Grayscale is launching two new Bitcoin-centric ETFs, called Covered Call and Premium Income. These use options and indirect exposure to maintain different structures of return opportunities.
The former product is intended to be a safe bet tied to Bitcoin and its various options, while the latter has riskier trades and more potential upside. The firm has greatly expanded its offerings under the new SEC.
Grayscale Offers New Bitcoin ETFs
Grayscale, one of the leading Bitcoin ETF issuers, has been diversifying its offerings lately. It’s been filing to create ETFs based on altcoins, both those that other issuers ignored and putting new twists on popular options. Today, it’s continuing this trend by announcing two new ETFs, both based on Bitcoin:
“We understand that every investor has unique needs, and we’re excited to offer these new products that not only may capture and deliver income but also offer differentiated outcomes and behavioral characteristics tailored to their specific goals,” said David LaValle, Global Head of ETFs at Grayscale.
Essentially, Grayscale is offering two new Bitcoin-centric products, the Covered Call ETF and the Premium Income ETF. LaValle claimed that the former option will “complement an investors existing Bitcoin exposure,” while the latter “offers an alternative to Bitcoin ownership.”
They accomplish this by tying the ETF value to various options and ETPs tied to Bitcoin. Grayscale claims that the Covered Call ETF will be a steady source of gains thanks to careful spot sales, while Premium Income has higher risks and more upside potential.
Since the US regulatory environment has gotten friendlier, Grayscale has been expanding its Bitcoin ETFs across the board. It began offering Bitcoin ETF options trading last year, but the SEC has been approving more novel concepts in 2025. In accordance with that trend, the firm offered a Bitcoin Miners ETF in January, as well as these new products.
Still, it’s unclear how likely these offerings are to succeed. Since the Bitcoin ETF was first approved, Grayscale was outcompeted in this new market, and it has remained in this lower position. Hopefully, these ETFs will help build interest in the firm’s products.
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