MNRS - ETF AI Analysis
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Grayscale Bitcoin Miners ETF (MNRS)
Rating:56Neutral
Price Target:―
Positive Factors
Strong Recent Overall Performance
The ETF has delivered strong gains so far this year and over the past month, showing solid recent momentum.
Top Holdings Showing Strong Gains
Several of the largest positions, including IREN, Applied Digital, Hut 8, TeraWulf, and Riot, have posted strong year-to-date performance, helping drive the fund higher.
Focused but Somewhat Diversified by Country
While the ETF is mainly invested in U.S. companies, it also includes meaningful exposure to Canada and small positions in Germany and Hong Kong, adding some geographic diversification.
Negative Factors
High Concentration in a Single Industry Theme
The fund is heavily focused on bitcoin mining and related financial and technology names, which can make it very sensitive to swings in the crypto market.
Top Holdings Are Concentrated
A few stocks, such as IREN, Applied Digital, and Hut 8, make up a large share of the portfolio, increasing the impact if any of these companies perform poorly.
Moderately High Expense Ratio for a Thematic ETF
The fund’s expense ratio is on the higher side compared with many broad-market ETFs, which means more of the returns are used to cover fees.
MNRS vs. SPDR S&P 500 ETF (SPY)
AUM16.73M
RegionGlobal
Expense Ratio0.59%
Beta2.42
IssuerGrayscale
Inception DateJan 30, 2025
Dividend Yield0.41%
Asset ClassEquity
Index TrackedIndxx Bitcoin Miners Index - Benchmark TR Net
Share Statistics
EPS (TTM)N/A
Shares OutstandingN/A
10 Day Avg. Volume8,103
30 Day Avg. Volume11,270
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
71.50Price Target Upside― Downside
Rating ConsensusStrong Buy
Number of Analyst Covering25
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
MNRS Summary
The Grayscale Bitcoin Miners ETF (MNRS) is a fund that follows the Indxx Bitcoin Miners Index, focusing on companies that earn most of their money from bitcoin mining and related services. It mainly holds U.S. and Canadian firms in the financial and technology areas, including well-known names in the space like Riot Platforms and Hut 8. Someone might invest in MNRS if they want a simple way to bet on the growth of bitcoin and the broader blockchain theme without buying bitcoin directly. A key risk is that it can be very volatile and tends to rise and fall sharply with bitcoin prices.
How much will it cost me?The Grayscale Bitcoin Miners ETF (MNRS) has an expense ratio of 0.59%, which means you’ll pay $5.90 per year for every $1,000 invested. This is higher than average because it is actively managed and focuses on a niche sector like bitcoin mining, which requires specialized expertise. It’s important to consider this cost when evaluating your investment options.
What would affect this ETF?The Grayscale Bitcoin Miners ETF (MNRS) could benefit from increasing global adoption of blockchain technology and rising interest in bitcoin, which may drive demand for mining services. However, it faces risks from regulatory changes targeting cryptocurrency, fluctuating bitcoin prices, and rising energy costs that could negatively impact mining profitability. Its heavy exposure to financial and technology sectors makes it sensitive to broader economic conditions and innovation trends.
MNRS Top 10 Holdings
MNRS is essentially a pure play on bitcoin miners, with a global roster that leans heavily toward tech and financial-style infrastructure names rather than traditional blue chips. Hut 8 and Keel Infrastructure are doing much of the heavy lifting, rising sharply and giving the fund a strong tailwind. IREN and HIVE are also pulling their weight, helped by AI and data-center themes. On the flip side, Applied Digital has been more of a wobble than a rocket, and weaker names like Bitdeer keep the ride bumpier than a typical diversified ETF.
Name | Company Name | Weight % | Market Value | Market Cap | Yearly Gain | Overall Rating |
|---|---|---|---|---|---|---|
| Hut 8 | 15.17% | $2.37M | C$19.85B | 685.66% | 56 Neutral | |
| Applied Digital Corporation | 12.24% | $1.91M | $13.31B | 357.95% | 54 Neutral | |
| IREN | 10.96% | $1.71M | $21.40B | 433.49% | 64 Neutral | |
| Keel Infrastructure | 7.24% | $1.13M | $3.80B | 791.57% | 46 Neutral | |
| Riot Platforms | 5.51% | $859.64K | $10.63B | 208.84% | 68 Neutral | |
| Bitdeer Technologies | 5.51% | $859.25K | $4.36B | 58.95% | 38 Underperform | |
| HIVE Digital Technologies | 5.32% | $829.80K | C$1.77B | 193.41% | 55 Neutral | |
| Cipher Mining | 4.83% | $753.25K | $11.94B | 697.17% | 56 Neutral | |
| Core Scientific Inc | 4.55% | $709.38K | $9.27B | 156.21% | 46 Neutral | |
| Cleanspark | 4.54% | $707.51K | $4.42B | 97.18% | 73 Outperform |
MNRS Technical Analysis
Neutral
―
Price Trends
43.18
Negative
36.42
Positive
37.70
Positive
Market Momentum
-0.35
Positive
38.14
Neutral
10.60
Positive
Evaluating momentum and price trends is crucial in ETF analysis to make informed investment decisions. For MNRS, the sentiment is Neutral. The current price of undefined is equal to the 20-day moving average (MA) of 45.32, equal to the 50-day MA of 43.18, and equal to the 200-day MA of 37.70, indicating a neutral trend. The MACD of -0.35 indicates Positive momentum. The RSI at 38.14 is Neutral, neither overbought nor oversold. The STOCH value of 10.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MNRS.
MNRS Peer Comparison
Comparison Results
Performance Comparison
MNRS
Grayscale Bitcoin Miners ETF
40.06
11.95
42.51%
IBLC
iShares Blockchain and Tech ETF
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HECO
SPDR Galaxy Hedged Digital Asset Ecosystem ETF
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DECO
SPDR Galaxy Digital Asset Ecosystem ETF
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―
BCDF
Horizon Kinetics Blockchain Development ETF
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―
BLCK
Corgi Crypto Infrastructure ETF
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Glossary
BuyAn ETF rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the ETF is likely to deliver higher returns compared to other ETFs in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldAn ETF rated as a "Hold" s expected to perform in line with the overall market or a specific benchmark. This rating indicates that the ETF is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellAn ETF rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the ETF may deliver lower returns compared to other ETFs in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
DisclaimerThis AI Analyst ETF Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in ETFs carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: ―
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