Days after GameStop (NYSE:GME) revealed that it purchased 4,710 Bitcoins for its corporate treasury, Bitwise Asset Management rolled out an options-only fund aimed at transforming the wild volatility of the meme stock into a reliable income stream—without actually owning any shares.
As its prospectus outlines, the Bitwise GME Option Income Strategy ETF (NYSE:IGME) writes both call and put options on GameStop to capture option premiums. Its goal is to distribute those earnings to shareholders every month.
This structure helps avoid directional risk while still allowing for exposure to the sharp price fluctuations that have turned GME into a favorite among retail traders.
IGME has an expense ratio of 0.98%, with the first distribution set for July 24.
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A Growing Suite Of Option-Based Funds
IGME marks Bitwise's fourth covered-call product launched in 2025, following similar offerings linked to MicroStrategy (NASDAQ:MSTR), Coinbase (NASDAQ:COIN), and others.
The firm also manages the Bitwise Bitcoin ETF Trust (NYSE:BITB) and the Bitwise Ethereum ETF (NYSE:ETHW), solidifying its status as a pioneer in crypto-related ETFs.
And timing matters. GameStop's choice to add bitcoin to its balance sheet introduces a new crypto angle to a stock already famous for its dramatic price swings driven by retail sentiment. By combining an options income strategy with this narrative, Bitwise places IGME at the crossroads of meme-stock volatility and corporate adoption of digital assets, an area that few other funds are currently exploring.
Analysts believe that Bitwise's latest offering could attract investors looking for a way to tap into GameStop's volatility and its crypto shift, all while preferring a risk-managed, income-focused approach.
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