VistaShares has launched BTYB, an actively managed exchange-traded fund listed on the New York Stock Exchange that combines U.S. Treasurys with option-based Bitcoin-linked exposure to generate weekly income. The fund allocates about 80% of its assets to U.S. Treasury securities and related instruments, while roughly 20% is designed to track Bitcoin price moves synthetically.
Rather than holding spot Bitcoin, BTYB uses a synthetic covered call approach. The fund obtains Bitcoin-linked exposure through call options on BlackRock’s iShares Bitcoin Trust (IBIT) and sells call options against that exposure to collect premiums. That derivatives-driven structure aims to produce higher income but caps upside relative to holding spot Bitcoin, so the ETF does not replicate Bitcoin’s spot performance.
VistaShares says BTYB seeks to deliver roughly twice the yield of the five-year Treasury, but distributions are not guaranteed and may vary weekly depending on options market activity and interest-rate shifts. The issuer is positioned as a U.S.-based manager that favors actively managed, options-focused and thematic funds rather than passive index tracking.
BTYB arrives as crypto-focused ETF issuers broaden the range of products beyond single-token spot funds. On Dec. 19, 2024, the U.S. Securities and Exchange Commission approved two spot crypto index ETFs: 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. Other recent product launches include Bitwise’s Bitwise Proficio Currency Debasement ETF, an actively managed vehicle holding Bitcoin, precious metals and mining equities, and Hashdex’s expansion of its Nasdaq-listed Crypto Index US ETF to add XRP, Solana and Stellar (bringing the fund to five cryptocurrencies on a 1:1 basis). In November 2025, 21Shares introduced two U.S.-regulated crypto index ETFs tracking FTSE Russell crypto indexes with baskets of large-cap digital assets.
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