Grayscale has rolled out a new exchange-traded fund that gives investors access to companies adopting Bitcoin as part of their treasury strategy.
The fund, named the Grayscale Bitcoin Adopters ETF (BCOR), was announced on April 30 and reflects the asset manager’s continued push into Bitcoin-themed investment products.
According to Grayscale, BCOR tracks the Indxx Bitcoin Adopters Index, which comprises companies that have allocated part of their treasury to Bitcoin. The firm emphasized that the ETF targets businesses that view Bitcoin as both a hedge against inflation and a tool for treasury diversification.
BCOR provides investors access to a diversified portfolio of global equities across seven sectors and 15 industries. These firms are considered leaders in Bitcoin adoption and serve as indicators of broader institutional sentiment toward the flagship digital asset.
Grayscale’s latest move mirrors a similar product by Bitwise, the Bitcoin Standard ETF, which tracks companies holding over 1,000 BTC. While Bitwise focuses on major holders, Grayscale’s BCOR provides a more diversified approach to the product.
David LaValle, Grayscale’s Global Head of ETFs, explained that the firm’s new fund is a strategic response to the rising wave of corporate Bitcoin investments.
He added:
“As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets.”
Corporate Bitcoin holdings rise
Grayscale’s new product rollout coincides with a notable increase in corporate Bitcoin holdings this year.
Data from Bitwise shows that corporate firms added nearly 100,000 BTC in April 2025, bringing their total holdings to around 750,000 BTC. This means these companies collectively hold 3.57% of BTC’s total supply of 21 million.
Market observers believe that this trend will continue and further contribute to the overall growth of the Bitcoin market.
Blockstream CEO Adam Back suggested that companies increasing their Bitcoin reserves are positioning themselves early for what he described as “hyperbitcoinization”—a future where the top crypto becomes the dominant store of value.
He stated:
“[BTC] treasury companies are an arbitrage of the dislocation between the bitcoin future and today’s fiat world. A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. Scalable enough for most big listed companies to move to btc treasury.”
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