Grayscale, one of the largest crypto-focused asset managers, has launched a new exchange-traded fund (ETF) called the Grayscale Bitcoin Adopters ETF.
The fund trades under the ticker symbol BCOR. It offers equity exposure to publicly traded companies incorporating Bitcoin into their corporate treasury strategies.
Targeting Companies That Hold Bitcoin on Their Balance Sheets
The BCOR ETF tracks the Indxx Bitcoin Adopters Index, a proprietary benchmark that includes companies worldwide that have adopted Bitcoin as a treasury reserve asset. These companies are referred to as “Bitcoin Adopters.” Notably, they represent a cross-section of sectors and industries, including technology, financial services, and consumer goods.
Notable examples likely to be featured in the fund include firms such as Strategy (formerly MicroStrategy), Metaplanet, Tesla, and Block. These firms have all made headlines for holding significant Bitcoin reserves.
No Direct Bitcoin Exposure, but a Strategic Proxy
Unlike Grayscale’s single-asset trust products, BCOR does not invest directly in Bitcoin or other crypto assets. It also does not utilize crypto derivatives or participate in initial coin offerings (ICOs). Instead, it provides 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, without the complexities or volatility associated with holding BTC outright.
According to David LaValle, Global Head of ETFs at Grayscale, BCOR offers a forward-looking approach to capitalize on the growing corporate adoption of Bitcoin through traditional equity investments.
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.
Notably, the fund has a net asset value per share of $25.31 at press time and an asset under management of over $1 million.
Grayscale Expands Its ETF Footprint
The launch of BCOR adds to Grayscale’s growing suite of crypto asset-focused ETFs. The firm currently offers a Bitcoin spot ETF (GBTC), although it has not been as successful as its close competitor, BlackRock’s iShares Bitcoin Trust.
In particular, GBTC has seen massive outflows totaling $22.73 billion since inception. In contrast, BlackRock’s Bitcoin spot ETF has recorded an impressive $42.387 billion in inflows during the same period.
Nevertheless, the underperformance has not deterred Grayscale from launching additional ETFs centered on Bitcoin and other crypto assets. Notably, the firm is also pursuing ETFs for XRP, Cardano, Solana, Litecoin, and even Dogecoin. These applications are currently awaiting approval from the SEC.
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