MutualFundWire.com: Grayscale Targets Bitcoin-Using Companies

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Thursday, May 1, 2025

Grayscale Targets Bitcoin-Using Companies

The folks at a 12-year-old, crypto-focused asset manager are rolling out a new index fund, one focused on companies that use bitcoin as a treasury reserve asset.

David Vincent "Dave" LaValle
Grayscale Investments, LLC
Global Head of ETFs

Yesterday (April 30), Dave LaValle, global head of ETFs at Grayscale [profile], unveiled the launch of the Grayscale Bitcoin Adopters ETF (BCOR on the NYSE Arca, Inc.). Stamford, Connecticut-based Grayscale Advisors, LLC serves as the new ETF's investment advisor, while Alpharetta, Georgia-based Vident Asset Management, LLC serves as subadvisor and Miami-based Indxx serves as index provider.

BCOR's inception date was yesterday, and the new fund comes with an expense ratio of 59 basis points. As of yesterday, BCOR had about $1.005 million in AUM.

The new ETF is designed to track the Indxx Bitcoin Adopters Index. BCOR's PM team includes:

Yin Bhuyan, portfolio manager at Vident;

Austin Wen, senior PM at Vident; and

Rafael Zayas, senior vice president and head of portfolio management and trading at Vident.

LaValle describes BCOR as "a new way to tap into the rising trend of corporate Bitcoin treasury adoption without needing to hold Bitcoin directly." (The fund also doesn't invest in bitcoin-related options.)

"As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets," LaValle states. "It's an exciting opportunity for those who believe in Bitcoin's long-term potential."

Rahul Sen Sharma, president and co-CEO of Indxx, puts the launch of BCOR in the context of bitcoin adoption reaching "unprecedented levels in early 2025, with public companies increasing their holdings by 16.1% in Q1 alone."

"We're witnessing a fundamental shift in corporate treasury management, with approximately 3% of Bitcoin's total supply now held by companies worldwide," Sen Sharma states.

"The Indxx Bitcoin Adopters Index offers investors a strategic lens into companies embracing Bitcoin as a treasury reserve asset, capturing their role in reshaping corporate finance and digital asset adoption," states Vaibhav Agarwal, chief product officer at Indxx. "We are delighted to introduce this cutting-edge strategy in partnership with Grayscale Investments."

BCOR is a non-diversified, passively managed series of the Grayscale Funds Trust. The new ETF's other service providers include:

Cohen & Company, Ltd. as independent accounting firm;ACA's Foreside Fund Services, LLC as distributor;

Stradley Ronon Stevens & Young, LLP as counsel;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services, LLC) as administrator, index receipt agent, and transfer agent; and

U.S. Bank National Association as custodian.