Grayscale, recognized as the world’s largest crypto-native asset manager, has expanded its suite of exchange-traded products with the launch of the Grayscale Bitcoin Adopters ETF, trading under the ticker BCOR on U.S. exchanges. This new fund is designed to give investors exposure to global companies that have incorporated Bitcoin as a treasury reserve asset-a trend that is gaining traction among forward-thinking corporate treasuries.
Unlike traditional cryptocurrency funds, the Grayscale Bitcoin Adopters ETF (BCOR) does not invest directly in Bitcoin or other digital assets, nor does it utilize derivatives or participate in initial coin offerings. Instead, the fund tracks the Indxx Bitcoin Adopters Index, a proprietary benchmark that identifies and measures the performance of publicly listed companies worldwide that have adopted Bitcoin as part of their corporate treasury management. This includes both U.S. and international firms, spanning seven sectors and fifteen industries, all unified by their shared strategy of holding Bitcoin on their balance sheets.
The move to adopt Bitcoin as a reserve asset is still relatively novel, but it is increasingly viewed as a compelling strategy for treasury diversification and as a potential hedge against inflation. Bitcoin’s volatility remains a challenge for many institutional investors, yet for a growing number of companies, its long-term potential and unique characteristics offer an alternative to traditional assets. By allocating capital to firms that have made this strategic shift, BCOR provides investors with a way to participate in the evolving narrative of Bitcoin as a corporate asset, without the need to hold the cryptocurrency directly.
David LaValle, Global Head of ETFs at Grayscale, emphasized the significance of this new offering:
“As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets. It’s an exciting opportunity for those who believe in Bitcoin’s long-term potential.”
For investors seeking exposure to the Bitcoin adoption trend, BCOR delivers diversified equity access across a range of industries, including technology, financial services, and consumer sectors. The underlying index, developed by Indxx, ensures that only those companies with a clear and documented commitment to holding Bitcoin as a treasury asset are included in the fund. This thematic approach allows investors to align their portfolios with a specific, emerging trend in corporate finance, rather than simply tracking the price of Bitcoin itself.
The Company has reminded customers that it is important to note that while BCOR offers exposure to companies with Bitcoin on their balance sheets, it does not provide direct exposure to the price movements of Bitcoin or other digital assets. In addition, they advise that the fund may have indirect exposure through its investments in companies that use or hold digital assets as part of their business activities. As with any equity investment, BCOR carries risks, including the potential loss of principal, and investors should carefully review the fund’s prospectus and consider their own risk tolerance before investing.
Founded in 2013, Grayscale has established itself as a leading asset management firm focused on crypto investing, with a decade-long track record and a broad suite of investment products. Grayscale Advisors, LLC, the adviser to BCOR, is known for its expertise in providing both single-asset and diversified crypto-related investment solutions.
The launch of the Grayscale Bitcoin Adopters ETF (BCOR) reflects the growing interest among public companies in leveraging Bitcoin as a treasury asset and offers investors a new channel to participate in this trend through the equity markets.
