Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
Grayscale Bitcoin Premium Income ETF
$25.79+0.11 (+0.43%)
- 0.66%
- $3M
- −25.6%
- 20.29%
- 0M sh
- $25.59
- low $18.55high $41.56
The ETF.net BPI Grade
C
Score 40 out of 100
- 13 of 22
Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 62
- This cap took
- −22
- Published Score
- 40
Cost
The fund’s net expense ratio, ranked against its category.A90 out of 100Rank 1 of 22Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C48 out of 100Rank 12 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F17 out of 100Rank 21 of 22Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A70 out of 100Rank 2 of 14Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C49 out of 100Rank 14 of 22
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
- 3
- 108%
- United States Treasury Bill 12/24/2026
BPI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
BPI$7,440
Returns run to the Oct 12, 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 | −2.5% |
| 1 month | +6.9% |
| 3 months | +28.0% |
| 1 year | −25.6% |
| 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 | −2.5% | |
| 2025 | −1.3% |
BPI in the news
BPI Dividends
- 20.29%
- $5.21
- $0.25 per share
- Irregular
Distribution history
BPI Risk
- 39.5%
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.
- −0.13
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
0.66%
BPI0.66%
- The middle half of Crypto Option Income funds
- Median 0.85%
2 of the 21 Crypto Option Income funds charge less.
Other funds in Crypto Option Income
- CLFGYYieldMax Crypto Industry & Tech Portfolio Option Income ETFExpense ratio 1.02%1 year return −13.2%
- CYETHRoundhill Investments - Ether Covered Call Strategy ETFExpense ratio 0.96%1 year return −32.4%
- CEHYAmplify ETF Trust - Amplify Ethereum Max Income Covered Call ETFExpense ratio 0.75%1 year return −45.7%
- CETCOGrayscale Ethereum Covered Call ETFExpense ratio 0.66%1 year return −39.3%
- CETTYAmplify ETF Trust - Amplify Ethereum 3% Monthly Option Income ETFExpense ratio 0.75%1 year return −43.1%