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Grayscale Launches Bitcoin Miners ETF

Grayscale Launches Bitcoin Miners ETF

Bitcoin

Grayscale Launches Bitcoin Miners ETF

Grayscale, a prominent digital asset management firm, has launched its Bitcoin Miners ETF, providing investors with a novel way to participate in the Bitcoin mining ecosystem. The ETF, trading under the ticker symbol MNRS, avoids direct investment in Bitcoin itself, instead focusing on publicly traded companies involved in Bitcoin mining operations.

Key Features of the Grayscale Bitcoin Miners ETF (MNRS)

  • Indirect Bitcoin Exposure: Investors gain exposure to the Bitcoin mining sector without holding Bitcoin directly.
  • Diversified Portfolio: MNRS invests in companies listed in the Indxx Bitcoin Miners Index, offering diversification across the industry.
  • Focus on Mining Companies and Services: The ETF invests in firms generating significant revenue from Bitcoin mining, offering mining services, or providing essential infrastructure.
  • No Direct Digital Asset Investment: MNRS does not invest directly in cryptocurrencies or utilize derivatives.

According to a January 30, 2025 press release, the fund's holdings are based on the Indxx Bitcoin Miners Index. As of its latest update, the index shows a concentrated weighting towards several major players:

  • Marathon Digital Holdings (MARA): 16.65%
  • Riot Platforms: 11.92%
  • Core Scientific: 9.2%

These three companies alone account for over one-third of the index. Other companies included, albeit with smaller weights, are CleanSpark and Iren. The index also encompasses firms supplying Bitcoin mining infrastructure such as data center hosting, hardware manufacturing, and software development.

While not directly invested in Bitcoin, MNRS's performance is anticipated to correlate with Bitcoin's price movements due to the inherent nature of its underlying holdings. This ETF is designed for investors seeking exposure to the Bitcoin ecosystem's infrastructure without the volatility associated with direct digital asset ownership.

“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,” stated David LaValle, Global Head of ETFs at Grayscale.

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