VistaShares Introduces Bitcoin-Linked ETF with Treasury Focus

VistaShares has unveiled BTYB, an actively managed exchange-traded fund (ETF) on the New York Stock Exchange, primarily investing in U.S. Treasurys while employing options strategies for weekly income and Bitcoin-linked price exposure. According to Cointelegraph, the fund allocates approximately 80% of its portfolio to U.S. Treasury securities and related instruments, with the remaining 20% connected to Bitcoin (BTC) price movements through a synthetic covered call strategy. Holdings data indicates that the fund's Bitcoin-linked exposure is derived from call options on BlackRock’s iShares Bitcoin Trust (IBIT). In this context, a synthetic covered call strategy utilizes derivatives to establish Bitcoin price exposure and sells call options against that exposure to generate income, rather than directly holding Bitcoin. Consequently, BTYB does not track spot Bitcoin prices and limits upside potential in exchange for higher income from options premiums. VistaShares stated that the ETF aims to deliver about twice the yield of the five-year Treasury, although distributions are not guaranteed and may vary weekly based on options market conditions and interest rate movements. VistaShares, a U.S.-based ETF issuer, specializes in actively managed funds using options strategies and thematic exposures, diverging from traditional passive index tracking. Other issuers have also introduced exchange-traded funds in the U.S. that combine Bitcoin with additional assets or broader crypto baskets, indicating growing experimentation beyond single-asset crypto funds. On December 19, 2024, the United States Securities and Exchange Commission (SEC) approved two spot crypto index ETFs, allowing Hashdex’s Nasdaq Crypto Index US ETF to trade on Nasdaq and Franklin Templeton’s Franklin Crypto Index ETF to list on Cboe BZX Exchange. Both funds hold spot Bitcoin and Ether (ETH) and track their respective crypto index benchmarks. In January, Bitwise Asset Management launched the Bitwise Proficio Currency Debasement ETF, an actively managed fund that includes Bitcoin, precious metals, and mining equities to address the declining purchasing power of fiat currencies. ETFs tracking a broader range of cryptocurrencies are also gaining traction. In September, Hashdex expanded its Crypto Index US ETF to incorporate XRP (XRP), Solana (SOL), and Stellar (XLM). The Nasdaq-listed fund holds five cryptocurrencies on a 1:1 basis, including Bitcoin and Ether, according to the company. In November 2025, 21Shares introduced two US-regulated cryptocurrency index ETFs: the 21Shares FTSE Crypto 10 Index ETF and the 21Shares FTSE Crypto 10 ex-BTC Index ETF, both tracking FTSE Russell crypto indexes and holding baskets of large-cap digital assets.