-merger and, now, at c.1.15x, trading more closely to other treasury companies.

Other news: J.P. Morgan announced that it had arranged a U.S. Commercial Paper issuance for Galaxy Digital on Solana, making it one of the first debt issuances on a public blockchain in the U.S. The issuance was purchased by Coinbase and Franklin Templeton.