Grayscale Drops Bitcoin Adopters ETF (BCOR)—Wall Street Finally Wants a Piece of the Action

Grayscale just lobbed another crypto ETF into the institutional arena—because nothing says ’adoption’ like repackaging Bitcoin for suits who still think blockchain is a type of ski binding.

The Grayscale Bitcoin Adopters ETF (BCOR) targets companies riding the BTC wave—miners, exchanges, and that one Overstock.com executive who still gets paid in satoshis.

Wall Street’s latest ’innovation’? Selling Bitcoin exposure without the messy decentralization. How very 2025 of them.

Grayscale launches Grayscale Bitcoin Adopters ETF

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

Digital currency asset manager Grayscale has launched a new exchange-traded product, the Grayscale Bitcoin Adopters ETF. The company said the ETF will offer investors exposure to firms that have adopted digital assets as a treasury reserve asset.

The crypto asset manager also noted that BCOR will focus on companies with a minimum of 100 BTC. Grayscale acknowledged that the exchange-traded fund deploys a weighting scheme that considers company size and prioritizes companies outside the Bitcoin mining ecosystem.

The firm said the fund will specifically invest in companies that comprise the Indxx Bitcoin Adopters Index, a proprietary index designed to gauge the performance of companies that have adopted BTC as an asset for corporate treasury management.

Grayscale acknowledged that BCOR delivers diversified global equity exposure to companies across seven sectors and 15 industries, all united by a Bitcoin adoption. The firm argued that although digital assets challenge traditional assets norms with their volatility, companies also view them as a potential hedge against inflation and a tool for treasury diversification.

“We couldn’t be more excited to launch Grayscale Bitcoin Adopters ETF, which offers investors a new way to tap into the rising trend of corporate Bitcoin treasury adoption without needing to hold Bitcoin directly.”

-David LaValle, Global Head of ETFs at Grayscale.

Lavalle also highlighted that BCOR will provide a forward-looking strategy to capture the momentum of companies integrating virtual assets through traditional equity markets. He sees the new ETF as an exciting opportunity for those who believe in Bitcoin’s long-term potential.

The Grayscale Bitcoin Adopters ETF’s net asset value per share is at $25.31 as of April 30. The firm also said the exchange-traded fund will have a semi-annual distribution frequency. The ETF will also trade on the New York Stock Exchange under the index ticker IBADIN.

According to the digital asset manager, the ETF had roughly $1,012,425 in assets under management at the time of publication. The exchange-traded product also has 40,001 outstanding shares.

Grayscale still tops all U.S. spot BTC ETFs in revenue

Grayscale’s Bitcoin Trust ETF (GBTC) is generating more revenue than all other spot Bitcoin exchange-traded funds combined despite charging fees up to seven times higher than its rivals. On Sunday, President of ETF Store, Nate Geraci said that GBTC is still “making more $$$ than all of the other ETFs combined…”

Coinglass data showed GBTC generates roughly $268.5 million in annual revenue, with a 1.5% expense fee applied to $17.9 billion in assets under management. Compared to GBTC, BlackRock’s IBIT holds three times more assets, at $56M, but it generates only about $137 million in revenue with its 0.25% fee.

Geraci revealed all the other U.S.-Bitcoin ETFs generate an implied annual revenue of approximately $211.8 million from a total of $89 billion in assets under management.

Grayscale established its Bitcoin Mini Trust in March primarily to offer a lower-cost alternative to GBTC’s fee while also diversifying its product lineup amid heightened competition.

The company’s GBTC initiated regulated BTC investment in 2013 as a private trust before offering an ETF in January of last year, together with other ETF issuers. The firm later won a landmark case against the then-Gensler-led SEC to convert its trust to an ETF.

The SEC noted the expense ratios for ETFs have been “historically less than those for corresponding mutual funds” because their distribution and transaction costs are different and often lower. The financial regulators also acknowledged that exchange-traded funds “can be more tax efficient” because ETF shares are generally redeemable “in kind.”

Grayscale’s CEO Micheal Sonnesnshein mentioned in April last year that the fees “will come down” as the ETF market matures.

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