Grayscale Launches a New Bitcoin Adopters ETF, Targeting Companies That Hold BTC on Their Balance Sheets

Grayscale, a major crypto asset manager, has introduced a new exchange-traded fund (ETF) focused on companies integrating Bitcoin into their treasury strategies. The fund, named the Grayscale Bitcoin Adopters ETF and trading under the ticker symbol BCOR, provides equity exposure to these publicly traded firms.

The BCOR ETF tracks the Indxx Bitcoin Adopters Index, a proprietary benchmark that includes companies worldwide known as “Bitcoin Adopters.” These companies, spanning a cross-section of sectors and industries, have adopted Bitcoin as a treasury reserve asset. Examples of these firms include Strategy (formerly MicroStrategy), Metaplanet, Tesla, and Block, firms that have made significant purchases of BTC to hold on their balance sheets.

Unlike Grayscale’s single-asset trust products, which provide direct exposure to Bitcoin or other crypto assets, BCOR does not invest in any crypto assets or derivatives. It also does not participate in initial coin offerings. Instead, it focuses on providing indirect exposure through equity stakes in public companies that incorporate Bitcoin into their financial strategies.

This structure aims to offer investors a lower-risk, regulated avenue to benefit from Bitcoin’s adoption curve, distinct from the complexities and volatility associated with holding BTC.

“We are thrilled to launch the Grayscale Bitcoin Adopters ETF, offering investors a unique and forward-looking way to capitalize on the growing corporate adoption of Bitcoin through traditional equity investments,” said David LaValle, Global Head of ETFs at Grayscale.

He further noted that the ETF spans seven sectors and 15 industries, reflecting a diversified basket of equities tied together by a single unifying theme: corporate Bitcoin adoption. This makes BCOR a potentially attractive option for crypto-curious investors and those seeking to hedge against inflation.

The fund has a net asset value per share of $25.31 and an asset under management of over $1 million.

The launch of BCOR adds to Grayscale’s efforts to expand its ETF footprint. The firm is also applying for ETFs for XRP, Cardano, Solana, Litecoin, and Dogecoin, which are pending approval from the SEC.

As Grayscale continues to innovate and introduce new products, it remains committed to providing investors with diverse and valuable investment opportunities in the rapidly evolving cryptocurrency market.