Bitwise Turns Crypto Volatility Into Yield With New ETF Trio

In a crypto-linked stock market that oscillates like a pendulum, Bitwise Asset Management introduced a plan to translate that volatility into money. The company has introduced three new ETFs, each targeting option income strategies based on some of the most volatile stocks in the crypto universe: Bitwise MSTR Option Income Strategy ETF IMST, Bitwise COIN Option Income Strategy ETF ICOI and the Bitwise MARA Option Income Strategy ETF IMRA.

Each of these funds is structured on a covered call strategy intended to capture income by selling options on individual shares of MicroStrategy MSTR, Coinbase COIN, and MARA Holdings MARA. The concept? Ride the turbulence in the market on your side. Receive premiums on selling options and maintain a long position to derive at least a partial benefit from any upside the stock yields.

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These are not passive, rules-based products. Rather, they’re operated with a hands-on mindset by Bitwise’s Head of Alpha Strategies, Jeff Park. “It's essential to be constantly monitoring news, capital flows, regulatory developments, options pricing, market sentiment, and other dynamics to most intelligently capitalize on this strategy. That's the approach we're taking with IMST, ICOI, and IMRA, and we hope to bring investors the combination of monthly income and strong, limited participation in equity gains as a result,” he said.

Park is accompanied by a group of co-managers—Jennifer Thornton, Daniela Padilla, and Gayatri Choudhury—who will guide these funds with daily active management, which is fairly uncommon in the ETF space.

The objective is clear: earn monthly returns for investors while sharing in some of the capital gain in these stocks. There’s a trade-off, naturally—selling calls limits the upside potential, but the ongoing premiums provide a predictable income stream, which is particularly attractive in volatile markets.

Bitwise CEO Hunter Horsley says crypto's volatility isn't just something to endure—it's something to harness.

Interestingly, these funds don’t actually own shares of MSTR, COIN or MARA. Rather, they employ synthetic exposure to mimic the stock positions. Pure equity players may want to look elsewhere, but for those who wish to combine crypto market themes with an income strategy, this launch may be the sweet spot.

Each fund has a 0.98% net expense fee, although IMST and ICOI are associated with a minor fee waiver that cuts the gross fee from 0.99% until March 2027.

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