MutualFundWire.com: LaValle Targets Bitcoin Miners

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Monday, February 3, 2025

LaValle Targets Bitcoin Miners

The folks at a digital-assets-focused shop outside New York City are adding another passively managed ETF, this one focused on "the Bitcoin mining ecosystem," with help from a new ally.

David Vincent "Dave" LaValle
Grayscale Investments, LLC
Global Head of ETFs

Last Thursday (January 30), Dave LaValle, global head of ETFs at Grayscale [profile], unveiled the launch of the launh of the Grayscale Bitcoin Miners ETF (MNRS on the NYSE Arca, Inc.). Rahul Sen Sharm, president and co-CEO of Indxx, and Vaibhav Agarwal, chief product officer, confirm that their Miami-based firm will serve as index provider to Stamford, Connecticut-based Grayscale's new ETF. (The Grayscale team also launched a new private placement product, the Grayscale Dogecoin Trust, last week.)

MNRS' inception date was January 30. By the end of the next day, the new ETF had $5.27 million in AUM. The new fund comes with an expense ratio of 59 basis points.

Grayscale Advisors, LLC serves as investment advisor to MNRS, while Vident Asset Management, LLC [profile] serves as subadvisor. Vident's Austin Wen, senior portfolio manager, and Rafael Zayas, senior vice president and head of portfolio management and trading, serve as the new ETF's PM team. The fund is designed to track Indxx's new Indxx Bitcoin Miners Index, which went live on January 8.

LaValle notes that MNRS and its index are "designed to evolve with the industry." Agarwal highlights "remarkable growth" in the Bitcoin mining industry, and Sen Sharma describes the Indxx Bitcoin Miners Index as "an excellent tool" for capitalizing on that growth.

"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," LaValle states.

"We're excited to partner with Grayscale Investments to help US investors gain access to new avenues for investment in this critical infrastructure layer of the digital economy," Sen Sharma states. "This launch marks our first product partnership with Grayscale Investments. We look forward to many more successful partnerships."

"The Index uses a revenue-driven approach to identify leading players in the Bitcoin mining industry, capturing both companies that verify Bitcoin transactions and those providing essential infrastructure services, thus serving as the perfect tool for investors seeking to gain exposure to the foundation of the Bitcoin network," Agarwal states.

MNRS is a series of Grayscale Funds Trust. The new ETF's other service providers include: Cohen & Company, Ltd. as independent accounting firm; ACA's Foreside Fund Services, LLC as distributor; Stradley Ronon Stevens & Young, LLP as counsel; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services, LLC) as administrator, index receipt agent, and transfer agent; and U.S. Bank National Association as custodian.

Printed from: MFWire.com/story.asp?s=69479

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