Crypto asset management firm Grayscale is launching a new Bitcoin (BTC) mining exchange-traded fund (ETF).
According to a new press release, Grayscale announced the launch of the Grayscale Bitcoin Miners ETF (MNRS), a fund that invests in a proprietary BTC index designed to measure the performance of firms that obtain most of their funds through mining the crypto king.
ETFs allow traders to expose themselves to specific assets, such as gold or cryptocurrencies, without ever having to actually purchase any physical product.
As stated by David LaValle, Global Head of ETFs at Grayscale, in the press release,
“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.
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.”
On its official website, Grayscale says that MNRS provides both short and long-term growth opportunities for investors due to its correlation with the price of the top crypto asset by market cap.
“Bitcoin miners carry a high, positive longer-term correlation to the price of Bitcoin. Rising prices in Bitcoin may lead to higher revenue and increased gross margins for the Bitcoin mining industry. This may offer investors both short and long-term opportunities.”
MNRS is trading for $26.64 at time of writing, a fractional increase during the last 24 hours.
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Featured Image: Shutterstock/Andy Chipus/NextMarsMedia