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Morgan Stanley increased its stake in Circle to 8.32 million shares in Q2 and added to its Bitcoin and Ethereum ETF positions

According to Cointelegraph, Morgan Stanley's latest 13F filing submitted to the U.S. SEC shows that as of June 30, it held approximately 16.5 million shares of BlackRock IBIT, an increase of 23% from 13.4 million shares in the first quarter. However, due to the decline in Bitcoin prices during the quarter, the market value of this holding dropped from $667 million to $549 million, a decrease of about 18%.During the same period, Morgan Stanley also held 2.57 million shares of MSBT, valued at approximately $43.3 million, and increased its holdings in Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, and Fidelity FBTC, with FBTC holdings increasing by nearly 38%.In terms of Ethereum, its ETHA holdings increased by about 202% to 4.6 million shares, and the Grayscale Ethereum Staked Mini ETF holdings increased by about 26% to 5.1 million shares. Additionally, Morgan Stanley also established new positions in the Grayscale Solana Staked ETF and Fidelity Solana Fund, with market values of approximately $4.25 million and $2.26 million, respectively.On the individual stock front, Morgan Stanley's holdings in Circle (CRCL) surged from about 1.46 million shares to 8.32 million shares, while also increasing positions in mining companies and infrastructure firms such as Cipher Digital, Core Scientific, Hut 8, and Bitdeer; on the other hand, it reduced its holdings by about 550,000 shares in Coinbase, reduced over 3.1 million shares in CleanSpark, and completely exited approximately 8 million shares in Bitfarms.

Gray Research Director: ETH and SOL may face supply contraction, and the reduction of inflation mechanisms will strengthen token scarcity

Grayscale Research Director Zach Pandl stated that the two major blockchain networks, Ethereum (ETH) and Solana (SOL), are considering adjusting their token economic models to enhance asset scarcity by reducing future token supply growth through lowering annual inflation rates. As important native assets supporting stablecoins and tokenized asset ecosystems, the prices of ETH and SOL are primarily determined by supply and demand dynamics. If the relevant code upgrade proposals are approved, under unchanged conditions, lower supply growth may provide support for token prices.According to Grayscale's analysis, if the relevant adjustments are implemented, the supply inflation rates of BTC, ETH, and SOL will continue to decline over the next five years. By the end of 2031, the annual inflation rates for Bitcoin and Ethereum are expected to be around 0.4%, and Solana around 1.1%, which is lower than gold's annual supply growth rate of about 1.8% and the U.S. CPI inflation level of about 3.3%. Currently, these token economic adjustments are still in the community discussion phase. Among them, the Solana-related proposal has gained broader support and has a higher likelihood of implementation; the Ethereum proposal still requires further discussion.If the adjustments are implemented, staking users may face reduced token rewards, as part of the staking income comes from the issuance of new tokens. However, due to the decline in the growth rate of circulating supply, the scarcity value of the tokens may increase, potentially providing price support. For ETH and SOL holders who do not participate in staking, they may benefit directly; the final returns for stakers will depend on the balance between the decrease in rewards and the increase in prices. Zach Pandl concluded that ETH and SOL are becoming important digital commodities supporting stablecoins and the tokenization of real assets, and the economic model adjustments aimed at reducing inflation may further strengthen their scarcity attributes.

Ireland releases its first anti-money laundering strategy, which will strengthen the review of transfers to private crypto wallets

According to Decrypt, the Irish government has released its first national anti-money laundering (AML) strategy, which plans to strengthen the review of digital asset transfers involving self-hosted wallets and increase due diligence requirements for crypto companies when cooperating with overseas institutions.According to the announcement from the Irish Department of Finance, this strategy implements the remaining requirements of the EU's Transfer of Funds Regulation, which will require crypto asset service providers (CASP) to perform "enhanced checks" on transfers involving private wallets, while implementing stricter customer due diligence when conducting business with overseas crypto companies.The related measures are based on the Financial Action Task Force (FATF) Travel Rule, which requires the inclusion of sender and receiver information in digital asset transactions to enhance the transparency of fund flows. Ireland stated that the new regulations will be advanced in parallel with the EU's Markets in Crypto-Assets Regulation (MiCA).MiCA establishes a unified regulatory framework for crypto asset service providers, while Ireland previously granted a 12-month transition period for its domestic crypto companies, which is shorter than the maximum 18 months allowed by the EU. The transition period is set to end at the end of December 2025, so the new requirements will directly apply to companies that have obtained formal authorization.

Norway's sovereign wealth fund indirectly holds 11,549 BTC, setting a new historical high

According to The Block, K33 research director Vetle Lunde stated that by the end of the first half of 2026, the Norwegian sovereign wealth fund's indirect Bitcoin exposure through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla has risen to 11,549 BTC, a record high valued at approximately $725 million. This exposure grew by 21.2% in the first half of the year and by 60.5% over the past year, marking the sixth consecutive reporting period of increase.Among these, Strategy accounts for nearly 86% of the fund's indirect Bitcoin exposure, corresponding to approximately 9,914 BTC. As of June 30, the Norwegian sovereign wealth fund held about 1.17% of Strategy's shares, valued at $357.3 million at that time. Metaplanet corresponds to 671 BTC, MARA corresponds to 421 BTC, and Coinbase, Block, and Tesla correspond to 183 BTC, 120 BTC, and 97 BTC, respectively.K33 pointed out that this exposure is likely not the result of the fund actively allocating to Bitcoin, but rather an indirect effect of its broadly diversified investment portfolio. Currently, the related Bitcoin exposure accounts for about 0.03% of the fund's total assets.In addition, the fund has also gained indirect ETH exposure through the Ethereum treasury company BitMine for the first time. As of June 30, it held 6.15 million shares of BitMine, valued at $88.3 million, accounting for about 1.16% of the company's shares; based on BitMine's current ETH holdings, this corresponds to an indirect exposure of approximately 67,340 ETH.

SK Hynix's cash expenditure on equipment in the first half of the year exceeded 18 trillion won, an increase of over 70% compared to the same period last year

According to reports from South Korean media, SK Group Chairman Chey Tae-won received a salary of 1.75 billion won in the first half of this year.According to the Financial Supervisory Service, SK Corporation disclosed this information in its semi-annual report released that day. The chairman's salary level in the first half of this year is the same as the same period last year, and he did not receive any bonuses apart from his salary. The chairman's younger brother, SK Group Vice Chairman Chey Jae-won, received a salary of 1.5 billion won during the same period. SK Corporation President Chang Yong-ho received a total of 1.8 billion won, including 1 billion won in salary and 800 million won in bonuses.In addition, SK Supex Pursuit Council Chairman Yoon Bong-yong was disclosed to have received a total of 7.715 billion won, which includes 500 million won in salary, 800 million won in bonuses, and 6.415 billion won in compensation from 12,103 performance stock units (PSUs) granted three years ago. SK Hynix's sales from Nvidia in the first half of this year exceeded 17 trillion won, accounting for about 13% of the company's total sales.The average salary of SK Hynix employees reached 144 million won (approximately $104,000) in the first half of this year, an increase of 23% year-on-year. SK Hynix significantly increased its capital expenditures and research and development (R&D) investments in the first half of this year. Cash expenditures for acquiring tangible assets exceeded 18 trillion won, an increase of over 70% year-on-year. The number of small shareholders of SK Hynix has grown more than fivefold in a year, surpassing 3.46 million.
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