Equities update | January 6th 2025

The first week of the year was characterised by muted trading activity and limited news flow, as liquidity and market depth remained subdued during the holiday period. Despite this, Strategy Inc. and Metaplanet provided updates on their Bitcoin purchases, while Riot Platforms announced a refreshed at-the-market (ATM) programme. On the macro front, the latest FOMC minutes highlighted divisions within the Federal Reserve, adding uncertainty around the timing of the next rate cut. However, with a new Fed chair expected to be announced and Chair Powell’s term ending in May, we anticipate a more dovish monetary policy narrative emerging in the second half of the year.

Week 1 key developments in Blockchain Equities:

• Index Performance: The Index rose 0.61% during a subdued trading week heading into the New Year, while Bitcoin appreciated approximately 2.3%. The latest Federal Reserve minutes highlighted a divided Committee following the December rate cut, with several members favouring a pause in January amid ongoing uncertainty around the timing and necessity of further easing.
  

• Block Index Key Movers: 7-day top performers: Kinsus Interconnect (+10.5%), Samsung (+8.2%), TSMC (+3.8%) 7-day worst performers: Defi Technologies (-17.0%), Hut-8 (-13.0%), Bitfarms (12.0%)
  

• Index constituents Metaplanet and Strategy Inc. continued to add Bitcoin - Metaplanet disclosed on 30 December 2025 that it purchased 4,279 BTC during the quarter at an average price of ¥16.3m per BTC, for an aggregate investment of ¥69.9bn, increasing total holdings to 35,102 BTC. The company noted that this accumulation reflects a combination of treasury activities, including targeted purchases funded in part through the sale of Bitcoin options. Meanwhile, Strategy Inc. announced the acquisition of 1,229 BTC for approximately US$108.8m (average price $88.6k per BTC), primarily financed through equity issuance. Despite a challenging year-end for crypto assets, both companies continued to actively accumulate Bitcoin.

• RIOT refreshes its at-the-market (ATM) program - Index constituent RIOT Platforms signed a new US$500m ATM equity agreement, replacing the prior program which had US$149.5m of remaining capacity, effectively increasing available issuance headroom by US$350.5m. The new ATM also comes with a lower sales commission of 1% vs 3% previously, improving issuance efficiency by 200bps, or up to US$10m in potential fee savings if fully utilised. While RIOT has stated that its 2026 capex is fully funded, the refreshed ATM provides additional financial flexibility, likely to support optionality around incremental data-centre capex tied to client wins, site upgrades, or potential acquisitions into 2026.

• Other news: Robinhood’s December trading update showed equity and options volumes broadly in line with expectations, but a more pronounced decline in crypto volumes, which could weigh on transaction-based revenues in Q4. Trump Media & Technology Group announced plans to launch and distribute a new cryptocurrency to shareholders, signalling a broader effort to monetise its platform ecosystem and strengthen retail investor engagement. Meanwhile, Turkmenistan formally legalised cryptocurrency mining and trading under a new regulatory framework, marking a notable shift toward regulated adoption and state oversight of cryptocurrencies.