- Launched on April 30, the fund tracks a diversified group of corporations that employ Bitcoin treasury strategies.
- Notable holdings include Michael Saylor’s strategy, miner Marathon Digital Holdings (MARA), Tesla, and Japanese Bitcoin-focused firm Metaplanet.
- The launch comes amid a sharp rise in institutional Bitcoin purchases.
Asset manager Grayscale has introduced a new exchange-traded fund — the Grayscale Bitcoin Adopters ETF — designed to give investors exposure to companies that actively hold Bitcoin on their balance sheets.
Launched on April 30, the fund follows a diversified portfolio of corporations that implement Bitcoin treasury strategies across seven sectors, including mining, automotive, and energy.
Significant components include Michael Saylor’s strategy, mining company Marathon Digital Holdings (MARA), Tesla, Japanese Bitcoin-focused firm Metaplanet, and aerospace and thermal management 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
The ETF reflects a growing corporate trend of adopting Bitcoin as a strategic reserve asset, intended to hedge against fiat currency inflation and to enhance shareholder value.
Accelerating corporate demand for BTC
The launch arrives as institutional purchases of Bitcoin have surged.
Fidelity Digital Assets recently reported that public companies have been acquiring more than 30,000 BTC per month in 2025, far outpacing miners’ supply.
According to Fidelity, the circulating supply available on exchanges is decreasing as corporations continue to accumulate Bitcoin.
Michael Saylor’s strategy remains the largest corporate Bitcoin holder outside exchanges and continues to buy aggressively.
Corporate accumulation could push Bitcoin to new highs
Bitcoin may be poised to reach new highs as corporate accumulation and fresh ETF inflows tighten supply, according to research and a client note published Monday by brokerage Bernstein.
Analysts led by Gautam Chhugani said short-term comparisons between Bitcoin and assets such as gold or the Nasdaq can be misleading. More relevant indicators include declining retail selling, rising corporate demand for treasury reserves, and strong ETF inflows.
The note follows the announcement by Twenty One Capital of a new corporate Bitcoin treasury initiative launched last week by SoftBank, Tether, Bitfinex, and Cantor Fitzgerald, starting with 42,000 BTC.
The project 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 an additional $585 million upon deal completion.
Bernstein compared that effort to the Strategy led by Michael Saylor, which raised $22 billion in 2024 and $8.6 billion so far in 2025 to expand its Bitcoin holdings.
Analysts noted corporate accumulation is becoming increasingly competitive. About 80 companies now hold roughly 700,000 BTC in total — approximately 3.4% of the circulating supply.