BTCC vs CEPI

BTCCBGrayscale Funds Trust

CEPIBREX Crypto Equity Premium Income ETF

In short

BTCC Grayscale's income angle on bitcoin: rather than just holding the asset, BTCC sells calls against bitcoin ETPs to convert crypto volatility into cash. Income first, bitcoin participation second, at a fee that undercuts most of its covered-call peers.

CEPI Crypto exposure without the coins. CEPI owns a basket of miners, exchanges and digital-payment stocks, then sells options against them for income, so the sector's volatility becomes the fuel for the premium.

Stated mandate

BTCC The Fund seeks current income and, secondarily, participation in Bitcoin returns through options on Bitcoin exchange-traded products designed to track Bitcoin's price.

CEPI The fund seeks current income and capital appreciation, while targeting most of the returns of the S&P 500 Total Return Index with lower volatility and additional income.

Why people hold it

• BTCC Runs at 0.66% a year, below the typical fee in its crypto options-income group and cheaper than peers like CEPI and DFII at 0.85%.
• The mandate is blunt: current income first, bitcoin participation second, using options on bitcoin exchange-traded products. No mystery about the job.
• Top quartile of its crypto options-income peer group, one of the stronger implementations on that shelf.
• Exposure runs through options on listed bitcoin ETPs, so no wallets, keys or crypto exchange accounts. It sits in an ordinary brokerage account.

• CEPI Charges 0.85% a year, below the 0.96% median for crypto-linked income funds.
• Spreads across roughly 80 crypto and digital-payment stocks from the BITA Crypto Assets & Digital Payments Index, rather than leaning on one bitcoin proxy.
• Sits in the top quartile of the crypto-income group we track, one of the stronger builds in a crowded niche.
• A plain 1940 Act fund holding stocks, not coins: no wallet, no exchange account, 1099 at tax time.

Worth knowing

• BTCC Covered calls swap upside for income. When bitcoin rips, the sold calls hand back part of the move, while the drawdowns still come through.
• A small fund that trades lightly, so spreads can widen. Limit orders and patience do real work here.
• Launched in 2025, so the track record is short and covers only a slice of a crypto cycle.

• CEPI Writing options for income trades away part of any big rally in crypto equities. Premium now, capped upside later.
• A December 2024 launch that still trades lightly next to the giant income ETFs, so spreads can run wider.
• Exposure leans on derivatives, including synthetic single-stock positions, so the options book drives results as much as the shares behind it.

Full BTCC profile⁠

Full CEPI profile⁠