Grayscale Launches ETF Monitoring Companies Adopting Bitcoin Reserves
Grayscale has introduced a new exchange-traded fund designed for investors interested in companies that are incorporating Bitcoin into their treasury management.
The fund, branded as the Grayscale Bitcoin Adopters ETF (BCOR), was unveiled on April 30 and signifies the firm’s ongoing commitment to expanding its Bitcoin-oriented investment offerings.
BCOR is designed to follow the Indxx Bitcoin Adopters Index, featuring companies that have dedicated a portion of their treasury to Bitcoin. Grayscale highlighted that this ETF is aimed at firms viewing Bitcoin as a hedge against inflation and a means of diversifying their treasury assets.
This ETF grants investors exposure to a varied portfolio of global equities, spanning seven sectors and 15 industries. The involved companies are recognized leaders in Bitcoin adoption and reflect broader institutional attitudes toward this primary digital asset.
Grayscale’s action parallels a similar initiative by Bitwise, known as the Bitcoin Standard ETF, which focuses on companies that hold more than 1,000 BTC. While Bitwise emphasizes major holders, Grayscale’s BCOR offers a more diversified investment opportunity.
David LaValle, the Global Head of ETFs at Grayscale, noted that the introduction of this fund is a tactical answer to the growing trend of corporate investments in Bitcoin.
He elaborated:
“As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets.”
Growth in Corporate Bitcoin Holdings
The launch of Grayscale’s new product aligns with a significant rise in corporate Bitcoin holdings observed this year.
Recent data indicates that corporate entities acquired nearly 100,000 BTC in April 2025, increasing their total holdings to approximately 750,000 BTC. This collective ownership amounts to 3.57% of Bitcoin’s total supply, which is capped at 21 million.
Analysts anticipate that this trend will persist and further bolster the overall Bitcoin market’s expansion.
Adam Back, CEO of Blockstream, remarked that firms increasing their Bitcoin assets are positioning themselves for what he refers to as “hyperbitcoinization”—a scenario in which Bitcoin emerges as the dominant asset for value storage.
He expressed:
“[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. Scalable enough for most big listed companies to move to btc treasury.”
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