Grayscale launches Bitcoin Adopters ETF targeting firms holding BTC as treasury reserve

• The fund, launched April 30, tracks a diversified group of firms with Bitcoin treasury strategies.
• Notable constituents include Michael Saylor’s Strategy, mining firm Marathon Digital Holdings (MARA), Tesla and Japanese BTC-focused firm Metaplanet.
• The launch comes amid a sharp uptick in institutional Bitcoin buying.

Asset manager Grayscale has introduced a new exchange-traded fund—Grayscale Bitcoin Adopters ETF—designed to give investors exposure to companies actively holding Bitcoin on their balance sheets.

The fund, launched April 30, tracks a diversified group of firms with Bitcoin treasury strategies spanning across seven sectors, including mining, automotive, and energy.

Notable constituents include Michael Saylor’s Strategy, mining firm Marathon Digital Holdings (MARA), Tesla, Japanese BTC-focused firm Metaplanet, and aerospace energy player KULR Technology Group.

Introducing the Grayscale Bitcoin Adopters ETF (ticker: $BCOR) $BCOR provides exposure to corporations that have added #Bitcoin as a treasury reserve asset. These companies sit across several sectors and industries and are all united by a common thread – Bitcoin adoption.

See… pic.twitter.com/O0FX2OR50Q

— Grayscale (@Grayscale) April 30, 2025

The ETF reflects the rising corporate trend of adopting Bitcoin as a strategic reserve asset, aiming to hedge against fiat currency inflation and boost shareholder value.

Accelerating corporate demand for BTC

The launch comes amid a sharp uptick in institutional Bitcoin buying.

Fidelity Digital Assets recently reported that public companies have acquired over 30,000 BTC per month in 2025, significantly outstripping supply from miners.

According to Fidelity, Bitcoin’s circulating exchange supply is falling, driven by continuous corporate accumulation.

Michael Saylor’s Strategy remains the largest corporate Bitcoin holder outside of exchanges, and continues its aggressive purchasing.

Bitcoin could hit fresh highs thanks to corporate accumulation

Bitcoin may be poised to reach new highs as corporate accumulation and renewed ETF inflows tighten supply, according to a client note from research and brokerage firm Bernstein on Monday.

Analysts led by Gautam Chhugani said that short-term comparisons between Bitcoin and assets like gold or the Nasdaq can be misleading, and more meaningful indicators include reduced retail selling, growing corporate treasury demand, and strong ETF inflows.

The note follows the announcement of Twenty One Capital, a new Bitcoin corporate treasury venture launched last week by SoftBank, Tether, Bitfinex, and Cantor Fitzgerald, starting with 42,000 BTC.

The venture is backed by $900 million from SoftBank, $1.5 billion from Tether, and $600 million from Bitfinex, with plans to merge with Cantor Equity Partners via a SPAC and raise another $585 million at closing.

Bernstein likened the strategy to that of Strategy, which raised $22 billion in 2024 and $8.6 billion so far in 2025 to expand its Bitcoin holdings.

The analysts noted that corporate accumulation is becoming more competitive, with around 80 companies now holding a combined 700,000 BTC—roughly 3.4% of the total supply.