Equities update | March 6th 2026

Week 10 was marked by elevated volatility across global markets, driven primarily by escalating geopolitical tensions in the Middle East after Donald Trump signalled that negotiations with Iran were unlikely and called for a complete surrender. This added another layer of uncertainty to markets already navigating technical pressures, including the unwinding of leverage across parts of Asia, most notably in South Korea’s equity market. The sell-off appeared largely technical rather than fundamental, as corporate earnings and forward guidance remain robust across key themes within technology. In the U.S., labour market data also surprised to the downside, raising concerns that the Federal Reserve may be falling behind the curve in responding to weakening economic momentum. Finally, The CLARITY Act remains stalled in the Senate Banking Committee with no markup date, with the key stablecoin yield dispute unresolved.

Week 10 Key Developments in Blockchain Equities:

·        Index Performance: This week, the Index was broadly flat at -0.17%, while Bitcoin appreciated 3.4%. Markets were influenced by the ongoing tensions between the United States and Iran, with potential supply-chain disruptions creating uncertainty, although equities remained relatively resilient despite elevated volatility. U.S. labour market data also surprised to the downside, with 92k jobs lost versus expectations for a 55k gain, while the unemployment rate ticked up to 4.4%, suggesting the Federal Reserve may need to cut rates more aggressively.

·        Block Index Key Movers: 7-day top performers: Block Inc (+23.6%), Circle Internet Group (+21.2%), Coinbase (+13.6%) 7-day worst performers: Samsung (-15.0%), Core Scientific (-11.0%), SBI Holdings (-10.6%)

·        Japan’s digital asset initiatives are set to accelerate amid increasingly supportive regulation - This week, the team attended the annual Daiwa Investment Conference in Tokyo, meeting around 20 corporates across the blockchain ecosystem. The key takeaway was a clear shift in urgency: financial institutions that had previously viewed crypto as speculative are now actively preparing infrastructure upgrades for stablecoins and tokenisation as regulatory clarity improves. On Tuesday, the Bank of Japan announced a blockchain sandbox to test settling central bank reserves between financial institutions on distributed ledger networks. The initiative also aligns with the Bank for International Settlements’ Project Agorá, a global experiment exploring next-generation blockchain-based financial infrastructure.

·        Separately, Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, Japan’s three largest banks, launched a joint proof-of-concept for a unified stablecoin framework to advance cross-border remittances in the wholesale market but also drive retail adoption, one of the first initiatives approved under the Financial Services Agency of Japan’s Payment Innovation Project. Meanwhile, Index constituent SBI Holdings announced plans to issue security token bonds for retail investors, digitally managed via blockchain, with trading expected to begin in March 2026. Taken together, the Index is positioned to capture Japan’s rapidly evolving digital asset landscape across multiple layers, including exchanges, custody, Web 3.0 and blockchain infrastructure, where increasing regulatory clarity and growing institutional adoption could drive valuation re-rating across key financial services providers.

·        Earnings Recap – Key Holdings:

• Core Scientific - Positive

• RIOT Platforms – Mixed

·        Other news: Kraken Financial became the first digital asset bank to receive a Federal Reserve master account. Kraken can now settle USD transactions directly on Fed rails without relying on correspondent banks potentially leading to faster, cheaper fiat movement for institutional clients and strengthens their pre-IPO position. Intercontinental Exchange (ICE) invested US$200 million in crypto exchange OKX at a US$25 billion valuation, taking a board seat and partnering to launch tokenized NYSE equities on OKX (H2 2026). Morgan Stanley files to launch a spot Bitcoin ETF under its own brand with Coinbase and BNY Mellon named as custodians. Strategy purchased 3,015 bitcoin last week for approximately US$204.1 million at an average price of US$67,700 each. The company now holds 720,737 bitcoin acquired for about US$54.77 billion, with average purchase price across all holdings at roughly US$75,985 per coin. Galaxy Digital announced that its board has approved the voluntary delisting of the Company's Class A common stock from the Toronto Stock Exchange.