TLDR
Grayscale launched Bitcoin Adopters ETF (BCOR) on April 30, 2025
BCOR tracks companies that have adopted Bitcoin as a treasury reserve asset
The ETF follows the Indxx Bitcoin Adopters Index with exposure across 7 sectors and 15 industries
Corporate Bitcoin holdings reached 750,000 BTC (3.57% of total supply) as of April 2025
The fund offers Bitcoin exposure without directly holding the cryptocurrency
Grayscale, the world’s largest crypto-native asset manager, has launched a new exchange-traded fund focused on companies that hold Bitcoin in their treasuries. The Grayscale Bitcoin Adopters ETF (ticker: BCOR) began trading on April 30, 2025, offering investors a way to gain exposure to the growing trend of corporate Bitcoin adoption.
The new ETF tracks the Indxx Bitcoin Adopters Index, which measures the performance of companies that have integrated Bitcoin as part of their treasury management strategy. These firms view Bitcoin as a potential hedge against inflation and a tool for treasury diversification.
BCOR gives investors access to a diversified portfolio of global equities spanning seven sectors and 15 industries. All companies in the index share a common theme – they’ve added Bitcoin to their balance sheets.
David LaValle, Global Head of ETFs at Grayscale, expressed enthusiasm about the launch. “We couldn’t be more excited to launch Grayscale Bitcoin Adopters ETF, which offers investors a new way to tap into the rising trend of corporate Bitcoin treasury adoption without needing to hold Bitcoin directly,” he stated.
Corporate Bitcoin Holdings Surge
The timing of BCOR’s launch aligns with a major increase in corporate Bitcoin holdings. According to data from Bitwise, companies added nearly 100,000 BTC to their treasuries in April 2025 alone.
This surge brings total corporate Bitcoin holdings to approximately 750,000 BTC. This represents 3.57% of Bitcoin’s maximum supply of 21 million coins.
Market watchers expect this trend to continue as more companies explore cryptocurrency as a treasury asset. The growing corporate interest comes as firms seek alternatives to traditional reserve assets.
Unlike some crypto investment products, BCOR does not invest directly in digital assets. Instead, it provides exposure through companies that hold Bitcoin on their balance sheets.
This approach offers potential benefits for investors who want Bitcoin exposure but prefer to avoid direct cryptocurrency ownership. It may appeal to those who seek a regulated investment vehicle within traditional equity markets.
Competitive Landscape
Grayscale’s new fund enters a market where similar products already exist. Bitwise offers a comparable ETF called the Bitcoin Standard ETF, which focuses on companies holding over 1,000 BTC.
While Bitwise targets major Bitcoin holders, Grayscale’s BCOR takes a more diversified approach. This gives investors options depending on their preferred exposure strategy.
Blockstream CEO Adam Back commented on the broader trend of corporate Bitcoin adoption. He suggested that companies increasing their Bitcoin reserves are positioning themselves early for what he calls “hyperbitcoinization.”
Back described it as “[BTC] treasury companies are an arbitrage of the dislocation between the bitcoin future and today’s fiat world. A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization.”
Grayscale has a decade of experience in cryptocurrency investment products. The firm first launched in 2013 and registered with the SEC as an investment adviser in January 2022.
The company offers various crypto investment vehicles, including single-asset, diversified, and thematic exposure. BCOR represents their latest innovation in the crypto ETF space.
For investors interested in BCOR, more information is available on Grayscale’s website. The fund is distributed by Foreside Fund Services, LLC, with Grayscale Advisors, LLC serving as the adviser.
Grayscale reminds potential investors to read the prospectus carefully before investing. Like all investments, BCOR involves risk and possible loss of principal.
Data shows corporate firms now hold a substantial portion of Bitcoin’s circulating supply. As this trend continues, products like BCOR may become increasingly popular with mainstream investors.
The launch of this ETF shows how the cryptocurrency investment landscape continues to evolve. It reflects growing institutional comfort with Bitcoin as an asset class.
This new investment option arrives as more companies explore Bitcoin’s potential role in corporate finance. The ETF launched in Stamford, Connecticut, according to the company’s announcement.
