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Grayscale, a crypto asset manager, has launched a new exchange-traded fund (ETF) to give investors exposure to companies involved in Bitcoin
$105,085.39
mining.
Announced on January 30, the Grayscale Bitcoin Miners ETF (MNRS) does not invest directly in Bitcoin or its derivatives. Instead, it focuses on firms that generate most of their revenue from Bitcoin mining, related hardware, software, or services.
The fund follows the Indxx Bitcoin Miners Index, which tracks the performance of businesses operating in the mining industry. The ETF allows investors to gain exposure to the Bitcoin mining industry without holding cryptocurrency.
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Grayscale emphasized that this fund aligns with its recognition of the essential role miners play in the Bitcoin network.
David LaValle, Grayscale’s global head of ETFs, explained that MNRS provides a structured way to invest in the mining industry. He said:
Grayscale Bitcoin Miners ETF offers investors targeted exposure to Bitcoin miners and the global Bitcoin mining industry in a passively managed, rules-based, and index-tracked fund designed to evolve with the industry.
He also noted that Bitcoin miners serve as the backbone of the network and could see growth as adoption increases. “Bitcoin Miners, the backbone of the network, are well-positioned for significant growth as Bitcoin adoption and usage increases, making MNRS an appealing option for a diverse range of investors,” he added.
Meanwhile, Tuttle Capital Management recently proposed a new range of ETFs to the US Securities and Exchange Commission (SEC). What were they? Read the full story.
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