BREAKING: Pending regulatory approval, Morgan Stanley could introduce what would be the lowest-cost Bitcoin ETF in the market, with fees starting at 0.14%.

A new industry report cited by ChainCatcher points to a structural inflection point for Bitcoin mining. Average production costs for publicly listed miners have climbed to about $80,000 per Bitcoin, while BTC has traded near $70,000, implying losses of roughly $20,000 per coin and raising questions about the sustainability of the traditional mining business model. In response, miners are accelerating a shift into artificial intelligence (AI) and high-performance computing (HPC) infrastructure. The report says the sector has already signed more than $70 billion in related contracts. Some companies forecast that by the end of 2026, as much as 70% of revenue could come from AI operations, effectively repositioning miners as data center operators. Funding for the transition is coming largely from increased leverage and the monetization of Bitcoin treasuries. Public mining companies have sold more than 15,000 BTC in total, with Core Scientific, Bitdeer, and Riot Platforms among those continuing to liquidate holdings to support AI buildouts. The report also flags potential implications for network security. As computing resources are reallocated, Bitcoin's total hash rate has fallen from a peak of about 1,160 EH/s to around 920 EH/s, alongside consecutive difficulty adjustments. Equity valuations are increasingly split along the same lines. Miners with AI exposure are trading at roughly 12.3x forward revenue, compared with about 5.9x for pure-play miners, signaling a clear shift in capital toward AI-driven strategies. Industry watchers say Bitcoin's ability to retake the $100,000 level may determine whether the pivot is a temporary response to margin pressure or a lasting transformation.

Publicly traded bitcoin mining firms are losing roughly $19,000 for every bitcoin they mine, accelerating a pivot toward AI and high-performance computing (HPC) infrastructure, CoinDesk reported. CoinShares estimates the public mining sector has announced more than $70 billion in AI and HPC-related contracts. The expanded CoreWeave–Core Scientific partnership alone totals $10.2 billion over 12 years. TeraWulf's HPC contracts are expected to generate $12.8 billion in revenue, while Hut 8 has signed a 15-year, $7 billion lease to support AI infrastructure at its River Bend campus. Cipher Digital has also struck a multibillion-dollar agreement with Google-backed Fluidstack. By end-2026, AI could contribute up to 70% of revenue for publicly listed mining companies, rising from about 30% today. Core Scientific already derives 39% of revenue from AI hosting, compared with 27% for TeraWulf and 9% for IREN.

March 28 — Publicly traded Bitcoin mining companies are estimated to be losing about $19,000 for every Bitcoin mined, accelerating a pivot toward AI and high-performance computing (HPC) infrastructure, CoinDesk reported. CoinShares said listed miners have collectively announced more than $70 billion in AI and HPC-related contracts. CoreWeave's expanded partnership with Core Scientific alone is valued at $10.2 billion over 12 years. TeraWulf's HPC contracts are expected to generate $12.8 billion in revenue. Hut 8 has signed a 15-year lease agreement worth $7 billion to support AI infrastructure at its River Bend campus. Cipher Digital has also reached a multibillion-dollar agreement with Fluidstack, backed by Google. By the end of 2026, AI could contribute as much as 70% of revenue for publicly listed mining companies, up from roughly 30% today. Core Scientific's AI hosting revenue already accounts for 39% of total revenue, while TeraWulf stands at 27% and IREN at 9%.

Bloomberg ETF analyst James Seyffart wrote on X that Bitcoin ETFs saw roughly $9 billion of heavy redemptions from October 2025 through the end of February 2026. About $3 billion of that has since flowed back in. Net outflows since the "1011 crash" still exceed $6 billion, but year-to-date 2026 inflows and outflows are now close to balanced, pointing to a mild improvement in market sentiment.

ChainCatcher reports that Bloomberg ETF analyst James Seyffart said on X that Bitcoin ETFs previously saw roughly $9 billion in outflows, and have since recovered about $3 billion. Net outflows are still above $6 billion, but year-to-date inflows and outflows are now close to balancing, pointing to a partial improvement in market sentiment.

Morgan Stanley has amended its registration filing for a proposed spot Bitcoin exchange-traded fund, setting a 0.14% management fee that would be the lowest in the market if approved by the U.S. Securities and Exchange Commission (SEC). The ETF, expected to trade under the ticker MSBT, would enter an estimated $85 billion to $92 billion U.S. spot Bitcoin ETF market. Competing products include Grayscale's Bitcoin Mini Trust at 0.15%, while BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund each charge 0.25%. Morgan Stanley, which reports $6.2 trillion in client assets and employs about 16,000 financial advisors, has accelerated its push into digital assets after previously taking a more cautious stance. The bank filed initial applications for a spot Bitcoin ETF and a spot Solana ETF on Jan. 6, 2026, followed soon after by a staked Ether ETF filing. It also named longtime executive Amy Oldenburg to lead its digital-asset strategy. In an amended S-1 filed on March 17, Morgan Stanley disclosed a $1 million seed investment and identified Coinbase and BNY Mellon as proposed custodians. About a week later, the New York Stock Exchange issued an official listing notice for the product, describing its launch as "imminent". Beyond the spot Bitcoin ETF, the bank applied in mid-February for a national trust banking charter aimed at offering crypto custody, trading and staking services. Morgan Stanley now recommends clients allocate 2% to 4% of portfolios to cryptocurrencies, including within IRAs and 401(k) plans. Large banks are expanding crypto and blockchain exposure through ETFs, tokenized fiat deposits and tokenized real-world assets, even as disputes persist with stablecoin issuers over yield-farming practices. JPMorgan Chase, Standard Chartered and Goldman Sachs are among the firms pushing further into the sector, contributing to broader institutional acceptance of crypto in global finance.

PANews, March 28 — On-chain tracker Lookonchain reported that New York Digital Investment Group (NYDIG) sent 4,500 BTC, worth about $295.5 million, to Wintermute, Cumberland, FalconX, B2C2 Group and Galaxy Digital around eight hours ago. The transfers may be intended for a sale.

Odaily Planet Daily reported that Lookonchain data show NYDIG sent about 4,500 BTC to several market makers around eight hours ago. The recipients included Wintermute, Cumberland, FalconX, B2C2 Group and Galaxy Digital. The transfers were valued at roughly $295.5 million.