3 days ago
Bitwise Asset Management is tapping into the fervor surrounding GameStop’s (GME) bitcoin pivot with the motorboat of a caller exchange-traded money designed to connection vulnerability to GME and income.
Dubbed the Bitwise GME Option Income Strategy ETF (IGME), the money volition use a covered telephone strategy to some supply vulnerability to GameStop’s stock show and regular income for investors.
GameStop purchased 4,710 BTC for over $500 million precocious past month, pursuing its raising of $1.3 cardinal via convertible indebtedness to initiate a bitcoin treasury strategy.
This caller money will beryllium managed by Jeff Park, Bitwise’s Head of Alpha Strategies, alongside the firm’s portfolio absorption team.
Covered telephone strategies impact selling options connected holdings to cod premiums, a method that tin nutrient dependable income, though capping upside potential.
GameStop has a compelling story, a passionate capitalist base, and a committedness to bitcoin,” Bitwise wrote connected social media. “IGME seeks to harness that successful a mode that generates income and provides capped upside exposure.”
The money is Bitwise’s 4th actively managed covered telephone ETF, joining a increasing database of products designed to connection vulnerability to crypto-linked firms and income.
Bitwise has besides filed to motorboat an ETF offering covered telephone strategy to generate income from holding shares of Circle (CRCL), which debuted connected the New York Stock Exchange earlier this month.
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