Grayscale Launches Bitcoin Miners ETF (MNRS) as Interest in BTC Booms

 A new way to bet on Bitcoin — without buying Bitcoin.

Grayscale just dropped a new exchange-traded fund (ETF), and this time it’s not focused on Bitcoin itself — it’s all about the miners. On January 30th, the crypto asset manager unveiled the Grayscale Bitcoin Miners ETF, trading under the ticker MNRS.

This ETF tracks the Indxx Bitcoin Miners Index, giving investors exposure to companies that do the heavy lifting behind the scenes — validating Bitcoin transactions, maintaining network security, and powering the blockchain one block at a time.

“MNRS provides exposure to Bitcoin Miners and the global Bitcoin mining industry at a time when we’re seeing unprecedented interest and growth in Bitcoin,” said Grayscale in their announcement.

What’s Inside the ETF?

The MNRS fund doesn’t hold Bitcoin itself. Instead, it invests in key players across the mining sector — think mining pools, hardware manufacturers, and data center providers.

Top holdings include:

• Marathon Digital Holdings (MARA) – 16.9%
  
• Riot Platforms (RIOT) – 12.1%
  
• Core Scientific (CORZ) – 9.33%
  
• CleanSpark (CLSK) – 4.86%
  
• Iris Energy (IREN) – 4.43%
  

These companies are right at the heart of Bitcoin’s infrastructure — and with the next Bitcoin halving on the horizon, they’re also under the spotlight.

Why It Matters

According to David LaValle, Grayscale’s Global Head of ETFs, miners are “well-positioned for significant growth” as Bitcoin adoption ramps up. That makes MNRS an appealing play for investors who want exposure to the broader Bitcoin ecosystem without holding the asset directly.

It’s also a way to bet on mining profitability, especially with hash rates hitting all-time highs and energy innovation becoming a key differentiator for miner success.

Grayscale’s ETF Lineup Grows

MNRS is the latest addition to Grayscale’s growing roster of ETF products. The firm is best known for:

• GBTC (Grayscale Bitcoin Trust)
  
• BTC (Bitcoin Mini Trust)
  
• ETHE (Ethereum Trust)
  
• ETH (Ethereum Mini Trust)
  

While GBTC has seen major outflows (over $21.8 billion since the U.S. greenlit spot Bitcoin ETFs), it still holds a massive 201,319 BTC. On the flip side, the newer, lower-fee Bitcoin Mini Trust has been a hit — pulling in $1.2 billion and landing in the top 5 among U.S. Bitcoin ETFs.

Grayscale isn’t stopping there. It has also filed for spot ETFs for Litecoin and Solana, joining a new wave of crypto-focused financial products hitting traditional markets.

ETF Mania: It’s Not Just Grayscale

The crypto ETF race is heating up. On the same day as the MNRS launch, the SEC approved Bitwise’s hybrid ETF offering exposure to both Bitcoin and Ethereum, weighted by market cap. At the time of filing, the split was 83% BTC and 17% ETH.

Meanwhile, Bitwise also filed for a spot Dogecoin ETF, and Tuttle Capital is throwing its hat in the ring with ten leveraged crypto ETFs. The ETF wave is officially in full swing.

TL;DR: Grayscale just launched MNRS, an ETF tracking the Bitcoin mining industry. It’s a timely move as miner profits rise and BTC adoption grows. With more crypto ETFs on the horizon, traditional investors have more ways than ever to join the digital asset revolution — no wallet required.