BTCC vs XBTY

BTCCBGrayscale Funds Trust

XBTYDGraniteShares YieldBOOST Bitcoin 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.

XBTY Most bitcoin income funds write calls. XBTY works the other side: selling short-dated put spreads on a 2x long bitcoin ETF, harvesting premium from leveraged volatility while cash sits in Treasury bills. Gains are capped by design.

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.

XBTY The Fund seeks income primarily by selling put options on leveraged ETFs tracking a 2x Long Bitcoin Daily ETF. It also seeks capped exposure to that leveraged ETF's performance.

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.

• XBTY Premium comes off a 2x long bitcoin ETF, not spot bitcoin, so each option is priced on double-leverage volatility. Richer premiums per contract, bigger swings behind them.graniteshares.com
• Not naked puts: every put sold (40% out-of-the-money to 10% in-the-money, one week to one month) is paired with a lower-strike put at the same expiry.sec.govgraniteshares.com
• The fund never owns the leveraged ETF. Exposure runs through options and swaps, with cash parked in Treasury bills and other short-term instruments.sec.gov

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.

• XBTY 1.15% net of a waiver through December 31, 2026, versus 11.40% gross, since the cap excludes option and swap costs. Above the group: BITA charges 0.65%, YBTC 0.95%.graniteshares.com
• Premium for upside: gains stop at the strike plus premium collected, while a drop in the leveraged ETF hits the fund down to its long-put strike.sec.gov
• Launched May 2025, small and lightly traded, which can mean wider spreads at the screen than the category's biggest names.

Full BTCC profile⁠

Full XBTY profile⁠