ETF Evaluator:
Grayscale Bitcoin Adopters ETF ()
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(as of Aug 26)
Best Performing in Global Large-Stock Blend Over the Last Year
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ETF Details
Grayscale Bitcoin Adopters ETF Overview
Grayscale Bitcoin Adopters ETF (BCOR) is a passively managed International Equity Global Large-Stock Blend exchange-traded fund (ETF). Grayscale launched the ETF in 2025.
The investment seeks investment results that track the performance (before fees and expenses) of the Indxx Bitcoin Adopters Index.
Under normal circumstances, the fund will invest at least 80% of its net assets (including investment borrowings) in the constituents that comprise the index. The index is designed by Indxx (the “index provider”) to consist of U.S. and non-U.S. equity securities of companies that have been classified by the index provider as having adopted Bitcoin as an asset for corporate treasury management. The fund is non-diversified.
About Grayscale Bitcoin Adopters ETF (BCOR)
There are 3 members of the management team with an average tenure of 1.25 years: Rafael Zayas (2025), Austin Wen (2025) and Yin Bhuyan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Indxx Bitcoin Adopters TR USD index with a weighting of 100%. Grayscale Bitcoin Adopters ETF has 44 securities in its portfolio. The top 10 holdings constitute 77.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Grayscale Bitcoin Adopters ETF is part of the Equity global asset class and is within the International Equity ETF group. Grayscale Bitcoin Adopters ETF has 16.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 83.7% There is 16.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Grayscale Bitcoin Adopters ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $2 billion average for the Global Large-Stock Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BCOR Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Grayscale Bitcoin Adopters ETF expense ratio is average compared to funds in the Global Large-Stock Blend category. Grayscale Bitcoin Adopters ETF has an expense ratio of 0.59%, which is 20% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Grayscale Bitcoin Adopters ETF has a portfolio turnover rate of 55%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Global Large-Stock Blend category.
Recently, in the month of July 2026, Grayscale Bitcoin Adopters ETF returned -4.4%, which earned it a grade of F, as the Global Large-Stock Blend category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Grayscale Bitcoin Adopters ETF has a trailing yield of 3.76%, which is above the 1.66% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Grayscale Bitcoin Adopters ETF Grades
Year to date, the ETF has returned -16.4%, 25.6 percentage points worse than the category, which translates into a grade of F. The fund has returned -33.7% over the past year (grade of F).
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BCOR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BCOR Return (NAV) | -4.4% | -15.1% | -33.7% | na | na | na |
| BCOR Return (Price) | -4.7% | -15.3% | -33.9% | na | na | na |
| NAV +/- Price Return | 0.276% | 0.139% | 0.166% | na | na | na |
| Global Large-Stock Blend Avg | 0.0% | 3.1% | 19.1% | 15.1% | 8.5% | 11.5% |
| BCOR Grade (NAV) | F | F | F | na | na | na |
| +/- Category (NAV) | -4.4% | -18.2% | -52.8% | na | na | na |
| BCOR Tax-Cost Ratio | na | na | 1.3% | na | na | na |
BCOR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BCOR Return (NAV) | -16.4% | na | na | na | na | na | na | na | na | na | na |
| BCOR Return (Price) | -16.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.003% | na | na | na | na | na | na | na | na | na | na |
| Global Large-Stock Blend Avg | 9.2% | 20.4% | 13.8% | 18.7% | -17.7% | 17.3% | 18.3% | 26.8% | -9.1% | 23.4% | 8.1% |
| BCOR Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -25.6% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 3.8% |
| Total Assets: | $ 2 Mil |
| Share Class Assets: | $ 2 Mil |
| Turnover: | 55.0% |
| Expense Ratio: | 0.59% |
| Index Fund: | Yes |
| Index Tracked: | Indxx Bitcoin Adopters TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.3 years | |||
| Average Tenure: 1.3 years | |||
| Managers (Year): Zayas Rafael (2025), Wen Austin (2025), Bhuyan Yin (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 77.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 16.2% |
Portfolio Allocation |
|
| Domestic Stock: | 83.7% |
| Foreign Stock: | 16.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Grayscale |
| Phone Number: | 866-775-0131 |
| Website: | |
| Inception Date: | April 29, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.49% |
