Grayscale applied for a Bitcoin covered call ETF on Jan. 11, as seen in a filing from the company and in various external reports.
In a statement to Reuters, Grayscale CEO Michael Sonnenshein said:
“This should be received as a declaration of not only not just having gotten GBTC to market as a spot bitcoin ETF, but our commitment to the product’s growth and the ecosystem around the product itself.”
Grayscale’s N-1A filing with the U.S. Securities and Exchange Commission (SEC) states that the new fund is intended to deliver current income and participation in the price return of GBTC. GBTC is an existing Bitcoin investment fund from Grayscale that was finally converted to an exchange-traded fund on Jan. 10.
Covered call ETFs provide shares of a fund that relies on a covered call investment strategy. Grayscale’s latest proposal could seemingly offer new benefits to investors: Investopedia notes that covered call ETFs can provide investors both steady income with risk protection
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