Equities update | February 20th 2026

Week 8 in blockchain equities saw volatility pick up while markets remained broadly rangebound, as investors digested the ongoing US–Iran conflict, AI-trade developments and a mixed set of macro data. Digital asset treasuries continued to execute on their strategy to institutionalise exposure, and continued to deploy capital despite weaker crypto price action. On the earnings front, results provided further confirmation of soft Q4 crypto trading revenues across the industry, indicating a broad-based slowdown rather than exchange-specific weakness.

Week 8 key developments in blockchain equities:

• Index performance: This week, the Index was flat while Bitcoin declined (-4.1%). US Core PCE surprised slightly to the upside at 0.4% vs. 0.3% expected, driven by an increase in services inflation, while the first estimate of Q4 GDP disappointed at 1.4% vs. 2.8% expected, pointing to softer growth momentum. The Fed minutes struck a relatively hawkish tone remaining data-dependent but signalling a willingness to tighten if inflation reaccelerates, although market pricing for the policy path was largely unchanged over the week.

• Block Index key movers: 7-day top performers: Coinbase (+17.6%), eToro (+15.9%), RIOT Platforms (+14.2) 7-day worst performers: GMO Internet (-18.0%), Nexon (-13.9%), Ceres (-11.7%)

• Ethereum Digital Asset Treasuries (DATs) are seeing a continued rise in institutional participation - Index constituent SharpLink Gaming (SBET US EQUITY) reported institutional ownership of 46% across 182 holders, up from 12.5% and 49 institutions six months ago (Bloomberg), while its Ethereum treasury has grown to 867,798 ETH, all staked, generating 13,615 ETH in rewards to date. The company also appointed veteran crypto journalist Steven Ehrlich as Head of Research and Communications to strengthen engagement with both retail and institutional audiences. Meanwhile, Bitmine Immersion (BMNR US EQUITY) is seeing a similar trend, with BlackRock and ARK Invest increasing their positions, lifting institutional ownership to 33% of shares outstanding. Overall, the shift in the shareholder base toward long-only institutions is a constructive signal for the ETH treasury model, indicating growing recognition of Ethereum’s role in stablecoin and tokenisation infrastructure.

• Earnings recap – key holdings:

  • eToro - Positive

  • HIVE Digital, Metaplanet – Mixed

• Other news: Index constituent CME Group (CME US EQUITY) will launch 24/7 trading for crypto futures and options from 29 May. Core Scientific (CORZ US) has entered a co-operation agreement with activist investor Two Seas Capital that will expand its board representation and see Chairman Jordan Levy depart, signalling a governance shift as the company moves deeper into its HPC and digital-infrastructure build-out, while Riot Platforms (RIOT US EQUITY) faces similar pressure from Starboard Value to accelerate its transition toward a data-centre-led model. Strategy Inc. (MSTR US EQUITY) purchased an additional 2,486 Bitcoin, taking holdings to 717,131 BTC at an average cost of US$76,027. Separately, Figure Technology Solutions (FIGR US EQUITY) is marketing 4.23 million shares of a blockchain-native security that will trade on its own on-chain alternative trading system rather than Nasdaq; the shares will be convertible one-for-one into common equity, with up to US$30 million of buybacks planned post-offering.