Grayscale Bitcoin Miners ETF (MNRS) - Thematic Crypto-Related ETF

Passively managed ETF tracking the Indxx Bitcoin Miners Index for pure-play exposure to global Bitcoin mining companies. Launched in 2025 by Grayscale as of December 18, 2025.

Key Facts (December 2025)

Issuer	Grayscale
Ticker	MNRS (NYSE Arca)
Expense Ratio	0.59%
Approx. AUM	$10 Million
Inception Date	January 30, 2025
Index Tracked	Indxx Bitcoin Miners Index
Crypto Exposure	Indirect via Bitcoin mining companies
Official Site	Grayscale MNRS Page

Top Holdings (as of December 18, 2025)

Rank	Holding	Ticker	Weight (%)
1	IREN Ltd	IREN	16.73%
2	BitMine Immersion Technologies Inc	BMNR	10.07%
3	MARA Holdings Inc	MARA	7.60%
4	Hut 8 Corp	HUT	6.24%
5	Cipher Mining Inc	CIFR	6.06%
6	TeraWulf Inc	WULF	5.92%
7	Applied Digital Corp	APLD	5.29%
8	CleanSpark Inc	CLSK	4.91%
9	Core Scientific Inc	CORZ	4.65%
10	Bitfarms Ltd	BITF	4.44%

31 holdings in total. Focused on companies deriving significant revenue from Bitcoin mining.

Recent Performance & Flows

• Strong gains since inception (+49% market price cumulative as of mid-December), driven by Bitcoin rally and mining sector interest.
• Recent 1-month performance: Down ~21% amid broader crypto volatility.
• Flows: Modest inflows as a newer fund, building AUM steadily in 2025.
• High volatility tied to Bitcoin price and mining economics (energy costs, hashrate).

Data approximate; sources include Grayscale reports and market trackers (as of December 18, 2025).

Pros

• Pure-play exposure to Bitcoin mining industry from established issuer Grayscale.
• Passive index-tracking with reasonable expense ratio (0.59%).
• Potential leveraged upside to Bitcoin price increases via miner profitability.
• Rules-based index adapts to evolving mining sector.

Cons

• High concentration and volatility in mining stocks.
• Small AUM (~$10M) may impact liquidity.
• Sensitive to Bitcoin downturns, energy prices, and regulatory risks.
• New fund with limited history (launched 2025).

How to Buy MNRS

Available on major brokers including Fidelity, Vanguard, Charles Schwab, Robinhood, and Interactive Brokers. Search ticker "MNRS". Suitable for investors seeking targeted Bitcoin mining exposure.

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Not financial advice. Investments in ETFs involve risk, including potential loss of principal. Crypto-related investments are highly volatile. Data approximate as of December 18, 2025; always verify with official sources.