Morgan Stanley Files for Multiple Spot Crypto ETFs, Strategy Adds to Bitcoin Stockpile, and PwC Signals Broader Crypto Push

Takeaways

• Morgan Stanley filed S-1 registration statements with the SEC for Bitcoin, Ethereum, and Solana ETFs: The bank’s Solana offering will reportedly include a staking feature. The filings come as cumulative US spot crypto ETF trading volume has topped $2 trillion.
• A scheduled Ethereum fork increased the network’s ability to scale by increasing a stat known as blob limit: The network enhancement allows rollups to use more data and reflects Ethereum’s ongoing efforts to improve its scalability.
• JPMorgan reported the Bitcoin network hashrate declined for a second consecutive month in December: The monthly average fell by roughly 3% MoM, with mining profitability also falling by 32% YoY due to factors including high energy costs.
• Strategy purchased an additional 1,286 BTC for about $116 million, lifting its disclosed holdings to 673,783 BTC: The company also increased its USD reserve by $62 million to support its preferred dividends and debt obligations, bringing the total to $2.25 billion.
• PwC US CEO Paul Griggs announced the firm's strategic decision to lean in to crypto-related work: The accounting giant said the increased engagement with digital assets was driven by passage of the GENIUS Act and a friendlier regulatory environment in the US.

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Morgan Stanley Files S-1s for Spot Bitcoin, Ethereum, and Solana ETFs

The solana ETF will reportedly include a staking element, and the proposals position the bank alongside other established ETF issuers who entered the market following the approvals in January 2024.

Cumulative US spot crypto ETF trading volume has surpassed $2 trillion, and with Morgan Stanley currently managing around $1.5 trillion, the firm’s further foray into listed crypto offerings could bring significant investment to the space. The firm has already signalled further interest in crypto through allocation guidance and client access to digital assets.

Easier crypto ETF listing rules, which came into effect last year, have made the filing-to-launch process less time-consuming for filing entities, enabling major firms like Morgan Stanley to quickly expand their involvement in the digital assets space.

Planned Ethereum Fork Goes Live, Improving Scaling Capabilities

The BPO2 fork, as it was known, activated on Tuesday evening, increasing the blob target from 10 to 14 and the limit from 15 to 21.

Blobs are a data mechanism supporting Layer 2 rollups such as Base, Optimism, Arbitrum, StarkNet, and zkSync, enabling them to post transaction data to Ethereum for a limited period, preserving security and verifiability.

The update has been interpreted by many as a signal that Ethereum will now scale by adjusting parameters, rather than through major protocol changes. This aligns with Ethereum’s roadmap, which focuses on harnessing data availability to flexibly expand the network of the second largest cryptocurrency to meet huge demand.

JPMorgan Says December Marked Second Month of Declining Bitcoin Hashrate

The declining rate is perhaps a signal of softening mining competition, as monthly average computational power slipped to roughly 1,045 exahashes per second.

Profitability also fell, with daily block-reward revenue falling to a record low of $38,700 per EH/s in December, down 32% YoY. Daily block-reward gross profit also decreased by 9%, which may indicate tighter margins due to slightly weaker bitcoin prices than those seen in previous months, and high energy costs.

In spite of the recent decline, public miners showed strong performance in 2025, with the combined market cap of 14 US-listed miners and data-center operators tracked by JPMorgan rising by around 73% to $48 billion. While December was mixed, nine of the 14, including IREN and Cipher Mining, outperformed Bitcoin over the full year.

Strategy Buys Additional 1,286 BTC, Raises USD Reserve to $2.25 Billion

The move has brought the firm's total holdings to 673,783 BTC, with an average acquisition cost of roughly $75,026 per bitcoin. At current prices, the stockpile implies roughly $12.4 billion in unrealized gains and represents more than 3% of bitcoin’s total supply.

The purchase was again largely funded through sales of MSTR shares via at-the-market (ATM) sales, raising $312.2 million. The company still has $11.39 billion available under the ATM program for MSTR and $41.4 billion for preferred stock. Strategy also increased its USD Reserve to $2.25 billion for dividend and interest payments. Less positively for the firm however, Strategy’s mNAV has weakened to approximately 0.81 as a result of a relatively depressed market valuation.

PwC To Embrace Crypto Amid New Regulatory Landscape, US CEO Says

US CEO Paul Griggs revealed the change in posture saying that the firm intends to “lean in,” citing the passage of the GENIUS Act and a broader regulatory pivot in the US as the main drivers.

Part of PwC’s expansion plans involve rehiring a specialist partner and increasing internal and external resources to meet client demand. The firm, which already audits major crypto miner MARA Holdings, is also actively promoting the use of stablecoins to simplify payments and reduce the inefficiencies of traditional banking systems. The move mirrors broader Big Four activity as auditors and consultants race to define accounting, custody and operational best practices for tokenized products.

-Team Gemini