VistaShares has launched BTYB, an actively managed exchange-traded fund (ETF) listed on the New York Stock Exchange that allocates most of its assets to US Treasurys while using options strategies to provide weekly income and Bitcoin-linked price exposure.
According to the Tuesday announcement, the fund allocates about 80% of its portfolio to US Treasury securities and related instruments, with the remaining 20% tied to Bitcoin ($BTC) price movements through a synthetic covered call strategy. Holdings data shows the fund’s Bitcoin-linked exposure comes from call options on BlackRock’s iShares Bitcoin Trust (IBIT).
In this particular context, a synthetic covered call strategy uses derivatives to create Bitcoin price exposure and sells call (buy) options against that exposure to generate income, rather than holding Bitcoin directly. As a result, BTYB does not track spot Bitcoin prices and limits upside potential in exchange for higher income from options premiums.
VistaShares said the ETF aims to deliver about twice the yield of the five-year Treasury, though distributions are not guaranteed and may vary weekly depending on options market conditions and interest rate movements.
VistaShares is a US-based ETF issuer that focuses on actively managed funds using options strategies and thematic exposures rather than traditional passive index tracking.
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Crypto ETF issuers expand beyond single-token products
Other issuers have also launched exchange-traded funds in the US that blend Bitcoin with additional assets or broader crypto baskets, reflecting growing experimentation beyond single-asset crypto funds.
On Dec. 19, 2024, the United States Securities and Exchange Commission (SEC) approved two spot crypto index ETFs, clearing Hashdex’s Nasdaq Crypto Index US ETF for trading on Nasdaq and Franklin Templeton’s Franklin Crypto Index ETF for listing on Cboe BZX Exchange. Both funds hold spot Bitcoin and Ether (ETH) and track their respective crypto index benchmarks.
In January, Bitwise Asset Management launched the Bitwise Proficio Currency Debasement ETF, an actively managed fund that holds Bitcoin, precious metals and mining equities with the aim of addressing the declining purchasing power of fiat currencies.
ETFs tracking a broader range of cryptocurrencies are also gaining traction. In September, Hashdex expanded its Crypto Index US ETF to add $XRP ($XRP), Solana (SOL) and Stellar (XLM). The Nasdaq-listed fund holds five cryptocurrencies on a 1:1 basis, including Bitcoin and Ether, according to the company.
In November 2025, 21Shares launched two US-regulated cryptocurrency index ETFs: the 21Shares FTSE Crypto 10 Index ETF and the 21Shares FTSE Crypto 10 ex-$BTC Index ETF. Both funds track FTSE Russell crypto indexes and hold baskets of large-cap digital assets.
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