Bitwise Asset Management, a global crypto asset manager overseeing over $15 billion, has introduced two new option income funds, the Bitwise CRCL Option Income Strategy ETF (ICRC) and the Bitwise Ethereum Option Income Strategy ETF (IETH), expanding its suite of income-focused ETFs.
The ICRC fund represents the first covered call ETF to offer investors exposure to Circle, a prominent stablecoin creator whose June initial public offering marked a significant public listing for a crypto firm, raising over $1 billion at an $18 billion valuation. This strategy seeks to generate potential income by trading options on CRCL while providing continuous exposure to a leading stablecoin provider within the $284 billion stablecoin market, which has grown over 90% in the last three years as of September 30, 2025.
Concurrently, the IETH fund integrates a professionally managed options income strategy with underlying exposure to ether (ETH), the native token of the blockchain foundational to rapidly expanding crypto segments like stablecoins and tokenization. The fund aims to capitalize on the premium from ether’s often heightened volatility while participating in broader thematic trends such as institutional adoption of ETH, demand for tokenization, and network effects driven by stablecoins. Tokenized assets alone constitute a $31 billion market, having experienced 1,600% growth since 2022 as of September 30, 2025.
Gordon Grant, Portfolio Manager and Head of Derivatives at Bitwise, commented on the launches, stating, “ICRC and IETH transform complex derivatives instruments into accessible investment tools through sound strategy construction. ICRC trades options on CRCL to generate potential income and provide ongoing exposure to a leading stablecoin provider, while IETH’s exposure to ether aims to exploit the premium from ether’s at-times elevated volatility, while also participating in core thematic trends such as institutional adoption of ETH, tokenization demand, and network effects from stablecoins. Together, they offer disciplined ways for investors to engage with crypto’s growth.”
Hunter Horsley, CEO of Bitwise, added, “The expansion of the option income suite is a significant development for everyday investors. Crypto is known for its volatility, and these ETFs convert that into an opportunity to earn income. Launching ICRC, the first-of-its-kind CRCL covered call strategy, and IETH, an innovative ether option income strategy, marks a forward step for Bitwise, and we are enthusiastic about the value they bring to our expanding investor community.”
These new ETFs join Bitwise’s existing income-focused ETF offerings, which include covered call strategies centered on Strategy (IMST), MARA Holdings (IMRA), Coinbase (ICOI), and GameStop (IGME). Both ICRC and IETH are designed to make monthly income distributions, with the first distribution slated for announcement on November 26. The expense ratio for IETH is 0.97%, and for ICRC, it is 0.98%. Investors should note that distributions may include return of capital, which can have different tax implications and may reduce an investor’s cost basis.
Bitwise Asset Management, with an eight-year track record, serves over 4,000 private wealth teams, RIAs, family offices, and institutional investors, alongside 15 banks and broker-dealers. The firm employs over 100 technology and investment professionals across its offices in San Francisco, New York, and London.
It is important for potential investors to carefully consider the investment objectives, risk factors, charges, and expenses associated with these funds. These investments carry inherent risks, including market risk, covered call strategy risk, issuer-specific risks related to digital assets, custody risk, and digital asset regulatory risks. The funds are nondiversified and use derivative instruments, which involve unique risks and may magnify potential for gain or loss.
