Grayscale and Indxx Launch Bitcoin Adopter ETFs and Indices, Expanding Equity-Based BTC Exposure for Institutional Investors

Grayscale Investments has launched the Bitcoin Adopters ETF (BCOR), tracking the Indxx Bitcoin Adopters Index, which offers investors diversified equity exposure to over 80 public companies holding at least 100 BTC each. Companies are classified as primary holders or Bitcoin network operators (mostly miners), and sector allocation spans technology, finance, consumer goods, energy, and healthcare. A single company’s weighting, such as MicroStrategy with over 550,000 BTC, is capped at 20% to prevent overconcentration, and the index is rebalanced quarterly. The number of eligible companies has surged 142% from 2023 to 2025, marking accelerating corporate adoption of Bitcoin in treasury management. While many companies position Bitcoin as an inflation hedge, high volatility remains a concern. These ETFs provide equity-focused traders with indirect BTC exposure, risk diversification, and alignment with business fundamentals—but may introduce operational or leverage risks. Recent technical indicators, such as MVRV Ratio and support levels (111DMA at $91.3k, STH Cost Basis at $93.2k), suggest investor stress is easing and most holders are in profit. Key resistance is at $95k–$98k; a breakout could drive Bitcoin to new all-time highs above $100k. Overall, the launch of such ETFs is expected to legitimize Bitcoin exposure via traditional equities, encourage institutional inflows, and potentially impact BTC’s price trajectory.