Bitwise Unveils ETFs Focused on COIN, MSTR, and MARA
Bitwise Asset Management has launched three active options strategy ETFs tracking crypto stocks: MicroStrategy (MSTR), Coinbase (COIN), and Marathon Digital Holdings (MARA). The ETFs are called IMST, ICOI, and IMRA, respectively.
What’s interesting is that they all rely on a “covered call” strategy, a way to make money from stock volatility without having to constantly buy and sell like a day trader.
More specifically, this strategy involves selling out-of-the-money call options while still holding the underlying stock. This strategy is to generate regular income while still being able to enjoy the upside of the stock, albeit not to its full potential.
“Crypto is well known historically both for its performance and its high volatility,” said Bitwise CEO Hunter Horsley. He added:
“That volatility presents a unique opportunity to generate income. We’re thrilled to expand the Bitwise suite with IMST, ICOI, and IMRA to enable investors to capitalize on that volatility.”
In other words, if people are usually afraid of the ups and downs of crypto asset prices, Bitwise actually sees it as a potential source of income. They don’t try to avoid it, but instead develop a strategy to ‘ride the wave.’
These new ETFs are managed by Jeff Park, Head of Alpha Strategy at Bitwise, and his team. They don’t just sit back. This portfolio is actively monitored, including by paying attention to market news, option prices, sentiment, and capital inflows.
They adjust their strategy every time so that investors can still enjoy income while still being involved in the movement of crypto-related stocks.
However, it is important to note that this ETF does not give you direct ownership of MSTR, COIN, or MARA shares. So, don’t expect to get dividends from these companies. And like any other strategy, “covered calls” also have risks. If the stock price falls too far, the income from the options may not be enough to cover the losses.
On the other hand, CNF previously reported that Bitwise also recently launched the Bitcoin Standard Corporations ETF. The ETF is designed to track the performance of public companies that hold at least 1,000 BTC on their balance sheets.
Every quarter, the weighting allocation of companies in the ETF is adjusted to remain diversified, with a maximum limit of 20% per entity. So, no single company dominates.
Furthermore, Bitwise showed its ambition by completing a $70 million fundraise on February 25, 2025. This funding was led by Electric Capital and followed by other big names such as MassMutual, Highland Capital, MIT Investment Management Company, and Haun Ventures.
And as if that wasn’t enough, on March 6, 2025, Bitwise also made a breakthrough by entering the world of DeFi through a collaboration with Maple Finance , known as an on-chain credit specialist. Through this partnership, Bitwise began allocating funds to Bitcoin-based lending products.

🧠 Macro Pressure = Micro Volatility
The market is reacting—no, overreacting—to Trump’s aggressive tariff policy, which includes a flat 10% tariff on all imports and targeted duties aimed at China and Vietnam. China struck back with a 34% tariff on U.S. goods, and just like that, traditional markets buckled. Crypto? It wobbled, but didn’t collapse.
BTC pulled back 1.1%, now stabilizing around $82.1K.
ETH down 0.5%, at $1,784.
XRP, interestingly, defied the tide, posting minor gains to $2.04—a potential hedge play?
Solana and Cardano took heavier hits—-16.3% and -12.6% respectively—highlighting the market’s retreat from riskier alts. Liquidity is draining from micro caps and rotating back into majors or stables.
🧭 Sentiment Shift: Greed → Fear
The Crypto Fear & Greed Index flipped hard into “Extreme Fear.” That’s your cue: Smart money is watching, not panicking. Retail dumps, institutions prepare to scoop.
This is a setup phase. Market-wide retracements are tests—of patience, psychology, and planning.
📊 Strategy for Pros: Don’t Chase, Position
BTC & ETH: Monitor for clean re-accumulation zones (i.e. 81K–79K BTC, 1740–1700 ETH).
XRP: Watch the bullish divergence—it could become a momentum leader.
SOL/ADA: Oversold signals triggering on high time frames; prepare for a sharp mean reversion bounce.
🔥 Alpha Outlook
Geopolitical shocks = short-term fear = opportunity.
This market isn’t dying—it’s digesting. Emotional exits are setups for surgical entries. Let retail run scared while you build your sniper list.
Patience + precision = profit.
Written by: A Market Strategist Who Doesn’t Blink in Volatility
Stay sharp. Stay ahead.
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