On April 2, according to official news, Grayscale Investment announced the launch of Grayscale Bitcoin Provisional Call ETF (code: BTCC) and Grayscale Bitcoin Premium Earnings ETF (code: BPI).

It is reported that these two funds are the first exchange-traded funds (ETFs) under Grayscale to adopt a call option strategy, aiming to create differentiated sources of returns for investors through the volatility of Bitcoin.

BTCC mainly pursues stable returns, and participates in price fluctuations through Bitcoin-related options. Funds earn premiums by selling call options close to current prices and pay dividends to investors every month. This strategy is suitable for investors who want to stabilize cash flow while profiting from Bitcoin volatility. Premium income can also provide a certain buffer when the market falls.

BPI retains the upside of Bitcoin by selling deep outdated call options while reaping profits. Investors can both obtain part of the option income and benefit from the potential increase in Bitcoin. Both funds adopt active option strategies and pay dividends monthly.

Note: Covered Call is a strategy in option trading, which refers to the call option (Call Option) that investors sell (i.e. "write") the asset while holding the underlying asset (such as stocks, Bitcoin ETFs, etc.).