Grayscale unveils new bitcoin mining ETF

Grayscale is unveiling a new investment product providing customers exposure to the Bitcoin mining industry. Known as the Grayscale Bitcoin Miners ETF (exchange-traded fund), the product will allow customers to invest in the top mining firms, including U.S.-based Core Scientific, Hut 8, Marathon Digital, Riot Platforms, and CleanSpark.

“The Fund specifically invests in companies that comprise the Indxx Bitcoin Miners Index, a proprietary index designed to measure the performance of global Bitcoin mining companies that generate the majority of their revenue from Bitcoin mining activities or mining-related hardware, software, services, and/or projects,” Grayscale said.

Historically, there has been a positive correlation between Bitcoin mining stocks and the value of Bitcoin. The world’s leading cryptocurrency is expected to record strong gains this year, with Bitcoin forecast to hit $200,000 in 2025, according to Bernstein.

Furthermore, the price of Bitcoin is also expected to surge this year under the impending deregulation of the digital asset industry under President Donald Trump.

Grayscale’s new investment vehicle also offers customers exposure to the mining industry without requiring direct investment in Bitcoin or mining stocks. “Grayscale Bitcoin Miners ETF offers investors targeted exposure to Bitcoin Miners and the global Bitcoin Mining industry in a passively managed, rules-based, and index-tracked fund designed to evolve with the industry,” said David LaValle, Grayscale’s Global Head of ETFs.

Recently, many mining companies have pivoted to artificial intelligence (AI), but the sector underwent a sharp downturn after China’s DeepSeek app emerged as a potential threat to U.S. dominance this month.

Still, market analysis of the sector suggests that "Bitcoin miners have a 12- to 18-month window to establish hybrid data center businesses while the hyperscaler [capital expenditure] remain steady," writes Gautam Chhugani, Managing Director at Bernstein, Global Digital Assets.

"The contracts associated with [AI] customers provide long-term, steady cash flows and earnings streams, while our bitcoin mining operations will continue to monetize bitcoin's flexible upside potential," Bitfarms CEO Ben Gagnon told Reuters recently.