Grayscale launches Bitcoin adopters exchange-traded fund
Asset manager Grayscale launched the Grayscale Bitcoin Adopters exchange-traded fund (ETF), an investment vehicle that tracks companies employing a Bitcoin () treasury, or holding strategy.
According to the April 30 announcement, the ETF will provide exposure to companies across seven business sectors, including Bitcoin mining firms, automotive companies, and energy.
Some of the most notable firms in the ETF include Michael Saylor's Strategy, mining company MARA, automotive manufacturer Tesla, BTC treasury company Metaplanet, and aerospace energy firm KULR Technology Group.
Grayscale's Bitcoin Adopters ETF highlights the growing trend of Bitcoin acquisition companies using the scarce digital asset to drive up shareholder prices and to against the inflation inherent in fiat currencies.
Public companies with Bitcoin holdings. Source:
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Bitcoin treasury companies and the effect on BTC markets
Blockstream CEO Adam Back recently wrote that Bitcoin treasury companies will cause BTC to surge to a in the coming years.
to the CEO, companies adopting BTC are "front-running" market participants in their early bet that hyperbitcoinization — a reference to a point where BTC becomes the dominant store of value — will happen.
Fidelity Digital Assets released metrics suggesting that the supply of due to heightened buying pressure from companies like Strategy that regularly acquire Bitcoin for their corporate reserves.
"Public Companies have bought over 30,000 bitcoin per month so far in 2025," Fidelity Digital Assets wrote in an April 24 X .
The miner reserve ratio, a metric tracking the total number of BTC held in miner wallets, continues to decline. Source:
Michael Saylor's Strategy is currently the largest corporate holder of Bitcoin, outside of crypto exchange companies like Coinbase, and regularly.
Adam Livingston, the author of "The Bitcoin Age and The Great Harvest," said that Strategy's aggressive BTC buying is .
Livingston added that institutions like Strategy are purchasing an average of 2,087 BTC per day, dwarfing the daily output of miners, who collectively produce around 450 BTC per day.
The rapid accumulation of BTC by institutions outpacing miner output should create a supply crunch that will drive the price of Bitcoin to heights unaffordable for most retail investors, Livingston concluded.
