Bitwise has launched three innovative ETFs aimed at yield-focused investors seeking exposure to premier Bitcoin treasury firms. Utilizing a covered call strategy, these funds are designed to take advantage of equity market volatility while maintaining potential upside linked to Bitcoin.
The newly launched funds include:
- $IMST, which tracks the Strategy (formerly MicroStrategy, ticker: MSTR), currently boasting 528,185 BTC in its treasury.
- $IMRA, concentrated on MARA Holdings (MARA), a leading Bitcoin mining company with a treasury of 47,600 BTC.
- $ICOI, granting access to Coinbase (COIN), which has 9,480 BTC and plays a crucial role as an entry point for both institutional and retail Bitcoin users.
Each ETF applies an actively managed options overlay, selling out-of-the-money call options on the underlying equities while retaining a long position. This strategic framework is crafted to provide monthly income distributions, especially appealing in todayโs volatile market conditions while still presenting significant upside potential from Bitcoin-focused companies.
Although none of these funds directly hold Bitcoin, all three underlying companies are closely linked to Bitcoin’s performance and future path. Strategy and Marathon are among the largest corporate investors in BTC, while Coinbase acts as vital infrastructure for the entire ecosystem.
Innovative Solutions for Bitcoin-Aligned Capital Allocation
For corporate treasurers and institutional investors viewing Bitcoin as a long-term strategic asset, these new financial products provide an intriguing way to gain indirect exposure while also generating yieldโparticularly for balance sheets that cannot currently hold BTC directly.
The emergence of equity-based strategies like this symbolizes a larger trend. An increasing number of public companies are integrating Bitcoin into their financial frameworks, whether through direct ownership or via services and operations associated with Bitcoin mining, custody, or exchange structures.
What Bitwise is offering extends beyond mere exposure; it presents a method to capitalize on volatilityโan experience that companies centered around Bitcoin endure more than others. Whether itโs MSTR stock responding to Bitcoin price fluctuations, MARA stock correlating with mining difficulty and rewards, or Coinbase stock reacting to variations in trading volume and regulatory developments, these equities are increasingly perceived as proxies for BTC by sophisticated investors.
In recent months, there has been a surge in institutional interest surrounding Bitcoin ETFs, mining stocks, and companies holding Bitcoin treasuries. Tools such as IMST, IMRA, and ICOI present a fresh perspective on this growing demand. For firms already following a Bitcoin treasury strategyโor contemplating oneโthis shift in capital markets infrastructure is significant.
Implications for Bitcoin Treasury Strategy
The introduction of these ETFs highlights that Bitcoin is no longer regarded solely as a spot asset; it has become integrated into public equity strategies, yield generation, and portfolio design.
While covered call structures may not be suitable for every investor or treasury, the message is unmistakable: the market is evolving around the concept that Bitcoin can be more than just a holdingโit can be actively managed, strategically structured, and monetized in novel ways.
These ETFs won’t replace direct holdings on corporate balance sheets. However, they have the potential to complement them or serve as an initial step for companies exploring how to align with Bitcoin assets while adhering to traditional risk, yield, and reporting requirements.
