Key Takeaways
- Grayscale launched a Bitcoin Miners ETF, focusing on global mining companies.
- The ETF provides exposure to Bitcoin miners without direct investment in digital assets.
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Grayscale, a leading asset management firm specializing in crypto investing, is launching its Bitcoin Miners ETF, aiming to offer investors exposure to Bitcoin miners and the global mining ecosystem through companies listed in the Indxx Bitcoin Miners Index.
The fund, trading under the ticker MNRS, invests in companies that derive most of their revenue from Bitcoin mining activities or businesses providing Bitcoin mining services, according to a Jan. 30 press release.
The index also includes firms offering Bitcoin mining infrastructure, such as data center hosting services, hardware manufacturers, and software providers.
The Indxx Bitcoin Miners Index, as of its last update, is heavily weighted towards a few key players in the Bitcoin mining industry.
MARA Holdings tops the list at 16.65%, with Riot Platforms and Core Scientific close behind at 11.92% and 9.2%, respectively. Those three alone make up over a third of the whole index. Other notable constituents include CleanSpark and Iren, though at lower weights.
The fund will not invest directly in digital assets or through derivatives, nor will it participate in initial coin offerings. However, its performance is expected to be correlated to Bitcoin’s price due to the nature of the businesses it invests in.
The ETF is aimed at investors who seek exposure to the Bitcoin ecosystem without direct investment in the digital asset itself. The fund focuses on companies supporting the Bitcoin network’s transparency and security through mining operations.
“Bitcoin miners, the backbone of the network, are well-positioned for significant growth as Bitcoin adoption and usage increases, making MNRS an appealing option for a diverse range of investors,” said David LaValle, Global Head of ETFs at Grayscale.
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