Equities update | March 20th, 2026

Week 12 was marked by an escalation in Middle East tensions, as U.S.–Iran hostilities intensified following the destruction of key regional energy infrastructure. Energy commodities surged in response, while markets began pricing in a more hawkish policy path with additional rate hikes reflected in ECB and BOE expectations and near-term Fed rate cut projections largely priced out. Despite the macro uncertainty and weakness across equities and precious metals, Bitcoin proved relatively resilient over the week. On the corporate front, stablecoin momentum continued to build, highlighted by Mastercard’s acquisition of BVNK, while regulatory clarity advanced as the SEC and CFTC moved toward more formal classification frameworks for digital assets, distinguishing between commodities and securities, with further developments anticipated around the CLARITY Act.

Week 12 key developments in Blockchain Equities:

• Index performance: This week, the Index appreciated 1.2%, while Bitcoin traded broadly flat. U.S. PPI surprised to the upside at 0.7% versus 0.3% expected, reinforcing concerns that upstream price pressures, particularly from energy, may begin filtering through to core inflation in the months ahead. The Federal Reserve held rates steady but adopted a mildly hawkish tone, signalling vigilance around energy-driven inflation risks. US Treasury yields edged higher on the week, reflecting reduced expectations for near-term rate cuts and a market increasingly sensitive to commodity-driven inflation volatility.

• Block Index key movers: 7-day top performers: Kinsus Interconnect (+32.0%), Circle Internet Group (+12.4%), Bitfarms (+7.7) 7-day worst performers: Canaan (-12.8%), Metaplanet (-8.2%), Meta Platforms (-4.9%)

• Index constituent Mastercard announced the acquisition of BVNK for US$1.8bn - The deal integrates BVNK’s blockchain-native payment rails which connect stablecoins with traditional fiat systems into Mastercard’s global network, enabling seamless conversion between digital assets and bank money while expanding use cases across cross-border remittances, B2B settlement and programmable payments. Strategically, the transaction positions Mastercard to capture growth in regulated stablecoin flows by leveraging its global distribution, compliance infrastructure and merchant network. For the Index, this is significant: Mastercard’s evolution beyond a traditional card network toward blockchain-enabled infrastructure reinforces the thesis that global payment incumbents are actively upgrading their technology stacks to defend market share rather than risk disintermediation.

• Strategy Inc. (formerly MicroStrategy) executed its largest Bitcoin purchase of 2026 – Strategy Inc acquired 22,337 BTC for approximately US$1.57 billion which brings total holdings to 761,068 BTC. Notably, this marked the first instance in which preferred equity funded the majority of a weekly acquisition, with US$1.18 billion raised via 11.8 million shares of its  Series A Perpetual Stretch Preferred (STRC), alongside US$396 million from common stock issuance. STRC was the most actively traded preferred security during the period, indicating expanding investor participation beyond the common equity base. The shift toward preferred-led financing reflects a maturing capital structure that mitigates dilution for common shareholders while tapping a broader pool of yield-oriented capital to purchase Bitcoin.

• Other news: Coinbase launched 24/7 trading for select “Magnificent 7” equities with up to 10x leverage, responding to competitive pressure from Hyperliquid’s Trade XYZ, which recently expanded further into perpetual futures after signing an agreement with S&P Global to list 24/7 S&P 500 perpetual contracts. In Japan, Metaplanet raised ¥40.8bn (~US$255m) via a share placement featuring mNAV-linked warrants, exercisable only above 1.01x mNAV to ensure dilution remains accretive to BTC per share; total potential capital raised could reach US$531m, with holdings now at 35,102 BTC. Moody’s Ratings became the first major ratings agency to introduce independent credit analysis for blockchain-based financial infrastructure, signalling deeper institutional integration. Meanwhile, Kraken paused its multibillion-dollar IPO  four months after confidentially filing its S-1 with the SEC citing weaker market conditions despite prior backing, including US$200m from Citadel Securities, and a reported US$20bn valuation target.