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Grayscale’s new ETF, MNRS, tracks Bitcoin mining firms and infrastructure, offering investors exposure to the mining industry without direct BTC investment.
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Major cryptocurrency asset manager Grayscale continued expanding its crypto investment offerings, launching a new exchange-traded fund (ETF) offering exposure to Bitcoin mining.
Grayscale is debuting Grayscale Bitcoin Miners ETF (MNRS), an investment product offering exposure to Bitcoin (BTC) miners and the BTC mining ecosystem, the company announced on Jan. 30.
The fund invests specifically in companies from the Indxx Bitcoin Miners Index, which tracks the performance of firms whose revenue comes mostly from BTC mining or mining-related hardware, software, services or other projects.
MNRS will not invest in digital assets directly or through derivatives but may have indirect exposure to digital assets by virtue of its investments, Grayscale noted.
Bitcoin miners are well-positioned for significant growth, Grayscale says
Grayscale’s new crypto investment product offering aligns with the company’s acknowledgment that the Bitcoin mining industry is critical to the BTC network.
“The work of Bitcoin miners is integral to the existence and continuation of the Bitcoin network,” Grayscale said, adding that miners perform key functions maintaining security, integrity and functionality.
Grayscale Bitcoin Miners ETF (MNRS) details. Source: Grayscale
The critical role of Bitcoin miners can be appealing to those seeking an alternative to direct BTC investment or those who lack access or are not ready to invest directly in BTC, Grayscale noted. It also said that the performance of Bitcoin mining firms is correlated with the BTC price.
Related: Digital Currency Group spins out new crypto mining subsidiary
“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,” Grayscale’s global ETF head David LaValle said in the announcement. He added:
“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.”
Mining stocks struggled to match BTC gains in 2024
Grayscale’s Bitcoin Miners ETF launch comes amid crypto mining stocks extending losses in late January following an abrupt market downturn triggered by the frenzy over DeepSeek’s new AI model.
While Grayscale pointed to a correlation between the performance of Bitcoin and the mining industry, miners’ stocks struggled to capitalize on Bitcoin’s 113% returns in 2024.
According to data from the Hashrate Index and Google Finance, the majority of publicly listed miners ended 2024 in the red, with some declines reaching as much as 84%.
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This article first appeared at Cointelegraph.com News
