Grayscale Launches Bitcoin Adopters ETF BCOR, Betting On The Growing Trend Of Companies Holding BTC Treasuries

With corporate adoption of Bitcoin picking up pace, Grayscale is betting that investors want in—not by way of the cryptocurrency itself, but through the companies that are adopting it.

Grayscale is known for its crypto assets, but now it’s betting on the companies that are putting Bitcoin on their books.

The crypto asset manager on Tuesday unveiled the Grayscale Bitcoin Adopters ETF (BCOR), a new fund that tracks a closely watched index of publicly traded companies with Bitcoin as part of their corporate treasuries. It’s an interesting twist on the growing interest in Bitcoin ETFs.

While many are focused on spot Bitcoin ETFs—which track the cryptocurrency asset itself—BČOR is different. It’s constructed on the Indxx Bitcoin Adopters Index, a basket of international companies in developed markets that have made a strategic decision to include Bitcoin in their treasuries. This isn’t a passing fad; it’s part of their long-term financial planning.

At launch, the fund had 29 holdings, $1.01 million in assets under management, and an expense ratio of 0.59%. Some of BCOR’s top U.S. holdings included MicroStrategy (MSTR), Tesla (TSLA), MercadoLibre (MELI), and Nexon Co Ltd (NEXOF). These are names that have made headlines for their Bitcoin treasury moves.

To Grayscale, this isn’t a short-term trend but rather a shift in how companies are thinking about their financial futures.

“We believe that investors are looking for new and creative ways to engage with the growing trend of corporate Bitcoin treasury adoption,” said David LaValle, global head of ETFs at Grayscale. “With BCOR, we’re offering an interesting take on this emerging investment area.”

He added that the fund provides investors with an option to participate in this trend without needing to hold Bitcoin in their portfolios.

However, it’s not a pure-play Bitcoin investment. The performance of the fund will depend not only on Bitcoin prices but on how markets price the companies that are betting on it—adding complexity (and possibly volatility) to the pitch.

Grayscale, known for its crypto assets, is now venturing into a new chapter with eight ETFs available in the U.S. The firm continues to navigate the evolving landscape between traditional finance and digital assets.

And with BCOR, it’s asking investors not only to bet on the future of Bitcoin but on who’s investing in it now.