Grayscale Launches New Bitcoin (BTC) Mining Exchange-Traded Fund (ETF)

Crypto asset management firm Grayscale is launching a new Bitcoin (BTC) mining exchange-traded fund (ETF).

Crypto asset management firm Grayscale is now offering a Bitcoin (BTC) mining exchange-traded fund (ETF).

According to a recent press release, Grayscale has announced the launch of the Grayscale Bitcoin Miners ETF (MNRS), a fund that will invest in a proprietary BTC index designed to track the performance of companies that derive a majority of their revenue from mining the leading crypto.

ETFs allow traders to gain exposure to specific assets, like gold or cryptocurrencies, without having to purchase any of the physical product themselves.

“Grayscale Bitcoin Miners ETF provides 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,” David LaValle, Global Head of ETFs at Grayscale, said in the press release.

“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.”

On its official website, Grayscale states that MNRS offers both short and long-term growth potential for investors due to its correlation with the price of the top crypto asset by market capitalization.

“Bitcoin miners carry a high, positive longer-term correlation to the price of Bitcoin. Rising prices in Bitcoin may lead to higher revenue and increased gross margins for the Bitcoin mining industry. This may offer investors both short and long-term opportunities.”

MNRS is currently trading at $26.64 at the time of writing, showing a fractional increase over the last 24 hours.