Key Takeaways
- Grayscale's new ETF tracks companies with Bitcoin in their treasuries.
- The BCOR ETF offers exposure across 7 sectors and 15 industries.
- Corporate Bitcoin holdings rose to 750,000 BTC in April 2025.
Grayscale Investments has unveiled a new exchange-traded fund (ETF) designed to give investors exposure to companies integrating Bitcoin into their treasury reserves.
The fund, called the Grayscale Bitcoin Adopters ETF (BCOR), was officially announced on April 30.
Tracking the Indxx Bitcoin Adopters Index
The BCOR ETF tracks the Indxx Bitcoin Adopters Index, which includes firms that hold Bitcoin as part of their corporate balance sheet strategy.
Grayscale said the fund focuses on companies using Bitcoin both as an inflation hedge and a treasury diversification asset.
Broader approach compared to Bitwise
Unlike Bitwise’s Bitcoin Standard ETF, which limits its portfolio to firms holding over 1,000 BTC, Grayscale’s BCOR takes a broader approach.
It spans seven sectors and 15 industries, offering a diversified equity portfolio of companies considered leaders in Bitcoin adoption.
Strategic momentum in equity markets
David LaValle, Grayscale’s Global Head of ETFs, commented:
As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets.
Rise in corporate Bitcoin holdings
The fund’s launch comes amid a sharp rise in corporate Bitcoin holdings.
In April 2025 alone, companies collectively added nearly 100,000 BTC, pushing the total to approximately 750,000 BTC.
That figure represents 3.57% of Bitcoin’s fixed supply of 21 million coins.
Industry insights on Bitcoin adoption
Blockstream CEO Adam Back remarked on the trend, stating that these companies are “front-running hyperbitcoinization,” and that treasury adoption of BTC is scalable enough for large public firms to participate.
