Grayscale Bitcoin Premium Income ETF
$25.88−0.31 (−1.18%)
- Expense ratio
- 0.66%
- Fund size
- $3M
- 1Y return
- −21.9%
- Yield · Last 12 months
- 20.22%
- Holdings
- 6
- Volume · 30D
- 0M sh
- NAV per share
- $26.01
- 52W range
The ETF.net BPI Grade
Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 90Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 51Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 14Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 100Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 48Category rank
Our read on BPI
CGrayscale's bitcoin income play that never touches a coin. BPI sells options on bitcoin ETPs to harvest premium from crypto's volatility, and it charges less than the typical fund attempting the same trick.
The Fund seeks current income and potential capital appreciation through an actively managed synthetic covered-call strategy using options on Bitcoin exchange-traded products, including GBTC and BTC, rather than investing directly in digital assets.
Why people hold it
- Fee of 0.66% sits below the median for crypto options-income funds and matches Grayscale's own covered-call sibling BTCC.
- Synthetic by design: it writes options on bitcoin ETPs including GBTC and BTC instead of holding digital assets, inside a 1940 Act registered fund wrapper.
- The mandate asks for two things, current income and potential capital appreciation, so upside isn't meant to be sold off entirely.
- Actively managed, which lets the manager adjust strikes and timing as bitcoin's volatility shifts rather than follow a fixed rulebook.
Worth knowing
- Selling calls means giving up part of a sharp bitcoin rally. The premium collected is the payment for that ceiling.
- Small asset base and light trading, so spreads can run wider than the category's household names. Matters most on large or hurried orders.
- Launched in 2025, so the track record is thin, and on our measures it currently sits in the lower half of its crypto income peer group.
BPI Holdings
- Bonds
- 6
- 102%
- United States Treasury Bill 10/08/2026
BPI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | BPI |
|---|---|
| Year to date | −1.5% |
| 1 month | +10.4% |
| 3 months | +28.7% |
| 1 year | −21.9% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BPI |
|---|---|---|
| 2026 YTD | −1.5% | |
| 2025 | −1.3% |
BPI in the news
ETF.net Research hasn’t filed on BPI yet — coverage lands here as it’s written.
BPI Dividends
- 20.22%
- $5.30
- $0.13 per share
- Irregular
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 14, 2026 | Sep 15, 2026 | $0.13 |
| Aug 28, 2026 | Aug 31, 2026 | $0.21 |
| Aug 13, 2026 | Aug 14, 2026 | $0.09 |
| Jul 30, 2026 | Jul 31, 2026 | $0.07 |
| Jul 14, 2026 | Jul 15, 2026 | $0.17 |
| Jun 29, 2026 | Jun 30, 2026 | $0.15 |
| Jun 12, 2026 | Jun 16, 2026 | $0.21 |
| May 28, 2026 | May 29, 2026 | $0.15 |
| May 14, 2026 | May 15, 2026 | $0.18 |
| Apr 29, 2026 | Apr 30, 2026 | $0.18 |
| Apr 14, 2026 | Apr 15, 2026 | $0.15 |
| Mar 30, 2026 | Mar 31, 2026 | $0.23 |
BPI Risk
- 40.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.23
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −49.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.46
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BPI Cost
- The middle half of Crypto Option Income funds
- Median 0.85%
2 of the 21 Crypto Option Income funds charge less.