Grayscale has introduced the Grayscale Bitcoin Miners ETF (MNRS), providing investors with exposure to companies operating in the Bitcoin mining industry. 

This ETF focuses on firms included in the Indxx Bitcoin Miners Index, which tracks businesses that generate most of their revenue from Bitcoin mining or related services, including hardware, software, and infrastructure.

Grayscale Continuous to Innovate with Crypto ETFs

The latest ETF offers an alternative for those looking to invest in the Bitcoin mining sector without directly holding digital assets. It caters to investors interested in companies linked to Bitcoin’s price movements. 

The fund will appeal to investors who may not want or have the ability to invest in cryptocurrencies directly.

However, the fund does not invest in Bitcoin, other digital currencies, derivatives, or initial coin offerings. It may have indirect exposure to digital assets through investments in companies that use or hold them as part of their business operations.

Overall, Grayscale remains a dominant player in developing products that are taking crypto to the retail investment scene. 

“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,” David LaValle, Global Head of ETFs at Grayscale told BeInCrypto.

Currently, its Bitcoin Trust (GBTC) manages more than $20 billion in assets. Despite being the pioneer of Bitcoin ETF, GBTC currently ranks third behind BlackRock’s IBIT and Fidelity’s FBTC. 

The firm has expanded its ETF offerings in recent months, broadening access to crypto-related investments.

In addition to launching MNRS, Grayscale has applied for a spot Litecoin ETF, which the SEC could approve ahead of other altcoin ETFs. The company also submitted an application for a Solana ETF months ago.

Grayscale recently disclosed a list of 40 digital assets, including AI and meme tokens, that may be integrated into its investment products. 

In December, it opened its Horizen Trust (HZEN) to accredited investors, a product that had been maintained for years but was not previously available over-the-counter (OTC). 

The firm has also introduced new trusts for Stellar (XLM), Lido DAO, and Optimism, further expanding its crypto-focused offerings.

Matt Hougan, Chief Investment Officer at Bitwise, said that President Donald Trump’s executive order could have a significant effect on Bitcoin’s (BTC) four-year cycle. 

While Hougan acknowledged that the market has not fully overcome the cycle, he expects any pullbacks to be shorter and less intense compared to previous years.

Impact of Trump’s Executive Order On Bitcoin’s Cycle

In his latest weekly memo, Hougan highlighted the President’s executive order and the Securities and Exchange Commission’s (SEC) recent pro-crypto shifts as major catalysts for Bitcoin’s mainstream adoption.

On January 23, President Trump signed an official order to establish a “national digital asset stockpile.” As a result, crypto inflows surged to $1.9 billion.

“It created a pathway for the largest Wall Street banks and investors to move aggressively into the space,” Hougan wrote.

According to Hougan, the current crypto cycle started in March 2023. This was when Grayscale secured a significant early victory in its legal battle with the SEC over a Bitcoin ETF. 

The ETFs launched in January 2024, with hundreds of billions of dollars entering the market from new investors. Nonetheless, Hougan sees the executive order as a catalyst for an even more significant transformation.

“But the full mainstreaming of crypto—the one contemplated by Trump’s executive order, where banks custody crypto alongside other assets, stablecoins are integrated broadly into the global payments ecosystem, and the largest institutions establish positions in crypto—I’m convinced will bring trillions,” the note read.

Notably, Bitcoin’s four-year cycle is a pattern driven by halving events. The price typically experiences a bearish accumulation phase. This is followed by a bull market due to reduced supply and then a bear market after the peak. This cycle repeats approximately every four years as the block reward for miners is halved.

BTC experienced downturns in 2014, 2018, and 2022. If this pattern holds, the next pullback could occur in 2026. Despite this, Hougan remained optimistic about crypto’s long-term trajectory.

“The crypto space has matured; there’s a greater variety of buyers and more value-oriented investors than ever before. I expect volatility, but I’m not sure I’d bet against crypto in 2026,” Hougan acknowledged. 

He also predicted 2025 to be a favorable year for crypto. 

“We’re on the record predicting that bitcoin’s price will double this year to above $200,000, driven by flows into ETFs and bitcoin purchases by corporations and governments,” stated the CIO. 

However, Hougan added that the forecast might be conservative. Lastly, he pointed out that the impact of Trump’s executive order and broader regulatory shifts will unfold over years rather than months. 

According to Hougan, establishing a new crypto regulatory framework will take at least a year. Moreover, Wall Street firms may require even more time to adapt.

Meanwhile, the CIO stated that leverage will build, excesses will emerge, and bad actors will surface. This may potentially lead to a sharp pullback. 

Nonetheless, Hougan believes any correction is likely to be “shorter”  and “shallower.” This is because of the crypto market’s maturity and a more diverse, value-driven investor base.

Illinois and Indiana have introduced bills to establish a Strategic Bitcoin Reserve. They join a growing list of US states exploring Bitcoin as a financial asset. 

While Illinois aims to create a Bitcoin reserve fund, Indiana’s bill differs slightly. It explores how blockchain technology can enhance state agency operations. In addition, the bill explores investments in Bitcoin exchange-traded funds (ETFs).

Illinois’ Push for a Bitcoin Reserve

Illinois State Representative John M. Cabello has introduced House Bill 1844 (HB1844), also known as the Strategic Bitcoin Reserve Act. The bill highlights Bitcoin’s potential as a decentralized, finite digital asset that could serve as a hedge against inflation and economic volatility.

“A strategic bitcoin reserve aligns with Illinois’ commitment to fostering innovation in digital assets and providing Illinoisans with enhanced financial security,” the bill read.

The proposed bill seeks to establish the Strategic Bitcoin Reserve Fund, overseen by the State Treasurer. It offers provisions for accepting Bitcoin donations from residents and government entities.

Furthermore, the bill specifies a minimum holding period of five years. Therefore, any Bitcoin added to the fund would be held for the specified time before the state could sell, transfer, or convert it into another cryptocurrency. 

The bill also lays out guidelines for securing and managing the fund. It requires transparency through regular reports and gives the State Treasurer the power to set necessary rules.

Indiana’s Bitcoin Strategy

Meanwhile, Indiana is taking a slightly different approach. House Bill 1322, authored by state Representative Jake Teshka and co-authored by Representatives Shane Lindauer and Cory Criswell, focuses on both blockchain adoption and Bitcoin investment strategies. 

The bill directs the Department of Administration to explore how blockchain technology could improve government efficiency, data security, and consumer experience.

“The department of administration (department) shall issue a request for information for purposes of exploring how the use of blockchain technology could be used by a state agency to: (1) achieve greater cost efficiency and cost effectiveness; and (2) improve consumer convenience, experience, data security, and data privacy,” HB1322 states.

It also paves the way for state-managed investment in Bitcoin. The bill allows funds from the public employees’ retirement fund, state teachers’ retirement fund, and public officers’ funds to be invested in approved Bitcoin exchange-traded funds (ETFs). 

These include spot Bitcoin ETFs, which hold Bitcoin directly. Additionally, it includes Bitcoin futures ETFs. These track Bitcoin’s price movements through derivatives.

This move comes as Utah and Arizona advance legislation to invest public funds in digital assets. Furthermore, Texas Lieutenant Governor Dan Patrick has made the Bitcoin Reserve a top priority for 2025.

Similar proposals from South Dakota and Kentucky may follow as state representatives prepare to introduce bills creating a Strategic Bitcoin Reserve.