Quick Summary:
- Grayscale unveils the Bitcoin Adopters ETF (BCOR), focusing on companies integrating Bitcoin into their treasuries.
- The fund tracks the Indxx Bitcoin Adopters Index.
- BCOR aims to capture corporate sentiment toward Bitcoin as an inflation hedge and treasury diversification tool.
- The ETF spans seven sectors and 15 industries, offering a diversified portfolio.
- Corporate Bitcoin holdings now exceed 750,000 BTC, making up 3.57% of the total supply.
- BCOR offers a broader investment approach compared to Bitwise’s Bitcoin Standard ETF.
Grayscale Bets on Bitcoin-Adopting Companies
Grayscale has introduced a new exchange-traded fund (ETF) designed to give investors exposure to companies actively incorporating Bitcoin into their treasury strategies. The fund, called the Grayscale Bitcoin Adopters ETF (BCOR), was officially announced on April 30, highlighting the firm’s continued commitment to Bitcoin-centric investment products.
Unlike ETFs that track Bitcoin directly, BCOR follows the Indxx Bitcoin Adopters Index, a curated list of global companies that have allocated a portion of their treasury assets to Bitcoin. These firms view Bitcoin not just as a digital asset, but as a strategic hedge against inflation and a tool for diversifying their balance sheets.
A Diversified Approach to Bitcoin Investment
What sets BCOR apart is its diversified portfolio, which spans across seven sectors and 15 industries. This structure allows investors to gain exposure to multiple companies actively adopting Bitcoin, rather than focusing solely on firms with large BTC holdings.
This approach stands in contrast to Bitwise’s Bitcoin Standard ETF, which only includes companies holding over 1,000 BTC. By comparison, Grayscale’s fund offers a broader and more inclusive strategy, enabling participation in the growing trend of corporate Bitcoin adoption.
Corporate Bitcoin Holdings on the Rise
The launch of BCOR comes at a time when corporate Bitcoin reserves are surging. According to Bitwise, companies added nearly 100,000 BTC in April 2025 alone, bringing total corporate holdings to approximately 750,000 BTC—roughly 3.57% of Bitcoin’s capped 21 million supply.
This upward trend underscores a rising institutional appetite for Bitcoin as companies begin to treat it as a mainstream financial asset.
Grayscale’s Vision for a Bitcoin-Integrated Future
Commenting on the launch, David LaValle, Grayscale’s Global Head of ETFs, emphasized the strategic timing of BCOR, stating:
“As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets.”
This sentiment is echoed by Blockstream CEO Adam Back, who envisions a long-term transformation in global finance:
“[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.”
Looking Ahead
As corporate investment in Bitcoin accelerates, Grayscale’s BCOR positions itself as a key gateway for traditional investors to tap into this evolving financial narrative. With institutional adoption growing and the macroeconomic landscape shifting, funds like BCOR could play a critical role in bridging the gap between legacy finance and the decentralized future.