On January 30, 2025, Grayscale announced the launch of its new exchange-traded fund (ETF), the Grayscale Bitcoin Miners ETF, trading under the ticker symbol MNRS. This passively managed fund is designed to track the performance of the Indxx Bitcoin Miners Index, offering investors a structured way to gain exposure to the Bitcoin mining sector.
The firm emphasized that MNRS provides targeted access to Bitcoin miners and the broader mining industry during a period of unprecedented interest and growth in Bitcoin. The ETF includes companies engaged in Bitcoin mining, network verification, mining pool services, and infrastructure support such as data centers, ASIC hardware, and GPU providers.
Understanding the Grayscale Bitcoin Miners ETF
The Grayscale Bitcoin Miners ETF (MNRS) is structured as a passively managed fund, meaning it aims to replicate the performance of its benchmark index rather than actively selecting investments. The fund tracks the Indxx Bitcoin Miners Index (IBMIIN), which comprises companies primarily involved in Bitcoin mining and related activities.
Initial major holdings within the fund include Marathon Holdings (MARA) at 16.9%, Riot Platforms (RIOT) at 12.1%, Core Scientific (CORZ) at 9.33%, CleanSpark (CLSK) at 4.86%, and IREN at 4.43%. This diversified approach allows investors to participate in the growth of established and emerging players in the mining ecosystem.
David LaValle, Global Head of ETFs at Grayscale, noted that Bitcoin miners are strategically positioned for significant expansion as Bitcoin adoption increases. He highlighted MNRS as an appealing option for a diverse range of investors seeking pure-play exposure to this dynamic industry.
Grayscale’s Expanding ETF Portfolio
Grayscale is a well-known issuer in the digital asset investment space, managing several prominent ETFs. Its offerings include the Grayscale Bitcoin Trust ETF (GBTC), Bitcoin Mini Trust ETF (BTC), Grayscale Ethereum Trust ETF (ETHE), and Grayscale Ethereum Mini Trust ETF (ETH).
Despite substantial outflows from GBTC since the approval of spot Bitcoin ETFs in the United States—totaling $21.8 billion—the fund remains a significant player with $21 billion in assets under management and holdings of 201,319 BTC. Conversely, the lower-fee Bitcoin Mini Trust has attracted $1.2 billion in inflows over the past year, ranking it fifth among the eleven spot Bitcoin ETFs in the U.S.
Grayscale continues to innovate, having filed applications with the U.S. Securities and Exchange Commission (SEC) for a spot Litecoin ETF and a spot Solana ETF. These efforts reflect the company’s commitment to broadening its product range and providing diverse investment opportunities in the cryptocurrency market.
Broader Trends in Crypto ETFs
The launch of MNRS coincides with other significant developments in the crypto ETF landscape. On the same day, the SEC approved Bitwise’s application for a combined spot Bitcoin and Ethereum ETF. This new product, the Bitwise Bitcoin and Ethereum ETF, will hold both assets weighted by their relative market capitalizations—approximately 83% Bitcoin and 17% Ethereum at the time of filing.
In addition, Bitwise filed for a spot Dogecoin (DOGE) ETF this week, while Tuttle Capital submitted applications for ten leveraged crypto ETFs. These moves indicate growing interest and regulatory openness toward diverse cryptocurrency investment products, expanding options for investors seeking exposure to digital assets.
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Frequently Asked Questions
What is the Grayscale Bitcoin Miners ETF (MNRS)?
The Grayscale Bitcoin Miners ETF (MNRS) is a passively managed exchange-traded fund that tracks the Indxx Bitcoin Miners Index. It provides investors with exposure to companies involved in Bitcoin mining, network verification, and related infrastructure services.
How does MNRS differ from other Grayscale ETFs?
Unlike Grayscale’s spot Bitcoin or Ethereum ETFs, which hold the underlying cryptocurrencies, MNRS invests in equities of companies engaged in Bitcoin mining. This offers indirect exposure to the Bitcoin ecosystem through traditional stock market investments.
What are the benefits of investing in a Bitcoin mining ETF?
Investing in a Bitcoin mining ETF allows diversification across multiple mining companies, reducing the risk associated with individual stocks. It also provides a convenient way to gain exposure to the growth potential of the Bitcoin mining industry without directly managing mining operations.
What companies are included in the MNRS ETF?
Major holdings include Marathon Holdings, Riot Platforms, Core Scientific, CleanSpark, and IREN. These companies are leaders in Bitcoin mining and related services, offering a balanced representation of the sector.
Are there risks associated with investing in mining ETFs?
Yes, risks include Bitcoin price volatility, regulatory changes, operational challenges in mining, and market competition. Investors should carefully assess their risk tolerance and conduct thorough research before investing.
How can I stay updated on crypto ETF developments?
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