TLDR
- Grayscale launched Bitcoin Adopters ETF (BCOR) on April 30, 2025, tracking companies that hold Bitcoin in their treasuries
- The ETF follows the Indxx Bitcoin Adopters Index covering companies across 7 sectors and 15 industries
- Corporate Bitcoin holdings increased by nearly 100,000 BTC in April 2025, bringing total corporate holdings to 750,000 BTC (3.57% of supply)
- BCOR offers investors exposure to the Bitcoin adoption trend without requiring direct cryptocurrency ownership
- The fund competes with Bitwise’s Bitcoin Standard ETF but takes a more diversified approach
Grayscale, the world’s largest crypto-native asset manager, has launched a new exchange-traded fund designed to track companies that are incorporating Bitcoin into their treasury holdings. The Grayscale Bitcoin Adopters ETF (ticker: BCOR) was officially unveiled on April 30, 2025, and provides investors with a way to gain exposure to the growing trend of corporate Bitcoin adoption.
The new ETF is built around the Indxx Bitcoin Adopters Index, which focuses exclusively on companies that have allocated a portion of their treasury reserves to Bitcoin. These companies span across seven different sectors and fifteen industries globally, creating a diversified portfolio united by their Bitcoin treasury strategy.
Unlike direct Bitcoin investment vehicles, BCOR allows investors to participate in the Bitcoin adoption trend through traditional equity markets. This approach may appeal to investors who want Bitcoin exposure but prefer the familiar structure of stock market investments.
Corporate Bitcoin Holdings on the Rise
The launch of BCOR comes at a time when corporate Bitcoin holdings are showing strong growth. According to data from Bitwise, corporate entities added nearly 100,000 Bitcoin to their treasuries in April 2025 alone.
The total Bitcoin held by companies now stands at approximately 750,000 BTC. This figure represents about 3.57% of Bitcoin’s maximum supply of 21 million coins.
This increasing corporate interest in Bitcoin as a treasury asset reflects changing attitudes toward digital assets in the business world. Many companies now view Bitcoin as both a hedge against inflation and a tool for treasury diversification.
David LaValle, Grayscale’s Global Head of ETFs, addressed this trend in the announcement. “As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets,” LaValle stated.
Grayscale’s approach with BCOR differs somewhat from competing products. Bitwise offers a similar ETF called the Bitcoin Standard ETF, which focuses specifically on companies holding more than 1,000 BTC.
The BCOR fund takes a more diversified approach. Rather than concentrating solely on major holders, Grayscale’s ETF includes a broader range of companies that are adopting Bitcoin as part of their treasury strategy.
Some market observers believe this corporate adoption will continue to grow. Blockstream CEO Adam Back suggested that companies increasing their Bitcoin reserves are positioning themselves early for what he described as “hyperbitcoinization”âa theoretical future where Bitcoin becomes the dominant store of value.
“[BTC] treasury companies are an arbitrage of the dislocation between the bitcoin future and today’s fiat world,” Back stated. He characterized this as a “sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization.”
For investors interested in learning more about the Grayscale Bitcoin Adopters ETF, additional information is available at the company’s website. Grayscale emphasized that while the fund provides exposure to companies holding Bitcoin, it does not invest directly in digital assets or track cryptocurrency price movements.
The BCOR ETF is being distributed by Foreside Fund Services, LLC, with Grayscale Advisors, LLC serving as the adviser. Grayscale recommends that potential investors carefully review the fund’s prospectus and consider the investment objectives, risks, charges and expenses before investing.
