Happy Wednesday! Today we continue our coverage of the tumultuous TACO/not-really-TACO saga and its effects. We also take a look at our new investor relations platform, which we unveiled yesterday at the Digital Asset Summit in New York!

Wall Street edged higher on Tuesday, with the S&P 500 gaining 0.32% and the NASDAQ 100 up a marginal 0.06%, as markets digested mixed signals around the Middle East conflict. The modest gains followed Monday’s rebound, which was fuelled by President Trump’s comments about productive conversations with Iran over ending the war. 

In Europe, the picture was more encouraging. The Stoxx Europe 600 rose 0.4%, continuing its recovery from correction territory entered earlier in the week, while London’s FTSE 100 rallied 0.7%. HSBC’s Duncan Toms suggested that extreme pessimism was already priced into European equities.

Gold rose 2.58% on the day, a notable bounce after a brutal stretch that has seen the metal shed over 15% since the US-Israeli bombardment of Iran began on February 28. The price sits around $4,550 per troy ounce, down sharply from its January record of $5,594. Some have become wary against treating gold as a reliable safe haven, as it has begun to sell off during broader market stress as investors liquidate to cover margin calls. Global gold ETFs have seen roughly $10.8B in outflows since the war started, according to Vanda.

Brent crude climbed 4.6% to $104.50, rebounding from the prior session’s 10%+ plunge. Treasury bonds resumed their decline, with 10-year yields rising 8bp to 4.41% on inflation concerns.

Bitcoin slipped 0.55%, underperforming traditional markets. Within crypto, sector dispersion was extreme (as per usual). AI tokens led all categories with a 13.9% gain (mainly due to TAO), followed by Perps (+8.0%), DeFi (+5.4%), and RWA (+4.7%). On the other end, the 2025 Crypto Equity Cohort cratered 16.9%, Crypto Equities fell 9.6%, and Crypto Miners dropped 2.1%. Meme tokens also slid 1.4%.

Introducing Blockworks Investor Relations, an IR platform built for onchain businesses.

The latest Blockworks offering brings together analytics, a branded investor relations site, and integrated advisory support into a single platform. The result is a more efficient way to share your story, build trust with investors, and engage a global audience from day one.

If you’re building in crypto and want to upgrade your investor relations function, we’d love to work with you. Book a meeting with the Blockworks team to get started.

The future is investor relations

Investor relations has long been a core function in traditional markets, but in crypto it remains underdeveloped. Existing approaches are often fragmented, inconsistent, or loosely adapted from legacy systems that do not reflect how onchain businesses operate.

At the same time, much of a crypto company’s performance is already observable in real time through public data — yet there is no standardized way to translate that into clear, structured communication for investors. The result is a gap: Investors lack consistent frameworks for evaluation, and teams face unnecessary overhead in assembling and presenting their story.

Blockworks is building an investor relations platform to address this gap. Rather than replicating traditional reporting structures, the platform is designed around the premise that onchain data can serve as the foundation for investor communication. By combining live analytics with standardized disclosures and structured distribution, it aims to make investor understanding more consistent while reducing the operational burden on teams. The platform is launching with Jito and BNB as initial partners.

The product includes three core components. First, analytics and data visualization tools surface key performance indicators, financial metrics, and usage data, alongside industry benchmarks. This enables teams to ground their communications in verifiable data without relying on fragmented sources.

Second, each partner receives a branded, public-facing IR portal. These sites act as a centralized destination for investor materials, including reports, disclosures, transcripts, and updates. The structure mirrors the expectations of traditional investor relations while remaining native to crypto.

Third, we provide advisory support, including reporting guidance, investor communications, and distribution to a network of institutional participants. This is intended to improve not only the availability of information, but also how it is contextualized and delivered.

The platform builds on our broader work in data and disclosure, including the Token Transparency Framework, which is integrated directly into the IR experience. Taken together, these elements position investor relations as an ongoing, data-driven function rather than a periodic or compliance-driven exercise.

— Boccaccio

1. Sky Ecosystem DAT

Kairos Research published a thread on X detailing onchain analysis of a newly identified DAT (likely a decentralized autonomous treasury) within the Sky ecosystem. The entity has accumulated roughly 8.78% of total SKY supply across five wallets, all funded via Coinbase Prime Custody. Every wallet shows identical behavior: fully staked in the Sky LockstakeEngine with no withdrawals or reward claims. The timing aligns with SDEV’s (formerly NovaBay Pharmaceuticals) disclosed SKY acquisition schedule, though approximately 386 million SKY remains unaccounted for, presumably held with custodians.

2. Steakhouse Situation Update 2026-03-22

Steakhouse Financial published a situation update on X regarding the Resolv USR exploit on March 22, 2026. The firm confirmed zero exposure and zero losses across all its vaults. Their automated monitoring detected a USR/USDC price deviation at 02:21 UTC, and by 03:02 UTC all exposure to affected markets had been removed. 

Steakhouse noted they never accepted RLP as collateral due to its concentrated tail risk. They remain in communication with Resolv’s team and reiterated that their full company treasury is allocated to their own products.

Ask ten investors what a neobank is and you'll get roughly the same answer: an app with digital-first, mobile-only, bank-like functions. Ask ten consumers which app they actually use and the answers get a lot more interesting.

The central question for stablecoin-first neobanks is how to expand beyond the crypto-native base. Neobanks that succeed will likely be defined less by feature sets than by who owns the user’s primary relationship with money.

This report groups the neobank landscape into three origin-based archetypes, analyzes the moats and unit economics of each, and discusses leading apps like Chime, KAST, MercadoPago, Nubank, Revolut, SoFi and more.