Grayscale推出了兩個新的ETF，包括BTCC和BPI，以提供以收入為重點的比特幣

兩種ETF跟踪比特幣ETF，例如GBTC和BTC，而不是持有比特幣。同時，Grayscale的目標是幫助投資者使用基於收入的ETF來管理比特幣的波動。

Crypto asset manager Grayscale has launched two new exchange-traded funds (ETFs) that offer an income-focused way to gain exposure to Bitcoin.

Crypto Asset Manager Grayscale已推出了兩項新的交易所交易基金（ETF），這些基金提供了一種以收入為中心的方式來獲得對比特幣的風險。

The firm, known for its Grayscale Bitcoin Trust (GBTC) ETF, announced the launch of the Bitcoin Covered Call ETF (BTCC) and the Bitcoin Premium Income ETF (BPI). Both ETFs will track other Bitcoin ETFs like GBTC and BTC instead of holding Bitcoin.

該公司以其灰度比特幣信託（GBTC）ETF而聞名，宣布推出比特幣覆蓋的呼叫ETF（BTCC）和比特幣保費收入ETF（BPI）。兩種ETF將跟踪其他比特幣ETF，例如GBTC和BTC，而不是持有比特幣。

Meanwhile, Grayscale aims to help investors manage Bitcoin’s volatility with these income-based ETFs. Bitcoin experienced a 48% surge in Q4 2024 but lost 12% in Q1 2025, contrasting with its historically strong first quarters in 2023 and 2024.

同時，Grayscale的目標是幫助投資者使用這些基於收入的ETF來管理比特幣的波動。比特幣在第二季度2024年第四季度經歷了48％的趨勢，但在2025年第1季度損失了12％，與2023年和2024年曆史上強勁的第一季度形成鮮明對比。

BTCC: A primary focus on generating income. It will systematically write calls close to spot prices on Bitcoin exchange-traded products. This includes the Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Bitcoin Mini Trust ETF (BTC). It also provides a safety net in case of market downturns, making it attractive for those looking to balance risk and reward.

BTCC：產生收入的主要重點。它將系統地在比特幣交易所交易產品上的現貨價格附近寫電話。這包括灰度比特幣信託ETF（GBTC）和灰比特幣Mini Trust ETF（BTC）。它還在市場低迷的情況下提供了一個安全網，這使人們對那些希望平衡風險和回報的人有吸引力。

BPI: A different approach to balance income and upside potential. Unlike BTCC, BPI will write call options at much higher strike prices. This allows investors to benefit from Bitcoin’s potential rise while earning some additional income. As a result, they can capture more upside compared to BTCC.

BPI：平衡收入和上升潛力的另一種方法。與BTCC不同，BPI將以更高的打擊價格編寫電話選項。這使投資者可以從比特幣的潛在上升中受益，同時賺取額外的收入。結果，與BTCC相比，它們可以捕獲更多的上升空間。

Both BTCC and BPI will not directly hold Bitcoin but instead track other Bitcoin ETFs. This includes Grayscale’s own Bitcoin Trust (GBTC) and Bitcoin Mini Trust (BTC). By doing so, they provide exposure to Bitcoin without the direct risks of holding the cryptocurrency.

BTCC和BPI都不會直接容納比特幣，而是跟踪其他比特幣ETF。這包括Grayscale自己的比特幣信託（GBTC）和比特幣迷你信託（BTC）。通過這樣做，它們提供了對比特幣的接觸，而沒有持有加密貨幣的直接風險。

However, David LaValle, Grayscale’s Global Head of ETFs, highlights the value these funds bring to investors. According to LaValle, BTCC complements existing Bitcoin holdings by adding income, while BPI serves as a more strategic alternative to direct Bitcoin ownership, balancing upside potential with consistent income.

但是，Grayscale全球ETF負責人David Lavalle強調了這些資金給投資者帶來的價值。根據Lavalle的說法，BTCC通過增加收入來補充現有的比特幣持有量，而BPI則是直接比特幣所有權的更具戰略性的替代方法，平衡上升潛力與一致的收入。

Institutional interest in Bitcoin has been increasing with the approval of spot ETFs in January 2024. However, Bitcoin’s volatility remains a concern.

隨著2024年1月的現貨ETF的批准，對比特幣的機構興趣一直在增加。但是，比特幣的波動仍然是一個令人擔憂的問題。

As a result, there is a growing need for income-generating Bitcoin products to help investors manage volatility. Grayscale’s new ETFs aim to fill this gap with their unique income-based strategies that help cushion against Bitcoin’s volatile price swings.

結果，越來越多的需求需要創收比特幣產品來幫助投資者管理波動率。 Grayscale的新ETF旨在通過其獨特的基於收入的策略來填補這一空白，以幫助防止比特幣的波動價格波動。