The Grayscale Bitcoin Premium Income ETF (BPI) is an actively managed exchange-traded fund from Grayscale that trades on NYSE Arca. The fund seeks current income while maintaining prospects for capital appreciation through options on bitcoin ETPs, including Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Bitcoin Mini Trust ETF (BTC). It does not hold spot bitcoin. BPI systematically writes calls targeting strike prices that are well out-of-the-money, which is intended to let investors participate in much of bitcoin's upside while collecting some option premium income. That makes it the growth-tilted counterpart to Grayscale Bitcoin Covered Call ETF (BTCC), which was launched the same day and writes calls much closer to spot to maximise income instead. BPI launched on April 2, 2025 and is a series of Grayscale Funds Trust, a Delaware statutory trust.