Bitwise has introduced three new ETFs that provide yield-seeking investors with exposure to leading Bitcoin treasury companies, using a covered call strategy designed to capitalize on equity volatility while preserving Bitcoin-linked upside.
The funds include:
$IMST, tracking Strategy (formerly MicroStrategy, ticker: MSTR), which currently holds 528,185 BTC.
$IMRA, focused on MARA Holdings (MARA), a top-tier Bitcoin miner with 47,600 BTC in treasury.
$ICOI, offering exposure to Coinbase (COIN), which holds 9,480 BTC and serves as a key on-ramp for institutional and retail Bitcoin adoption.
Each ETF employs an actively managed options overlay, writing out-of-the-money calls on the underlying equity while maintaining a long position. This approach is designed to deliver monthly income distributions—particularly attractive in today’s high-volatility environment—while retaining meaningful upside exposure to Bitcoin-linked companies.
While none of the funds directly hold Bitcoin, all three underlying equities are deeply intertwined with Bitcoin’s performance and trajectory. Strategy and Marathon are among the most prominent corporate holders of BTC, while Coinbase continues to serve as critical infrastructure for the broader ecosystem.
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