Grayscale Funds Trust
BTCC
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- Grayscale Funds Trust (Grayscale Bitcoin Covered Call ETF - Ticker: BTCC) operates as an actively managed exchange-traded fund that seeks to generate current income through a synthetic covered call strategy on Bitcoin exchange-traded products (Bitcoin ETPs), including but not limited to Grayscale Bitcoin Trust ETF (Ticker: GBTC) and Grayscale Bitcoin Mini Trust ETF (Ticker: BTC); the fund systematically writes call options near spot prices on these Bitcoin ETPs to leverage Bitcoin's volatility for income prioritization, while providing secondary exposure to Bitcoin returns via options contracts; under normal circumstances, at least 80% of net assets are invested in such options, valued at notional amounts, with biweekly distributions targeted for the 15th and 30th of each month. Launched on April 2, 2025, and listed on NYSE Arca with a total expense ratio of 0.66%, BTCC holds positions in U.S. Treasury bills for collateral, cash equivalents, and combinations of call and put options on GBTC to implement its strategy; the fund complements direct Bitcoin exposure by offering income potential that may cushion downturns through option premiums. Grayscale Funds Trust is sponsored by Grayscale Advisors, LLC, an affiliate of Grayscale Investments, LLC, which was founded in 2013 and is headquartered in Stamford, Connecticut; the ETF targets investors seeking high-yield income from cryptocurrency volatility, with assets under management reaching approximately $25.6 million as of December 2025 and a distribution rate of 59.30%. In a recent major development, Grayscale launched BTCC alongside the Grayscale Bitcoin Premium Income ETF (Ticker: BPI) on April 2, 2025, expanding its suite of options-based Bitcoin income products to provide differentiated covered call approaches for income and capital appreciation.