The Grayscale Bitcoin Adopters Exchange-Traded Fund (ETF) now targets public companies that own Bitcoin as part of their financial assets. The Grayscale Bitcoin Adopters ETF (BCOR) allows conventional investors to access financial exposure in firms that utilize Bitcoin within their treasury operations. The new move stands as another development toward linking traditional equity markets with digital assets while Bitcoin receives increasing institutional adoption.

ETF Focuses on Companies Holding Over 100 BTC

Grayscale’s latest ETF tracks the Indxx Bitcoin Adopters Index, a benchmark made up of firms holding at least 100 BTC. Companies must also have a market cap of more than $100 million to qualify. According to the official press release, the ETF spans 33 companies across 15 industries, offering diversified exposure to Bitcoin-aligned firms.

David LaValle, Global Head of ETFs at Grayscale, said, “As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets.” This strategy allows investors to indirectly participate in Bitcoin’s growth through regulated financial products.

BCOR Joins a Growing Market of Bitcoin-Themed ETFs

Grayscale’s move follows the March launch of Bitwise’s OWNB ETF, which also tracks public companies with large Bitcoin holdings. With BCOR, Grayscale aims to compete in the growing niche of equity-based Bitcoin exposure. The fund serves as an established investment vehicle for digital assets, although it does not represent the original ETF of its type.

The company actively seeks to develop its ETF product line at the same time as this announcement. The firm continues to collaborate with U.S. SEC officials for Ethereum spot ETF staking feature approval because their ETF offering strategy signifies their dedication to integrating crypto investments with traditional financial systems.

Institutional Bitcoin Holdings Continue to Grow

The ETF introduction happens at a time when institutions increasingly show interest in Bitcoin. MicroStrategy takes the leading position among companies that hold Bitcoin after its $1.42 billion purchase of 15,335 BTC. The firm now holds 553,555 BTC. Marathon Digital is another top holder, and together, public companies own nearly 600,000 BTC.

$MSTR has acquired 15,355 BTC for ~$1.42 billion at ~$92,737 per bitcoin and has achieved BTC Yield of 13.7% YTD 2025. As of 4/27/2025, we hodl 553,555 $BTC acquired for ~$37.90 billion at ~$68,459 per bitcoin. https://t.co/5OOs3UdWLg

— Michael Saylor (@saylor) April 28, 2025

New players are also entering the market. 21 Capital, backed by SoftBank and Tether, is preparing to purchase 42 BTC following its launch. The expanding list of firms integrating Bitcoin reinforces Grayscale’s decision to introduce BCOR now.

Bitcoin Price Rally Fuels ETF Demand

The latest surge in Bitcoin price has elevated its value to $96,000 while traders anticipate it to reach $100,000. Market demand for Bitcoin-related investment tools is rising due to positive market views combined with increasing institutional support. A BCOR investment allows investors to monitor Bitcoin’s performance within equity markets due to its connection with Bitcoin exposure.

Through Exchange Traded Funds investors can safely manage indirect Bitcoin market membership. The Grayscale product enters the market at an investor stage where they seek challenging and compliant digital assets acquisition strategies.