Grayscale expands crypto offerings with new Bitcoin Miners ETF

Grayscale, the asset management firm behind spot Bitcoin exchange-traded fund GBTC, has announced the launch of Grayscale Bitcoin Miners ETF.

The new ETF, with the ticker MNRS, targets investors eyeing investment opportunities across companies offering Bitcoin mining services.

What is the Grayscale Bitcoin Miners ETF?

According to an announcement, Grayscale Bitcoin Miners ETF (MNRS) will offer exposure to BTC miners and the broader Bitcoin mining space.

The fund does not invest in cryptocurrencies or digital assets directly and derivatives. 

However, it allows investors keen to benefit from the overall market outlook by tracking performance of companies mining BTC or that provide industry-related solutions. 

It means indirect exposure to Bitcoin, which forms part of the companies’ business operations.

“Grayscale Bitcoin Miners ETF offers investors targeted exposure to Bitcoin Miners and the global Bitcoin Mining industry in a passively managed, rules-based, and index-tracked fund designed to evolve with the industry,” said David LaValle, Global Head of ETFs at Grayscale.

MNRS will offer investors the chance to bet on the performance of top Bitcoin mining companies.

These are industry leaders whose BTC mining operation accounts for most of the miner’s revenue.

The companies are also those that bring in most of their revenue from sales of mining hardware, software and solutions.

Grayscale spot ETFs

Grayscale is the issuer behind four major spot exchange-traded funds.

There’s the Grayscale Bitcoin Trust ETF (GBTC), Bitcoin Mini Trust ETF (BTC), Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Mini Trust ETF (ETH). 

The GBTC fund, currently with over $20.9 billion in assets under management, is the third largest spot Bitcoin ETF behind the BlackRock iShares Bitcoin ETF (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC).

IBIT and FBTC currently hold more than $59 billion and $22 billion in assets respectively.

Per SoSoValue data, the US spot Bitcoin ETFs market currently holds more than $121 billion in assets.

Other Grayscale crypto products

As well as these ETFs on the top two digital assets by market cap, Grayscale is looking to bring new spot crypto products to the market.

The company has filed applications with the US Securities and Exchange Commission for a Litecoin spot ETF and Solana ETF.

Other than the ETFs,Grayscale also offers a suite of several investment products providing exposure to single asset and diversified crypto portfolios.

Such products include the Grayscale Digital Large Cap Fund, Litecoin Trust, Aave Trust and Decentralized AI Fund.