Grayscale today announced the launch of the Grayscale Bitcoin Adopters ETF (BCOR) on the NYSE Arca.
BCOR is designed to provide exposure to companies using Bitcoin as a treasury asset. The fund tracks the Indxx Bitcoin Adopters Index. The underlying index consists of global equity securities that hold Bitcoin or use it in their business activities.
“Bitcoin adoption has reached unprecedented levels in early 2025, with public companies increasing their holdings by 16.1% in Q1 alone to reach 700,000 BTC, valued at approximately $57 billion,” said Indxx President and co-CEO Rahul Sen Sharma in a press release.
“We’re witnessing a fundamental shift in corporate treasury management, with approximately 3% of Bitcoin’s total supply now held by companies worldwide,” Sharma added.
According to the prospectus, BCOR provides exposure to equities across seven sectors and 15 different industries globally that have adopted Bitcoin as part of their corporate treasuries. However, BCOR does not invest directly in Bitcoin. Instead it targets companies that have adopted cryptocurrency as part of their financial strategy.
At launch, the fund had 29 holdings and $1.01 million in assets under management. BCOR carries an expense ratio of 0.59%.
Additionally, top holdings include MicroStrategy Inc., Tesla Inc., MercadoLibre Inc, and Nexon Co Ltd.
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Growing Corporate Adoption of Bitcoin
Despite its volatility, Bitcoin is increasingly seen by companies as a possible inflation hedge. It is also a potential means for treasury diversification.
“As Bitcoin becomes more widely accepted as a financial instrument, investors are looking for alternative strategies to capture Bitcoin’s growth and adoption,” said Roxanna Islam, head of sector & industry research at VettaFi. “New products like Grayscale’s BCOR open up opportunities for investors to go beyond traditional spot Bitcoin and access its broader integration into the corporate world.”
Yin Bhuyan, Austin Wen, and Rafael Zayas, portfolio managers from the fund’s sub-adviser Vident Asset Management, will oversee BCOR.
Grayscale is a major player in the cryptocurrency investment space, managing $25 billion in ETF assets. With the addition of BCOR, Grayscale now has eight ETFs listed in the U.S.
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