Bitwise has introduced three new ETFs that provide yield-seeking investors with exposure to leading Bitcoin treasury companies, using a covered call strategy designed to capitalize on equity volatility while preserving Bitcoin-linked upside.

The funds include:

• $IMST, tracking Strategy (formerly MicroStrategy, ticker: MSTR), which currently holds 528,185 BTC.
• $IMRA, focused on MARA Holdings (MARA), a top-tier Bitcoin miner with 47,600 BTC in treasury.
• $ICOI, offering exposure to Coinbase (COIN), which holds 9,480 BTC and serves as a key on-ramp for institutional and retail Bitcoin adoption.

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.

While none of the funds directly hold Bitcoin, all three underlying equities are deeply intertwined with Bitcoin’s performance and trajectory. Strategy and Marathon are among the most prominent corporate holders of BTC, while Coinbase continues to serve as critical infrastructure for the broader ecosystem.

New Tools for Bitcoin-Aligned Capital Allocation

For corporate treasurers and institutional allocators who view Bitcoin as a long-term strategic asset, these new products represent a compelling way to gain indirect exposure while generating yield—especially in balance sheets that can’t yet directly hold BTC.

The rise of equity-based strategies like this is part of a broader shift. More public companies are actively integrating Bitcoin into their financial models, whether through direct holdings or through services and operations tied to Bitcoin mining, custody, or exchange infrastructure.

What Bitwise is offering is not just exposure, but a way to monetize volatility—something that Bitcoin-native companies experience more than most. Whether it’s MSTR stock reacting to Bitcoin’s price swings, MARA stock tracking mining difficulty and rewards, or Coinbase stock responding to changes in trading volume and regulatory sentiment, these equities are increasingly used as BTC proxies by sophisticated investors.

In recent months, institutional interest in Bitcoin ETFs, mining stocks, and companies with Bitcoin treasuries has intensified, and 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.

What This Signals for Bitcoin Treasury Strategy

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.

Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase, or subscribe for securities.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

In an escalation of global economic friction, President Trump’s imposed tariffs have roiled financial markets this week, cutting across both equities, Bitcoin and cryptocurrencies. Yet a new memo from Bitwise Asset Management suggests that these headwinds might ultimately propel Bitcoin to new heights—regardless of whether Trump’s strategy succeeds or fails.

At the beginning of the week, the crypto market witnessed a severe sell-off. Bitcoin declined by about 5%, while Ethereum and XRP suffered even sharper losses—17% and 18%, respectively. The immediate catalyst was Trump’s imposition of a 25% tariff on most imports from Canada and Mexico, as well as a 10% tariff on China. In retaliation, those trading partners announced countermeasures of their own.

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The US dollar reacted by jumping more than 1% against major currencies. That, combined with lingering weekend illiquidity in crypto markets, triggered a wave of forced liquidations as leveraged traders sold into the downdraft. According to Bitwise Chief Investment Officer Matt Hougan, as much as $10 billion in leveraged positions was wiped out in what he described as “the largest liquidation event in crypto’s history.”

Despite the dramatic price action, Bitwise’s Head of Alpha Strategies, Jeffrey Park, remains optimistic about Bitcoin’s trajectory. He points to two guiding ideas that shape his bullish thesis: the ‘Triffin Dilemma’ and President Trump’s broader aim to restructure America’s trade dynamics.

The Triffin Dilemma highlights the conflict between a currency serving as a global reserve—generating consistent demand and overvaluation—and the need to run persistent trade deficits to supply enough currency abroad. While this status allows the US to borrow cheaply, it also puts sustained pressure on domestic manufacturing and exports.

“Trump wants to get rid of the negatives, but keep the positives,” Park explains, suggesting that tariffs may be a negotiating tool to compel other nations to the table—reminiscent of the 1985 Plaza Accord, which devalued the dollar in coordination with other major economies.

The Two Scenarios: Bitcoin Wins, Fiat Loses

Park argues that Bitcoin stands to benefit under two distinct outcomes of Trump’s current trade policy:

Scenario 1: Trump Succeeds in Weakening the Dollar (While Keeping Rates Low)

If Trump can maneuver a multilateral agreement—akin to a ‘Plaza Accord 2.0’—to reduce the dollar’s overvaluation without boosting long-term interest rates, risk appetite among US investors could surge. In this environment, a non-sovereign asset like Bitcoin, free from capital controls and dilution, would likely attract additional inflows. Meanwhile, other nations grappling with the fallout of a weaker dollar might deploy fiscal and monetary stimulus to support their economies, potentially driving even more capital toward alternative assets like Bitcoin.

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“If Trump can bully his way into the position, there’s no asset better positioned than bitcoin. Lower rates will spark the risk appetite of US investors, sending prices high. Abroad, countries will face weakened economies, and will turn to classic economic stimulus to compensate, leading again to higher bitcoin prices,” Park argues.

Scenario 2: A Prolonged Trade War And Massive Money Printing

If Trump fails to secure a broad-based deal and the trade war grinds on, global economic weakness would almost certainly invite extensive monetary stimulus from central banks. Historically, such large-scale liquidity injections have been bullish for Bitcoin, as investors seek deflationary and decentralized assets insulated from central bank policies

“And what if he fails? What if, instead, we get a sustained tariff war? Our high-conviction view is the resulting economic weakness will lead to money printing on a scale larger than we’ve ever seen. And historically, such stimulus has been extraordinarily good for bitcoin,” Park says..

At press time, BTC traded at $98,557.

Featured image created with DALL.E, chart from TradingView.com