New Grayscale ETF Lets You Invest In Bitcoin, Without The Coin

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. The crypto asset manager has unveiled the Grayscale Bitcoin Adopters ETF BCOR, an innovative new fund that tracks publicly traded companies with Bitcoin as part of their corporate treasuries.

Unlike spot Bitcoin ETFs that track the price of the asset, BCOR is constructed on the Indxx Bitcoin Adopters Index, a carefully curated basket of international companies that have incorporated Bitcoin as a financial strategy, not merely a fad. The fund started with 29 holdings, $1.01 million in assets under management, and an expense ratio of 0.59%.

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Some of BCOR’s top holdings are MicroStrategy Inc. MSTR, Tesla Inc. TSLA, MercadoLibre Inc. MELI, and Nexon Co Ltd. NEXOF—names that have hit the headlines with their Bitcoin treasury maneuvers. Grayscale does not view this as a fad, but rather a paradigm shift.

According to David LaValle, global head of ETFs at Grayscale, BCOR provides investors with a new way to participate in the growing trend of corporate Bitcoin treasury adoption without needing to hold Bitcoin directly.

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Nevertheless, 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.

With eight ETFs now available in the U.S., Grayscale continues to probe the waters 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.

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