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BPIGrayscale Bitcoin Premium Income ETF

Get income1y track recordRanked #1,459 of 1,650 in this goal

Seeks current income while maintaining prospects for capital appreciation through options on Bitcoin exchange-traded products.

By Grayscale · Launched 2025

Annual Cost

0.65%

#3,427 of 5,854 · average

Fund Size

$3M

#5,394 of 5,854 · small

Dividend YieldGoal

31.75%

Track Record

1 year

#4,211 of 5,854 · young

Performance

Total-return NAV · USD
Growth of $10,000
$5,572-44.3%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

What it actually holds

By weight

Concentration

Top 3 holdings = 99.9% of fundconcentrated

First American Government Obli
79.3%
N/A
20.8%
N/A
-0.2%

Asset allocation

Cash
61.9%
Stocks
38.1%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
40.4%High

Year-on-year price swings

Max drawdown
-70.9%Severe

Worst peak-to-trough loss

Sharpe (3Y)
-0.25Below average
Sortino (3Y)
-0.37Moderate downside risk

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks current income while maintaining prospects for capital appreciation through options on Bitcoin exchange-traded products.
Strategy
Actively manages a portfolio of options on Bitcoin ETPs to generate current income and maintain capital appreciation prospects. The Fund has indirect exposure to digital assets and utilizes a synthetic covered call strategy, investing at least 80% of net assets in Bitcoin ETP Options.
Inception date
April 1, 2025
Fund family
Grayscale

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-03