VistaShares has launched BTYB, an actively managed exchange-traded fund listed on the New York Stock Exchange that allocates the bulk of its assets to U.S. Treasurys while using options strategies to deliver weekly income and Bitcoin-linked price exposure.
According to the issuer’s announcement, the fund places roughly 80% of its portfolio in U.S. Treasury securities and related instruments, with the remaining ~20% tied to Bitcoin price moves via a synthetic covered call approach. Holdings show the Bitcoin-linked exposure comes from call options on BlackRock’s iShares Bitcoin Trust (IBIT).
The synthetic covered call strategy uses derivatives to create Bitcoin price exposure and sells call options against that exposure to generate income instead of holding spot Bitcoin. As a result, BTYB does not track spot Bitcoin and limits upside potential in exchange for higher income from options premiums.
VistaShares says the ETF seeks to deliver about twice the yield of the five-year Treasury, though distributions are not guaranteed and can vary weekly depending on options market activity and interest rate changes. VistaShares is a U.S.-based issuer focused on actively managed funds that use options strategies and thematic exposures rather than passive index tracking.
Crypto ETF issuers are increasingly experimenting beyond single-token products. On Dec. 19, 2024, the U.S. Securities and Exchange Commission approved two spot crypto index ETFs, clearing Hashdex’s Nasdaq Crypto Index US ETF for Nasdaq and Franklin Templeton’s Franklin Crypto Index ETF for Cboe BZX; both hold spot Bitcoin and Ether and track crypto index benchmarks.
In January, Bitwise Asset Management launched the Bitwise Proficio Currency Debasement ETF, an actively managed fund holding Bitcoin, precious metals and mining equities aimed at addressing declining fiat purchasing power. ETFs tracking broader crypto baskets have also gained traction: Hashdex expanded its Nasdaq-listed Crypto Index US ETF to add XRP, Solana and Stellar, holding five cryptocurrencies on a 1:1 basis, and in November 2025 21Shares launched two U.S.-regulated crypto index ETFs tracking FTSE Russell crypto indexes with baskets of large-cap digital assets.
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