灰度发射比特币覆盖电话和比特币高级收入ETF

领先的加密资产经理Grayscale今天宣布启动Grayscale®比特币覆盖Call Call Call Call Call ETF（股票：BTCC）和Grayscale®BitcoinPremium收入ETF（股票：BPI）

Grayscale® Bitcoin Covered Call ETF (Ticker: BTCC) and Grayscale® Bitcoin Premium Income ETF (Ticker: BPI) (the “Funds”) were announced today by Grayscale, a premier crypto asset manager. The two Funds are Grayscale’s newest exchange-traded funds (ETFs) which offer covered call writing strategies, aiming to provide investors the ability to access the volatility characteristics of Bitcoin as a differentiated source of income.

Grayscale®比特币覆盖的呼叫ETF（股票：BTCC）和Grayscale®比特币高级收入ETF（股票：BPI）（“ Funds”）（“资金”）由Premier Crypto Asset Manager Grayscale今天宣布。这两个资金是灰度的最新交易所交易基金（ETF），它们提供了涵盖的呼叫写作策略，旨在使投资者能够获得比特币作为差异化收入来源的波动性特征的能力。

Grayscale® Bitcoin Covered Call ETF seeks to maximize current income while having secondary objectives to participate in the capital return of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are, before fees and expenses, to track the price performance of Bitcoin. The Bitcoin exchange-traded products include, but are not limited to, Grayscale Bitcoin Trust ETF (Ticker: GBTC) and Grayscale Bitcoin Mini Trust ETF (Ticker: BTC) (the “Bitcoin ETPs”). There can be no assurance that the Fund will achieve its investment objective. The Fund attempts to achieve its investment objective by systematically writing calls very close to spot prices. This strategy leverages Bitcoin's volatility to help prioritize income, which is then distributed to fund shareholders. By selling calls near spot prices, BTCC seeks to deliver a principal focus on income generation. This makes BTCC an income-first strategy, potentially ideal for investors seeking regular cash flows and high-yielding opportunities. The option premiums collected in this type of strategy may also help cushion against market downturns, potentially leading to lower volatility during drawdowns.

Grayscale®比特币覆盖的呼叫ETF旨在通过在比特币交易所交易的产品上使用期权来参与比特币的资本回报，以最大程度地提高当前收入。比特币交易所交易的产品包括但不限于灰度比特币信托ETF（股票：GBTC）和灰比特币Mini Trust ETF（股票：BTC）（“比特币ETP”）。不能保证该基金将实现其投资目标。该基金试图通过系统地编写非常接近现货的电话来实现其投资目标。该战略利用比特币的波动来帮助优先级收入，然后将其分配给股东。通过销售接近现货价格的电话，BTCC试图将主要关注收入集中在收入中。这使BTCC成为收入第一战略，对于寻求常规现金流和高收益机会的投资者来说，这是理想的选择。在这种类型的策略中收集的期权保费也可能有助于缓冲市场的低迷，这可能导致下降期间的波动性降低。

In contrast, Grayscale® Bitcoin Premium Income ETF seeks to maximize current income while maintaining prospects for capital appreciation through the use of options on Bitcoin exchange-traded products whose investment objectives are, before fees and expenses, to track the price performance of Bitcoin. The Bitcoin exchange-traded products include, but are not limited to, Grayscale Bitcoin Trust ETF (Ticker: GBTC) and Grayscale Bitcoin Mini Trust ETF (Ticker: BTC) (the “Bitcoin ETPs”). There can be no assurance that the Fund will achieve its investment objective. The Fund seeks to achieve this by systematically writing calls targeting strike prices that are well out-of-the-money. By focusing on this type of call writing strategy, BPI allows investors to participate in much of Bitcoin's upside potential while possibly benefiting from some dividend income. This blended approach provides investors with an opportunity to participate in the capital appreciation potential of Bitcoin with the benefits of income. Both Funds are actively managed, fully options based, and will aim to distribute income monthly.

相比之下，Grayscale®比特币溢价收入ETF试图通过在比特币交易所交易的产品上使用期权来维持资本收入的前景，以维持其投资目标（在费用和费用之前）跟踪比特币的价格绩效。比特币交易所交易的产品包括但不限于灰度比特币信托ETF（股票：GBTC）和灰比特币Mini Trust ETF（股票：BTC）（“比特币ETP”）。不能保证该基金将实现其投资目标。该基金试图通过系统地编写针对廉价罢工价格的电话来实现这一目标。通过专注于这种呼叫写作策略，BPI允许投资者参与比特币的上涨潜力，同时可能会从某些股息收入中受益。这种混合方法使投资者有机会参与比特币的资本增值潜力，并带来收入的好处。这两种资金都是积极管理的，完全基于选择权的，并将旨在每月分配收入。

“Grayscale® Bitcoin Covered Call ETF may complement an investors existing Bitcoin exposure by adding income, while Grayscale® Bitcoin Premium Income ETF offers an alternative to Bitcoin ownership, aiming to balance upside participation and income generation for investors,” said David LaValle, Global Head of ETFs at Grayscale. "We understand that every investor has unique needs, and we're excited to offer these new products that not only may capture and deliver income but also offer differentiated outcomes and behavioral characteristics tailored to their specific goals."

“Grayscale®比特币覆盖的呼叫ETF可能会通过增加收入来补充投资者现有的比特币风险，而Grayscale®比特币保费收入ETF为比特币所有权提供了替代品，旨在平衡投资者的上涨和收入的创造，” Graysfs全球负责人David Lavalle表示。 “我们了解每个投资者都有独特的需求，我们很高兴提供这些新产品，这些产品不仅可以捕获和提供收入，还提供了针对其特定目标量身定制的差异化结果和行为特征。”

For more information about BTCC and BPI, please visit: https://etfs.grayscale.com/btcc or https://etfs.grayscale.com/bpi

有关BTCC和BPI的更多信息，请访问：https：//etfs.grayscale.com/btcc或https://etfs.grayscale.com/bpi

About Grayscale

关于灰度

Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as an asset management firm focused on crypto investing. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. For more information, please follow @Grayscale or visit grayscale.com.

灰度使投资者能够通过一系列未来的投资产品进入数字经济。 Grayscale成立于2013年，作为一家专注于加密投资的资产管理公司拥有十年的往绩和深厚的专业知识。投资者，顾问和分配者转向灰度，以获得单一资产，多元化和主题曝光率。有关更多信息，请关注@grayscale或访问grayscale.com。

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866-775-0313

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our website at etfs.grayscale.com/bpi and etfs.grayscale.com/btcc. Read the prospectuses or summary prospectuses carefully before investing.

投资者应在投资之前仔细考虑投资目标，风险，费用和费用。有关此招股说明书或摘要的招股说明书和有关资金的其他信息，请致电（866）-775-0313或访问我们的网站etfs.grayscale.com/bpi和etfs.grayscale.com/btcc。投资前请仔细阅读招股说明书或摘要招股说明书。

Grayscale Bitcoin Covered Calls ETF and Grayscale Bitcoin Premium Income ETF (collectively the “Funds”) will not invest in digital assets directly. The Funds also will not invest in initial coin offerings. The Funds will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Funds will not invest directly in any digital assets, they may not track price movements of any digital assets.

灰度比特币涵盖的电话ETF和灰比特币保费收入ETF（统称为“资金”）不会直接投资数字资产。这些资金也不会投资于初始硬币产品。但是，由于其对持有数字资产作为投资的交易所交易的汽车的衍生工具的投资，这些资金将间接接触数字资产。由于资金不会直接投资于任何数字资产，因此它们可能不会跟踪任何数字资产的价格变动。

Investing involves risk and possible loss of principal. There is no guarantee the investment strategies will be successful. The Funds are considered to be non-diversified. The Funds are actively managed and their performance reflects the investment decisions that the Adviser makes for the Funds.

投资涉及风险和可能的本金损失。不能保证投资策略将取得成功。这些资金被认为是不变的。这些资金是积极管理的，其绩效反映了顾问为资金做出的投资决策。

Derivative Instruments. The Funds will invest in options, a

衍生工具。资金将投资于期权，一个