Iran and US Loans: Unusual Trends in Cryptocurrency Company Stocks, 2026/03/25 23:59:59

Opinion The American stock market has been in decline since late January, a trend that continues. The military conflict in Iran has exacerbated the situation. What is the status of cryptocurrency companies’ stocks?

There Can Never Be Too Much Negativity

The intensified Middle Eastern conflict that began in late February persisted into March, resulting in significant volatility in energy resources. Oil prices surged from $72 to $120 per barrel before dropping to $104. Bitcoin experienced an increase of over 6% in March. This growth occurred despite the maintenance of the key interest rate in the U.S., which is typically viewed by crypto investors as at least a neutral signal (indicating that loans will not become cheaper). Here’s how the stocks of cryptocurrency companies—those that mine Bitcoin, accept it as a payment method, or invest in cryptocurrency—reacted to these developments:

TeraWulf (NASDAQ: WULF)

TeraWulf ranks tenth by market capitalization at $6.87 billion. The company is involved in mining, high-performance computing (HPC), and artificial intelligence development. WULF shares exhibited no change in March, remaining flat. The beginning of the month continued the downward trend from late February, driven by a mixed report for 2025, which revealed a net loss of $661.4 million. The uptick in the latter half of the month was linked to news regarding the development of data centers, specifically a partnership with Fluor Corporation to commence construction of 480 MW farms in Kentucky.

Source: tradingview.com

Galaxy Digital (NASDAQ: GLXY)

Galaxy Digital holds the ninth position with a market capitalization of $7.88 billion. The company operates with significant diversification, including asset management, consulting, AI development, and more. Like many other companies in this ranking, GLXY shares traded sideways throughout February and March. The major news for the month was the delisting of the company’s shares from the Toronto Stock Exchange, which occurred on March 19 at the company’s management’s decision.

Source: tradingview.com

BitMine Immersion Technologies (NYSE: BMNR)

BitMine Immersion Technologies, which possesses the largest reserve of Ethereum, ranks seventh with a market capitalization of $9.46 billion. The company also holds a BTC reserve, which stood at 196 coins at the end of March. BMNR’s stock performance in March was the best among the companies in this ranking, with a growth of 9.59%. This increase was primarily due to an 11% rise in ETH prices during March. However, it is important to note that this does not indicate a rally, as BMNR shares have been trading within a broad range for the second consecutive month.

Source: tradingview.com

IREN (NASDAQ: IREN)

IREN, an Australian company focused on developing data centers for mining and artificial intelligence (formerly Iris Energy), ranks seventh with a market capitalization of $13.64 billion. In March, its stock price changed very little, decreasing by 0.41%. The main news for March was the expansion of its partnership with technology giant Nvidia. At the beginning of the month, IREN representatives announced the additional acquisition of 50,000 high-performance GPUs B300 from Jensen Huang’s company. Furthermore, management plans to sell approximately $6 billion worth of shares in the market as part of its capital management strategy.

Source: tradingview.com

Block (NYSE: XYZ)

Block, the payment service formerly known as Square, occupies the sixth position with a market capitalization of $36.39 billion. The company not only allows customers to pay for goods and services through its applications but also invests in Bitcoin. In March, Block’s shares lost nearly 6% of their value. Rising energy prices, driven by the Middle Eastern conflict, exerted pressure on investors. The announcement by Block’s CEO Jack Dorsey regarding a 40% workforce reduction to replace it with artificial intelligence was met with mixed reactions from investors.

Source: tradingview.com

Grayscale Bitcoin Trust (NYSE: GBTC)

The fifth position is held by Grayscale’s spot Bitcoin ETF, Grayscale Bitcoin Trust, with a market capitalization of $37.36 billion. Its shares (units) increased by 5.55% in March. The Iranian crisis and domestic economic issues in the U.S. had minimal impact on the stock’s performance. The primary influence came from the rise in Bitcoin prices, which the fund tracks. Notably, starting April 1, Grayscale Bitcoin Trust will change its benchmark. Until that date, the fund calculates net assets based on the CoinDesk Bitcoin Price Index (XBX), but afterward, it will focus on the CoinDesk Bitcoin Benchmark Rate. The outflow of funds from GBTC continued in March, totaling $110.97 million.

Source: tradingview.com

PayPal (NASDAQ: PYPL)

PayPal ranks fourth among the largest crypto companies with a market capitalization of $41.36 billion. It not only allows customers to pay for goods using cryptocurrency but also issues its own stablecoin, PYUSD. The company’s shares decreased by 4.33% in March. Since late February, PayPal’s stock has been trading sideways. Investors have shown little reaction to economic data. On a positive note, PayPal has expanded the availability of its PYUSD stablecoin, which is now accessible in 70 countries.

Source: tradingview.com

Strategy (NASDAQ: MSTR)

The largest cryptocurrency company by market capitalization is Strategy (formerly MicroStrategy), which holds the largest BTC reserve among public organizations, valued at $47.08 billion. Its shares increased by 5.21% in March. The stock’s performance continues to be primarily influenced by Bitcoin’s price. When BTC rises, as it did in March, Strategy’s shares typically follow suit; conversely, they decline when BTC falls. The Middle Eastern conflict and U.S. interest rates have a similar impact on MSTR as they do on Bitcoin.

Source: tradingview.com

Coinbase (NASDAQ: COIN)

Coinbase, the cryptocurrency exchange, holds the second position with a market capitalization of $48.81 billion. The first month of spring 2026 saw its shares rise by 2.95%. This positive trend was primarily due to the initial trading sessions in March when large investors capitalized on the dip. Notably, Ark Invest’s Cathie Wood purchased $4 million worth of Coinbase shares during this period. The following three weeks were characterized by sideways trading. However, on March 24, Coinbase’s shares plummeted by 9.76%, erasing nearly all of the gains made at the beginning of the month. This decline was attributed to news that the U.S. Congress would significantly limit the yield on stablecoins, which would be a substantial blow to Coinbase, as interest on stable tokens is one of its competitive advantages.

Source: tradingview.com

Tesla (NASDAQ: TSLA)

Tesla, the electric vehicle manufacturer and significant Bitcoin investor, remains the top cryptocurrency company by market capitalization at $1.437 trillion. Its shares fell by 4.84% in March. The partly negative trend can be attributed to weak sales and the risk of chip shortages. However, the primary catalyst for the decline was an investigation by the National Highway Traffic Safety Administration (NHTSA) into Tesla’s autopilot software. This inquiry was prompted by an incident in August when a Tesla Cybertruck crashed into a concrete wall while failing to follow route indicators. Additionally, increased competition in the autonomous vehicle sector has put further pressure on the company’s shares. On March 19, it was announced that the technology service Uber would invest up to $1.25 billion by 2031 in the joint development of robotaxis with one of Tesla’s main market competitors, Rivian. A total of up to 50,000 such vehicles are planned to be deployed on the roads of the U.S., Canada, and Europe.

Source: tradingview.com

Conclusion

In March 2026, the stocks of cryptocurrency companies primarily consolidated. Out of ten securities, five experienced growth, four declined, and one remained unchanged. The impact of the Middle Eastern conflict involving Iran, Israel, and the U.S., along with the stability of the U.S. key interest rate, proved to be minimal.

This material and the information contained herein do not constitute individual or any other investment advice. The views expressed may not align with those of analytical portals and experts.