Overview
- The S-1 dated Jan. 23 outlines an actively managed program that sells call options primarily on IBIT shares and, at times, on indices tracking spot bitcoin ETPs, distributing collected premiums as income and limiting upside during rallies.
- The trust would hold bitcoin, IBIT shares, and cash within a Delaware statutory trust structure and seeks a Nasdaq listing if approved.
- Coinbase Custody is named as bitcoin custodian with Anchorage as an alternative, and BNY Mellon would handle cash and securities custody as well as trust administration.
- Key operational details such as the ticker and expense ratio were not included in the initial filing, and the fund remains subject to the SEC’s review process.
- The offering would compete with existing bitcoin covered-call products such as NEOS BTCI, Roundhill YBTC, and Amplify BAGY, as some market participants caution that added systematic call writing could compress option premiums and alter volatility dynamics.