Equities update | November 24th 2025

Week 47 carried forward the bearish sentiment as uncertainty around the December FOMC persisted with a mixed labour backdrop. Bitcoin miners were the hardest hit as the AI infrastructure theme saw meaningful corrections driven by renewed concerns around valuations, AI demand durability, and the credit quality underpinning data-centre financing, despite Nvidia’s strong results reaffirmed the broader secular trend. Meanwhile, execution in financial infrastructure remained resilient. Coinbase acquired Vector and announced plans to expand into prediction markets, and several fintech players deepened partnerships across blockchain infrastructure. This continued operational momentum stands in contrast to the negative price action in equities, underscoring that fundamental progress is still being made despite market volatility.

Week 47 Key Developments in Blockchain Equities:

• Index Performance: The Index declined 6.0% this week, with Bitcoin down 8.4%, which weighed on blockchain-linked equities despite another round of generally strong corporate earnings across the sector. Macro catalysts were limited, and the ongoing U.S. government shutdown has introduced ambiguity into the Federal Reserve’s stance heading into the December FOMC meeting. Investors are increasingly focused on whether the Fed will maintain its data-dependent approach or signal a more accommodative tone given slowing inflation momentum, mixed labour data, and tightening liquidity conditions. In the absence of a clear policy signal, risk assets have struggled to find direction, leaving crypto and adjacent equities particularly sensitive to shifts in sentiment and flows.

• Block Index Key Movers: 7-day top performers: Nextera Energy (+0.4%), Core Scientific (+0.0%), Bitfarms (+0.0%) 7-day worst performers: Defi Technologies (-29.7%), Bit Digital (-18.7%), Cleanspark (18.4%)

• Coinbase announces the acquisition of Vector and enters the predictions market with Kalshi –  Index constituent Coinbase has agreed to acquire Vector, a Solana-based trading-infrastructure platform, with financial terms undisclosed. The transaction is expected to close by year-end. This represents Coinbase’s sixth acquisition of 2025, following Deribit, Iron Fish (team acquisition), Spindl, LiquiFi and Echo. Coinbase also announced a new partnership with prediction-market operator Kalshi, integrating event-contracts and on-chain forecasting tools into its ecosystem. The company is pursuing an aggressive consolidation strategy as competition intensifies across the industry, particularly from the rapid expansion of decentralised exchanges, tokenised trading and the derivatives market. These acquisitions support Coinbase’s broader ambition to evolve into a multi-asset “super-app,” offering access to a wide set of asset classes and trading strategies, similar to the direction taken by Robinhood and several Asian broker-super-apps such as Tiger Brokers.

• Earnings Recap – Key Holdings:

  • Canaan Inc - Mixed

• Other news: Strategy (formerly MicroStrategy) announced a purchase of 8,178 Bitcoin issuing preferred shares of STRF, STRC, STRK and STRE. Index constituent Cipher Mining announced an expanded HPC agreement with Fluidstack, securing the full 300 MW of high-performance compute capacity at its Barber Lake facility. The deployment is expected to generate roughly US$380 million in annual revenue once fully energised. Kraken raised approximately US$800 million at a valuation near US$20 billion in preparation for its planned IPO. Solflare has partnered with index constituent Mastercard to launch the first self-custody debit card built on the Solana network. Circle Internet Group is partnering with dLocal S.A. to integrate its payment network, enabling real-time, low-cost conversions between regulated stablecoins (USDC, EURC) and local currencies in emerging markets.