Major cryptocurrency asset manager Grayscale continues to expand its crypto investment offerings by launching a new exchange-traded fund (ETF) providing access to Bitcoin mining.

As announced on January 30, Grayscale enters the market with the Grayscale Bitcoin Miners ETF (MNRS), an investment product offering exposure to Bitcoin miners and the BTC mining ecosystem.

The fund will specifically invest in companies from the Indxx Bitcoin Miners Index, which tracks the performance of firms whose revenue mainly comes from BTC mining or mining-related hardware, software, services, or other projects.

MNRS will not invest directly in digital assets or through derivatives, but it may have indirect exposure to digital assets through its investments, Grayscale noted.

Grayscale: Bitcoin Miners Well Positioned for Growth

Grayscale’s new crypto investment product aligns with the company’s recognition 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 in maintaining security, integrity, and functionality.

Grayscale Bitcoin Miners ETF (MNRS) Details

Grayscale noted that the critical role of Bitcoin miners could be appealing to those seeking an alternative to direct BTC investment or those who are not ready to invest directly in BTC. It also mentioned that the performance of Bitcoin mining firms is correlated with the BTC price.

David LaValle, Grayscale’s Global ETF Head, stated: “The Grayscale Bitcoin Miners ETF offers investors targeted exposure to Bitcoin miners and the global Bitcoin mining industry through a passively managed, rules-based, and index-tracked fund designed to evolve with the industry.”

He added, “Bitcoin miners, as the backbone of the network, are well-positioned for significant growth as Bitcoin adoption and usage increase, making MNRS an appealing option for a diverse range of investors.”

Mining Stocks Struggled to Keep Up with BTC Gains in 2024

The launch of Grayscale’s Bitcoin Miners ETF coincided with crypto mining stocks extending losses in late January, following a sharp 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 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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