In the most recent development, Grayscale has rolled out Bitcoin Miners ETF with a ticker MNRS to support Bitcoin Mining and related ecosystems. Grayscale already offers Spot Bitcoin ETF with Spot Ether ETF, and MNRS is now the latest entrant to ETF investments by the asset management firm. Bitcoin prices have started responding to this development by marking upticks in their values.
Grayscale Launches Bitcoin Miners ETF (MNRS)
Grayscale has officially launched MNRS, which is a ticker for Bitcoin Miners ETF. The objective is to support the ecosystem that is related to Bitcoin mining. The asset management firm is offering passive exposure to investors by enabling them to allocate a share of their portfolios to the ETF which will invest in companies that comprise the Indxx Bitcoin Miners Index. Bitcoin Miners ETF comes as an alternative to direct investment in BTC.
David LaValle, Global Head of ETFs at Grayscale, has said that Grayscale® Bitcoin Miners ETF offers investors a targeted exposure to Bitcoin Miners and the Bitcoin Mining industry which is spread across the globe. David has further stated that the opportunity is a rule-based and index-tracked fund designed to evolve with the industry. He has acknowledged that Bitcoin miners are the backbone of the network and has said that they are well-positioned to grow significantly with the increase in Bitcoin adoption and its usage.
Performance of Grayscale’s BTC and Ether ETFs
As Grayscale prepares to record the performance of BTC Miners ETF (MNRS), it is already seeing movements in Spot Bitcoin ETF and Spot Ether ETF. Grayscale’s GBTC fund flows were muted from January 28, after witnessing an outflux of $108.5 million on Monday.
. The historical cumulative outflow has reached $21.8 billion as of Jan 30 with an average outflow of $83.1 million, according to Farside Investors. Interestingly, the overall sentiments around Spot Bitcoin ETFs are bullish, especially since the US state of Indiana has sought Bitcoin ETF exposure for retirement funds.
Grayscale’s ETHE last recorded an outflow of $15.7 million on Jan 29, and is yet to report a flow for the next day. The historical cumulative outflow for Grayscale’s ETHE stands at $3.8 billion as of Jan 30, according to Farside Investors. Notably, Grayscale’s Spot Ether ETF, ETHE, is yet to record an inflow since Jan 13.
BTC Price Reaction
Bitcoin price has reacted positively to the update for Grayscale’s BTC Miners ETF. It is now adding to BTC recovery after FOMC by setting a potential target of $109k. Bitcoin is up by 2.56% over the last 24 hours and is being traded at $105,055.67. It also reflects a surge of 3.51% over the last 7 days and 11.11% in the last 30 days.
Data from CoinMarketCap highlights that there is an increase of 23.55% in the 24-hour trading volume of BTC. Development about Grayscale BTC Miners ETF launch and price recovery has strengthened its position as the best crypto to buy this month. It now remains to be seen how Grayscle’s Bitcoin Miners ETF (MNRS) performs in the market.
The post Breaking: Grayscale Rolls Out Bitcoin Miners ETF (MNRS) To Boost BTC Mining appeared first on CoinGape.
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