Equities update | May 1st, 2026

Week 18 was busy across both macro and corporate developments, with strong megacap technology earnings reinforcing the durability of the AI equity trade. However, risk sentiment remained constrained by elevated geopolitical uncertainty, as oil markets returned to recent highs and investors continued to assess the scale of disruption from the US-Iran conflict, including the impairment of key Gulf shipping routes and the potential spillover into energy prices, inflation and global supply chains. Against this backdrop, corporate developments across digital assets remained constructive. Adoption is broadening beyond trading activity and into payments, tokenised capital markets and regulated financial infrastructure with major financial institutions, exchanges and payment networks increasingly embedding blockchain rails into their existing platforms.

Week 18 Key Developments in Blockchain Equities:

• Index Performance: The Index declined by -1.9% this week, while Bitcoin was broadly unchanged, as markets digested in-line Core PCE and weaker-than-expected GDP data against a still-elevated geopolitical backdrop. Risk sentiment remained fragile as Brent oil rose to highs of US$120, reflecting continued uncertainty around the scale of disruption from the US-Iran conflict. Meanwhile, the Federal Reserve left rates unchanged at Powell’s final FOMC meeting as Chair, while Powell confirmed he would remain on the Board as governor for now, citing the need to restore confidence and Fed credibility after the DOJ dropped its investigation.
  

•  Block Index Key Movers: 7-day top performers: Ceres Inc (+21.4%), AMD (+16.1%), Coinshares PLC (+8.0) 7-day worst performers: Robinhood (-12.7%), Iren (-12.5%), Circle (-9.1%)
  

• The April 2026 Index rebalance is now live – Hyperliquid Strategies (PURR) was added to the Index, broadening exposure within the token investment category. PURR is the largest digital asset treasury company focused on accumulating HYPE, the native token of Hyperliquid, a leading Layer 1 blockchain for fully on-chain financial markets. The company currently holds approximately 19.7m HYPE tokens (US$803m) and around US$110m of cash, supported by an active staking strategy and capital-management framework designed to increase HYPE exposure per share over time. Trading around 1.12x mNAV on a fully diluted, cash-inclusive basis, PURR provides listed equity exposure to one of the fastest-growing crypto-native exchanges, with Hyperliquid processing approximately US$3tn of spot and perpetuals trading volume in 2025 and generating over US$840m of annual fees. The bullish case is underpinned by Hyperliquid’s dominant position in decentralised perpetuals, its fee-driven HYPE buyback mechanism, and its expansion into non-crypto perpetuals, RWAs and prediction markets.
  

• Kinsus Interconnect was removed from the Index after a strong run in the IC substrate supply chain, where investor interest has increasingly been driven by AI/HPC demand. Although Kinsus remains a relevant beneficiary of high-layer ABF substrate demand, its direct linkage to Bitcoin mining ASIC production has faded over recent quarters and now represents a negligible exposure to their business.

Earnings Recap – Key Holdings:

• Galaxy Digital - Positive

• Meta Platforms, Mastercard, RIOT Platforms – Mixed

• Robinhood - Negative

Other news - Index constituents:

Block Inc (XYZ) announced several Bitcoin product pushes at Bitcoin Vegas 2026, launching a new secure-screen Bitkey hardware wallet, expanding Cash App’s bitcoin accumulation features, introducing public Proof of Reserves across customer and corporate BTC holdings, and demonstrating Square NFC tap-to-pay bitcoin payments over Lightning with 0% processing fees through 2026.

SBI Holdings is moving to deepen its grip on Japan’s regulated crypto market, opening talks to acquire a controlling stake in bitbank, a deal that would add one of Japan’s major exchanges to SBI’s existing digital-asset platform.

Hut 8 priced a $3.25 billion-dollar private offering of investment-grade senior secured notes, 6.192% semi-annually and maturity is November 2042The proceeds will be mostly used to fund the construction of their River Bend campus, which is expected to include a 245 MW HPC grade data centre and a power substation.

Core Scientific announced a multi-tiered plan to scale its Pecos, Texas campus from an existing 300MW Bitcoin mining site into a high-density AI data center campus with up to 1.5GW of gross power capacity.

Meta Platforms has begun offering USDC stablecoin payouts to select creators, reportedly via Stripe and initially on Polygon and Solana.

Coinbase Asset Management launched CUSHY, the Coinbase Stablecoin Credit Strategy, a tokenized digital credit fund for qualified investors and institutions that offers tokenized shares.

Non index constituents:

Japan Exchange Group said crypto ETFs could list in Japan as early as 2027, subject to legal revisions and clearer tax treatment, with CEO Hiromi Yamaji noting solid asset-manager interest.

Visa expanded its stablecoin push by adding five new settlement blockchains, Arc, Base, Canton, Polygon and Tempo, taking its stablecoin settlement pilot to nine networks, while also highlighting more than 160 stablecoin card programmes.

MARA Holdings announced the acquisition of Long Ridge Energy in a $1.5bn deal, including a 505 MW gas plant and 1,600 acres in Ohio, offering over 1 GW power capacity for future AI and IT buildout.

Securitize and Computershare announced an agreement to support US-listed clients in issuing equity securities in tokenized forms.