Bitwise Launches Three Bitcoin Treasury ETFs
1min read Bitwise Asset Management has launched three new exchange-traded funds (ETFs) that provide investors with exposure to leading Bitcoin treasury companies through a covered call strategy. The ETFs, named $IMST, $IMRA, and $ICOI, focus on microstrategy (MSTR), Marathon Digital Holdings (MARA), and Coinbase Global (COIN) respectively. These companies are among the most prominent corporate holders of Bitcoin, with mstr holding 528,185 BTC, MARA holding 47,600 BTC, and COIN holding 9,480 BTC.
Each ETF employs an actively managed options overlay, writing out-of-the-money calls on the underlying equity while maintaining a long position. This approach is designed to deliver monthly income distributions, particularly attractive in today’s high-volatility environment, while retaining meaningful upside exposure to Bitcoin-linked companies. The funds do not directly hold Bitcoin, but the underlying equities are deeply intertwined with Bitcoin’s performance and trajectory. MicroStrategy and Marathon are among the most prominent corporate holders of BTC, while Coinbase serves as critical infrastructure for the broader ecosystem.
Ask Aime: What is the impact of Bitwise Asset Management's new ETFs on the Bitcoin treasury companies and the broader market?
These new ETFs represent a compelling way for corporate treasurers and institutional allocators to gain indirect exposure to Bitcoin while generating yield, especially for balance sheets that can’t yet directly hold BTC. The rise of equity-based strategies like this is part of a broader shift, with more public companies actively integrating Bitcoin into their financial models. Whether through direct holdings or through services and operations tied to Bitcoin mining, custody, or exchange infrastructure, these companies are increasingly using their equities as BTC proxies by sophisticated investors.
In recent months, institutional interest in Bitcoin ETFs, mining stocks, and companies with Bitcoin treasuries has intensified. Tools like imst, imra, and ICOI provide a new angle on that demand. For companies already on a Bitcoin treasury path—or considering one—this evolution in capital markets infrastructure is notable. The launch of these ETFs reflects how Bitcoin is no longer just a spot asset—it’s now embedded in public equity strategy, yield generation, and portfolio construction.
Covered call structures won’t be right for every investor or treasury, but the signal is clear: the market is maturing around the idea that Bitcoin isn’t just to be held—it can be actively managed, structured, and monetized in new ways. These new ETFs won’t replace direct holdings on a corporate balance sheet. But they may complement them—or offer a first step for firms exploring how to position around Bitcoin while still meeting traditional risk, yield, and reporting mandates.
