On January 30, Grayscale announced the launch of a Bitcoin mining exchange-traded fund called MNRS, a passively managed product that tracks the mining industry.
The company said the fund gives investors direct exposure to the Bitcoin mining industry at a time of unprecedented interest and growth.
The MNRS fund provides exposure to companies involved in Bitcoin mining, including network validation, mining pool services, and infrastructure such as data centers, ASICs, and GPUs.
Grayscale’s global head of ETFs, Mike Alfred, sees the timing as ideal, and the fund includes major Bitcoin mining companies such as:
Marathon Holdings (MARA) 16.9%, Riot Platforms (RIOT) 12.1%, Core Scientific (CORZ) 9.33%, CleanSpark (CLSK) 4.86%, and IREN 4.43%.
David Lavallee also emphasized that Bitcoin mining companies are well-positioned to grow as Bitcoin adoption increases, making the MNRS fund an attractive option for a variety of investors.
Grayscale is the issuer of several major funds, including the Grayscale Bitcoin Trust ETF (GBTC), the Bitcoin and Ethereum Trust, and the Bitcoin and Ethereum Mini Trust.
Although the GBTC fund has lost about $21.8 billion in outflows since the approval of the spot ETF a year ago, it still has $21 billion in assets under management and holds about 201,319 Bitcoin.
In contrast, the low-fee Bitcoin Mini Trust has seen $1.2 billion in inflows over the past year, making it the fifth-largest spot Bitcoin ETF in the United States.
The company has also filed with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds for both Litecoin (LTC) and Solana (SOL).
In another development, the SEC on January 30 approved Bitwise’s application to list a Bitcoin-Ethereum ETF, where 83% of assets will be allocated to Bitcoin and 17% to Ethereum based on relative market cap.
Bitwise has filed for a Dogecoin (DOGE) ETF, while Tuttle Capital has filed to launch 10 leveraged cryptocurrency ETFs.
