Grayscale推出了两个新的ETF，包括BTCC和BPI，以提供以收入为重点的比特币

两种ETF跟踪比特币ETF，例如GBTC和BTC，而不是持有比特币。同时，Grayscale的目标是帮助投资者使用基于收入的ETF来管理比特币的波动。

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已推出了两项新的交易所交易基金（ETF），这些基金提供了一种以收入为中心的方式来获得对比特币的风险。

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.

该公司以其灰度比特币信托（GBTC）ETF而闻名，宣布推出比特币覆盖的呼叫ETF（BTCC）和比特币保费收入ETF（BPI）。两种ETF将跟踪其他比特币ETF，例如GBTC和BTC，而不是持有比特币。

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.

同时，Grayscale的目标是帮助投资者使用这些基于收入的ETF来管理比特币的波动。比特币在第二季度2024年第四季度经历了48％的趋势，但在2025年第1季度损失了12％，与2023年和2024年历史上强劲的第一季度形成鲜明对比。

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：产生收入的主要重点。它将系统地在比特币交易所交易产品上的现货价格附近写电话。这包括灰度比特币信托ETF（GBTC）和灰比特币Mini Trust ETF（BTC）。它还在市场低迷的情况下提供了一个安全网，这使人们对那些希望平衡风险和回报的人有吸引力。

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：平衡收入和上升潜力的另一种方法。与BTCC不同，BPI将以更高的打击价格编写电话选项。这使投资者可以从比特币的潜在上升中受益，同时赚取额外的收入。结果，与BTCC相比，它们可以捕获更多的上升空间。

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都不会直接容纳比特币，而是跟踪其他比特币ETF。这包括Grayscale自己的比特币信托（GBTC）和比特币迷你信托（BTC）。通过这样做，它们提供了对比特币的接触，而没有持有加密货币的直接风险。

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负责人David Lavalle强调了这些资金给投资者带来的价值。根据Lavalle的说法，BTCC通过增加收入来补充现有的比特币持有量，而BPI则是直接比特币所有权的更具战略性的替代方法，平衡上升潜力与一致的收入。

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

随着2024年1月的现货ETF的批准，对比特币的机构兴趣一直在增加。但是，比特币的波动仍然是一个令人担忧的问题。

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.

结果，越来越多的需求需要创收比特币产品来帮助投资者管理波动率。 Grayscale的新ETF旨在通过其独特的基于收入的策略来填补这一空白，以帮助防止比特币的波动价格波动。