BCOR
Grayscale Bitcoin Adopters ETF
Grayscale Bitcoin Adopters ETF seeks to provide investors with exposure to companies that are adopting or investing in Bitcoin, aiming to capitalize on the growing integration of Bitcoin in the global economy.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
4.5 M
ASSETS UNDER MGMT
59 bp
EXPENSES
Fund Basics
| Fund sponsor | Grayscale |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 29, 2025 |
| Assets (mns) | $5 |
| Expense ratio | 59 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| TESLA MOTORS INC | 19.8 % |
| MICROSTRATEGY INC-CL A | 18.8 % |
| GALAXY DIGITAL HOLDINGS LTD. | 5.4 % |
| COINBASE GLOBAL, INC. CLASS A | 5.0 % |
| BLOCK INC. | 4.5 % |
| NEXON CO LTD | 4.4 % |
| DIGITAL WORLD ACQUISITION CORP. CLASS A | 4.2 % |
| METAPLANET INC | 4.2 % |
| GAMESTOP CORP-CLASS A | 4.1 % |
| MERCADOLIBRE INC | 4.0 % |
Constituent Breakdown
| Number of holdings | 32 |
| Herfindahl-Hirschman Index | 1,111 |
| Wgt avg mkt cap (mns) | $259,147 |
| Large cap (>$10bn) | 55.4% |
| Mid cap ($2-10bn) | 18.8% |
| Small cap (<$2bn) | 10.6% |
| Developed mkts. | 84.1% |
| Emerging mkts. | 6.9% |
Country Exposure
 |
UNITED STATES | 76.3 % |
 |
JAPAN | 4.4 % |
 |
ARGENTINA | 4.0 % |
 |
CANADA | 2.2 % |
 |
CHINA | 1.9 % |
 |
NORWAY | 1.1 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -- | -- | -- | -- | -- | -- | -- | 38.6% |
| Dividend Yield | -- | -- | -- | -- | -- | -- | -- | 0.1% |
| Total Returns | -- | -- | -- | -- | -- | -- | -- | 38.6% | Ann. Volatility | -- | -- | -- | -- | -- | -- | -- | 39.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 2 |
| ADV traded (mns) | $0 |
| Turnover | 1.5% |
| Avg. Bid/Ask (% of price) | 0.49% |
Technical Indicators
| Recent close | $34.95 |
| 30d moving avg. | $33.74 |
| Annualized volatility | 0.0% |
| Relative strength (RSI) | 52 |
| Short interest | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| BITQ | Bitwise Crypto Industry Innovators ETF | 40.3% | +26 bp | -2.0% |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | 25.3% | +26 bp | 0.0% |
| BKCH | Global X Blockchain ETF | 22.2% | -9 bp | -3.2% |
| XLY | Consumer Discretionary Select Sector SPDR Fund | 20.4% | -51 bp | +4.9% |
| BLOK | Amplify Transformational Data Sharing ETF | 20.4% | +16 bp | +0.1% |
| BWEB | Bitwise Web3 ETF | 20.4% | +26 bp | -0.2% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 20.4% | +2 bp | -0.7% |
| VCR | Vanguard Consumer Discretionary ETF | 19.6% | -50 bp | +4.6% |
| FDIS | Fidelity MSCI Consumer Discretionary Index ETF | 19.2% | -51 bp | +4.4% |
| ARKK | ARK Innovation ETF | 18.4% | +16 bp | -2.4% |
Risk and Returns: BCOR vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/14/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
BCOR
1.1%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 369 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.2%. BCOR's ALTAR Score™ is approximately
1.0 standard deviations
below
the category average. This places BCOR in the 17th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
BCORSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 177 |
| Avg. Expense Ratio | 55.1 bp |
| Std. Deviation | 18.1 bp |
| BCOR (59 bp) Percentile rank | 59 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| BCOR | 59.0 | 48.7 | 107.7 |
| Peer Avg. | 55.1 | 39.5 | 94.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .