Bitwise Launches Covered Call ETF Targeting GameStop Amid Bitcoin Pivot

Bitwise Asset Management has introduced a new exchange-traded fund aimed at capitalizing on GameStop’s recent move into bitcoin, while also delivering income to investors through a covered call strategy.

The newly unveiled Bitwise GME Option Income Strategy ETF (IGME) seeks to provide investors with exposure to GameStop’s (GME) equity performance while generating regular income via option premiums. The strategy centers on selling covered calls—an approach that collects income from options but limits upside gains.

The launch follows GameStop’s headline-making purchase of 4,710 BTC—worth more than $500 million—after raising $1.3 billion through a convertible debt offering to support its new bitcoin treasury strategy.

IGME will be managed by Jeff Park, Bitwise’s Head of Alpha Strategies, alongside the firm’s broader portfolio management team.

“GameStop has captured the attention of investors with its bold pivot into bitcoin and maintains one of the most enthusiastic shareholder communities in the market,” Bitwise said on X. “IGME is designed to channel that momentum into a strategy that delivers potential income with limited upside exposure.”

This marks Bitwise’s fourth actively managed covered call ETF, further expanding its lineup of income-generating strategies focused on crypto-related equities.

The firm has also filed for a similar ETF based on Circle (CRCL), the stablecoin issuer that recently went public on the NYSE. That proposed fund would aim to generate income by applying a covered call strategy to Circle’s shares.