##  [# Grayscale Files for First Covered Call Spot Bitcoin ETF](/sections/etf-watch/grayscale-files-first-covered-call-spot-bitcoin-etf) 

 

# Grayscale Files for First Covered Call Spot Bitcoin ETF

 

 

The fund would offer actively managed exposure to GBTC.



 

 

 

 

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[By Lucy Brewster](/authors/lucy-brewster)

 Jan 12, 2024

 Edited by: Lou Carlozo

 

 

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Grayscale Investments, the cryptocurrency investment firm that just converted its Grayscale Bitcoin Trust into a spot bitcoin ETF Thursday, also filed on the same day for a novel bitcoin covered call ETF.

[The prospectus filed with the U.S. Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1976672/000168035924000022/grysclebtcntrstcvrcl01112024.htm) on Jan. 11 detailed how the Grayscale Bitcoin Trust Covered Call ETF would offer actively managed exposure to spot bitcoin through the **Grayscale Bitcoin Trust (GBTC),** while also buying and selling call and put options.

“The Fund seeks to achieve its investment objective primarily through actively-managed exposure to Grayscale Bitcoin Trust (BTC) (“GBTC”) and the purchase and sale of a combination of call and put option contracts that utilize GBTC as the reference asset,” the prospectus said.

A decade after the first spot bitcoin ETFs were proposed to the SEC, the agency approved 11 ETF applications on Jan. 10. The funds saw a historic trading day Thursday, with $4.6 billion in volume, [Reuters reported Friday](https://www.reuters.com/technology/spot-bitcoin-etfs-start-trading-big-boost-crypto-industry-2024-01-11/).

“This is just the beginning,” said [Ophelia Snyder](https://www.linkedin.com/in/opheliasnyder/), co-founder of 21Shares, which along with Ark Invest launched the **ARK 21Shares Bitcoin ETF (ARKB)** on [etf.com’s live spot bitcoin ETF webinar](https://www.etf.com/sections/webinars/long-journey-spot-bitcoin-etf).

Snyder noted: “The key difference between yesterday and today is that now there’s a very clear pathway in trading crypto – and these products really do simplify access in a critical way to allow advisors and investors to participate in this space.”

## Spot Bitcoin ETF Race 

Eager crypto investors are already looking towards the next fund to push the envelope into other currencies. Several firms, including ARK/21Shares and BlackRock, have already filed with the SEC for spot ether funds.

Grayscale’s filing for a covered call ETF marks the next step in likely a flurry of filings for creative ways to approach cryptocurrency exposure.

*Contact Lucy Brewster at* <lucy.brewster@etf.com>.

 
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 [ Lucy Brewster Finance Reporter ](/authors/lucy-brewster) 

 

 

  Lucy Brewster is a finance reporter at etf.com covering asset managers, emerging technologies, and regulation. She hosts etf.com webinars and appears…   [View Bio](/authors/lucy-brewster)

 



 

 


 Related Topics  [Spot Bitcoin](http://www.etf.com/topics/spot-bitcoin) 

 [Bitcoin](http://www.etf.com/topics/bitcoin) 

 [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Covered Call](http://www.etf.com/topics/covered-calls) 

 [ARK](http://www.etf.com/topics/ark)