- Launched on April 30, this fund tracks a diversified group of companies that have adopted Bitcoin as part of their treasury strategy.
- Notable holdings include firms following Michael Saylor’s approach, mining company Marathon Digital Holdings (MARA), Tesla, Japan-based MetaPlanet focused on BTC, and other adopters across industries.
- The launch comes as institutional Bitcoin purchases have surged.
Asset manager Grayscale has introduced a new exchange-traded fund (ETF), the Grayscale Bitcoin Adopters ETF, designed to give investors exposure to corporations that actively hold Bitcoin on their balance sheets.
Opened on April 30, the fund follows a diverse set of companies across seven sectors—including mining, automotive, and energy—that have incorporated Bitcoin into their financial strategies.
Among the fund’s notable constituents are firms aligned with Michael Saylor’s strategy, mining operator Marathon Digital Holdings (MARA), Tesla, Japan’s BTC-focused MetaPlanet, and aerospace-energy company 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
This ETF reflects a rising corporate trend of adopting Bitcoin as a strategic reserve asset, intended to hedge against fiat inflation and enhance shareholder value.
Accelerating Corporate Demand for BTC
The ETF launch coincides with a surge in institutional purchases of Bitcoin.
Fidelity Digital Assets recently reported that publicly listed companies were acquiring more than 30,000 BTC per month in 2025, a rate that significantly exceeded miner supply.
According to Fidelity, exchange-circulating Bitcoin supply has declined, driven in part by sustained corporate accumulation.
Michael Saylor’s strategy continues to represent one of the largest corporate Bitcoin treasuries outside exchanges, with aggressive continued buying.
Corporate Accumulation Could Push Bitcoin to New Highs
Corporate accumulation combined with inflows into new ETFs could tighten supply and set the stage for fresh Bitcoin highs, according to a client note from brokerage Bernstein released Monday.
Analysts led by Gautam Chugani said short-term comparisons between Bitcoin and assets like gold or the Nasdaq can be misleading. They argued that more meaningful indicators include waning retail selling, rising corporate treasury demand, and strong ETF inflows.
The note followed the announcement of Twenty One Capital, a new Bitcoin corporate treasury venture launched last week by SoftBank, Tether, Bitfinex, and Cantor Fitzgerald, which starts with an initial allocation of 42,000 BTC.
The venture reportedly has financial backing that includes $900 million from SoftBank, $1.5 billion from Tether, and $600 million from Bitfinex. It plans to merge with Cantor Equity Partners via SPAC and aims to raise an additional $585 million at close.
Bernstein compared the new venture’s strategy to earlier corporate approaches that raised roughly $22 billion in 2024 and $8.6 billion so far in 2025 to expand Bitcoin holdings.
Analysts noted corporate accumulation is intensifying competition for available supply: about 80 public companies now hold a combined total near 700,000 BTC, representing roughly 3.4% of total Bitcoin supply.