The Daily: Bitcoin tops $94K, crypto mining stocks rally, Grayscale begins distributing staking rewards to Ethereum ETF investors, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Monday! We're back after the festive break — and what better way to kick off the new year than with The Block Research analysts' predictions for the crypto space in 2026.

In today's newsletter, bitcoin and mining stocks rally, PwC plans to expand its crypto-related services, Grayscale begins distributing staking rewards to Ethereum ETF investors, and more.

Meanwhile, crypto data platform The Tie acquires Stakin in a cash-and-equity deal.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Bitcoin tops $94K and crypto mining stocks rally as markets digest US operations in Venezuela

Bitcoin climbed above $94,000 on Monday as traders rotated back into risk assets amid early-year repositioning and heightened focus on U.S. military operations in Venezuela.

• "The first week of the new year often sees fresh positioning from investors, and bitcoin is likely being viewed as an attractive entry point at current levels," Presto Research analyst Min Jung told The Block.
• The rally triggered more than $140 million in liquidations in just four hours, with short positions accounting for the majority as bearish bets were forced out.
• CoinEx Research analyst Jeff Ko said crypto acted as the weekend's primary liquidity venue, with investors broadly interpreting the Venezuela developments as supportive for risk assets.
• Crypto mining stocks tracked bitcoin higher, led by the Trump-backed American Bitcoin, which jumped about 14% in early Monday trading after a volatile end to 2025.
• The rebound extended across the sector, with Canaan, Bitfarms, HIVE, and Hut 8 also posting strong gains as investors reassessed balance sheets and strategic pivots.

PwC to deepen crypto-related work

Major accounting firm PwC is leaning into crypto-related audit and consulting work after years of caution, citing a clearer regulatory backdrop as the catalyst, according to the Financial Times.

• PwC U.S. CEO Paul Griggs pointed to the passage of the GENIUS Act and a broader pro-crypto shift among U.S. regulators as driving renewed conviction around stablecoins and tokenization.
• The firm said it now plans to be "hyper-engaged" with crypto clients, expanding services that include advising companies on using stablecoins to improve payment efficiency.
• PwC has bolstered its internal crypto expertise and already audits bitcoin miner MARA, as rival Big Four firms KPMG and Deloitte also open up to the digital asset sector.

Grayscale begins distributing staking rewards to Ethereum ETF investors

Grayscale is set to begin distributing staking rewards to investors in its Ethereum exchange-traded funds, marking the first such U.S. products to pass staking income directly through to shareholders.

• The firm said shareholders will receive $0.083178 per share from staking rewards earned between Oct. 6 and Dec. 31, with distributions paid out on Jan. 6.
• Grayscale framed the move as a "landmark moment" for the Ethereum community, reinforcing its early push to integrate staking into regulated ETF structures.
• In October, Grayscale became the first firm to enable staking in U.S. spot crypto ETFs for both its Ethereum Trust ETF and Ethereum Mini Trust ETF.

Global crypto ETP inflows hit $47.2 billion in 2025, just shy of 2024 total

Global crypto ETPs pulled in $47.2 billion worth of net inflows in 2025, finishing just 3% below 2024's total as overall investor demand remained resilient, according to CoinShares data.

• Bitcoin-based fund inflows fell 35% year-over-year to $26.9 billion as periods of price weakness cooled demand, even while short-bitcoin products saw modest interest.
• However, investors rotated significantly into major altcoin-based funds, with Ethereum, XRP, and Solana products absorbing more than $20 billion combined and posting outsized annual growth, Head of Research James Butterfill noted.
• The U.S. remained the dominant source of inflows regionally, but Germany and Canada staged sharp reversals, adding $2.5 billion and $1.1 billion, respectively, in 2025 after recording outflows in 2024.

Michael Saylor's Strategy kicks off 2026 with a $116 million bitcoin buy

Strategy acquired an additional 1,286 BTC for approximately $116.3 million between Dec. 29 and Jan. 4, according to an 8-K filing with the Securities and Exchange Commission on Monday.

• The latest buys were funded through at-the-market sales of the company's Class A common stock, MSTR, taking Strategy's total holdings to 673,783 BTC — worth around $63 billion.
• The company also increased its USD Reserve by $62 million during the period to a total of $2.25 billion, Strategy co-founder and executive chairman, Michael Saylor, noted.
• Meanwhile, Tom Lee's BitMine also announced Monday it had added another 32,977 ETH to its corporate treasury as the firm's total crypto and cash holdings topped $14 billion.

In the next 24 hours

• It's quiet on the economic calendar front.
• U.S. FOMC member Thomas Barkin will speak at 8 a.m. ET on Tuesday.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.