Grayscale Bitcoin Miners ETF

MNRS

Market cap $14.7M

"Sell in May" failed badly in 2026 as tech, space and digital economy ETFs surged on AI optimism, strong earnings and easing geopolitical fears.

Bitcoin mining stocks have outperformed bitcoin itself this year; they're up over 20% versus spot BTC, which is down 11%. What is causing the current divergence between crypto and crypto mining performance?

ETFs rallied last week on easing Iran war fears, strong earnings and crypto buzz, even as Strait of Hormuz risks linger.

Last week, I published an update on the crypto ETF landscape, but one area worth revisiting is crypto equities—particularly Bitcoin miners. For many investors, miners can seem too niche, too volatile, or simply redundant now that spot Bitcoin ETFs exist.

Small caps led Q3 gains, while other standout ETF areas are Bitcoin mining (WGMI, MNRS), cannabis (MSOS, WEED), Ethereum (ETH, ETHW) and rare earths (REMX).

Before spot bitcoin ETFs launched (and even before futures bitcoin ETFs), crypto equity ETFs helped build early appetite for crypto. They were the first real taste of bitcoin that investors could get in their traditional brokerage accounts.

WGMI, BKCH, STCE, MNRS and SOLZ led last week's ETF winners as crypto and blockchain ETFs surged on strong Solana, Bitcoin and Ethereum gains.

Wall Street shines: WGMI +21.1%, MNRS +16.2%, STCE +14.7%, TAN +12.9%, CTEX +11.7% as crypto & cleantech ETFs surge amid easing fears and strong jobs data.

While crypto adoption will likely always be price-driven to some extent, regulatory and political tailwinds have driven a steady influx of launches throughout the year despite price volatility. We are not even halfway through 2025 and have already seen around 27 crypto ETF launches.

Today, Grayscale launched its latest cryptocurrency fund, the Grayscale Bitcoin Miners ETF (MNRS). MNRS focuses on providing results similar to that of the Indxx Bitcoin Miners Index.