Exciting news for crypto investors! Grayscale Investments has just announced the listing of two new exchange-traded funds (ETFs). These aren’t just any ETFs; they’re designed to offer investors a unique way to potentially earn income based on the sometimes wild price swings of Bitcoin, as the crypto asset manager revealed on Wednesday.

Meet the Bitcoin Covered Call ETF (BTCC) and the Grayscale Bitcoin Premium Income ETF (BPI)! These funds will utilize what’s known as “covered call strategies.” Essentially, this approach allows investors to leverage the shares they already own to potentially generate income.

Now, here’s a key detail: neither of these funds will give you direct exposure to Bitcoin. Instead, they offer an opportunity to potentially profit from Bitcoin’s ups and downs through contracts that essentially make a bet on how the cryptocurrency will perform.

To achieve this, the new funds will tap into options on other Bitcoin exchange-traded products. This includes Grayscale’s own spot Bitcoin ETFs, the Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Bitcoin Mini Trust ETF (BTC).

Keep an eye out for BTCC and BPI on the New York Stock Exchange. They are joining a growing list of crypto offerings from issuers who are eager to meet the strong investor demand for products focused on digital assets.

Grayscale was actually among the first group of asset managers—about 10 in total—that got the green light from the SEC last year to launch a Bitcoin ETF. Their GBTC, which began as a trust before becoming an ETF, already manages a significant $16.5 billion in assets!

According to Grayscale, BTCC is designed as “an income-first strategy,” making it potentially ideal for investors who want regular cash flow and high-yield opportunities. BPI, on the other hand, aims to not only generate income but also to increase the fund’s overall value over time.

Bitcoin funds have really taken off! They had the most successful ETF launch in the product’s entire 32-year history and now manage nearly $100 billion in assets. This has opened up the world of crypto investing to many investors who were previously unable to access it.

Grayscale didn’t stop there. They also converted their Ethereum trust into an ETF later that same year. They also manage trusts that offer exposure to Bitcoin Cash, Filecoin, Chainlink, Litecoin, and other digital assets, and are moving towards launching funds based on various altcoins as well.

“The Grayscale® Bitcoin Covered Call ETF could be a great addition for investors who already have Bitcoin and want to add income, while the Grayscale Bitcoin Premium Income ETF offers another way to engage with Bitcoin beyond just owning it directly, aiming to balance potential gains with income for investors,” explained David LaValle, Global Head of ETFs at Grayscale. “We know that every investor has different needs, and we’re excited to offer these new products that can not only generate and deliver income but also provide different results and investment behaviors that are tailored to their specific goals.”

Decrypt has reached out to Grayscale for further comments on this exciting development.

Edited by James Rubin