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Grayscale, a major cryptocurrency asset manager, introduced the Grayscale Bitcoin Miners ETF (MNRS), a new investment vehicle designed to provide investors with exposure to the Bitcoin mining sector. The ETF is linked to the Indxx Bitcoin Miners Index, which measures the performance of companies predominantly involved in Bitcoin mining or associated hardware, software, services, or projects.
MNRS aims to offer an alternative for investors interested in the Bitcoin mining industry without directly investing in digital assets or derivatives. However, the fund may have indirect digital asset exposure through its investments.
Grayscale emphasizes the importance of Bitcoin miners in maintaining the security, integrity, and functionality of the Bitcoin network. The company suggests that the growth of the Bitcoin mining industry is closely aligned with the adoption and usage of Bitcoin, making MNRS an attractive option for a broad range of investors.
David LaValle, Grayscale’s global ETF head, stated, "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."
The launch of the MNRS ETF occurs as crypto mining stocks face challenges. Despite a correlation between Bitcoin prices and mining industry performance, mining stocks have not kept pace with Bitcoin’s 113% returns in 2024.
Data indicates that most publicly listed miners concluded 2024 with losses, with some experiencing declines of up to 84%, following a market downturn in late January spurred by excitement over DeepSeek’s new AI model.
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