Bitwise Asset Management has introduced the launch of IGME, the world’s first covered call exchange-traded fund (ETF) centered around GameStop (GME). This innovative product combines income-generating strategies with exposure to a company that has evolved from a struggling mall retailer to a key player in the digital asset conversation. The launch comes at a time when GameStop is making headlines for its bold $500 million Bitcoin treasury strategy, further solidifying its place in the intersection of traditional finance and cryptocurrency innovation.
A New Era for Income-Generating ETFs
The Bitwise GME Option Income Strategy ETF (IGME) is designed to generate income through a covered call strategy, leveraging the volatility of GameStop’s stock while offering investors indirect exposure to the company. This actively managed fund marks the latest addition to Bitwise’s rapidly expanding suite of option income ETFs, which already includes products like IMST (Strategy), ICOI (Coinbase), and IMRA (Marathon Digital Holdings).
Led by Jeff Park, Bitwise’s Head of Alpha Strategies, IGME represents a unique opportunity for investors to capitalize on GameStop’s historical volatility and growth potential. According to Park:
“IGME is the first covered call strategy built around GameStop, a stock whose historic volatility and growth potential make it a strong fit for this approach. With IGME, investors now have access to an option income ETF based on an equity that sits at the intersection of retail investor popularity, a traditional revenue-generating business, and digital asset adoption.”
GameStop’s Growing Crypto Presence
GameStop’s recent disclosure that it holds 4,710 Bitcoin, worth over $500 million at the time of purchase, underscores its commitment to integrating digital assets into its treasury strategy. As of March 31, 2025, over 79 public companies collectively hold $57 billion in Bitcoin, reflecting a 159% increase from the previous year, according to Bitcoin Asset Management.
This move positions GameStop among the growing list of companies adopting Bitcoin as a core treasury component, signaling a broader trend of institutional interest in cryptocurrencies. By launching IGME, Bitwise is tapping into this narrative, offering investors a way to benefit from both GameStop’s stock performance and its involvement in the digital asset space.
How IGME Works
The covered call strategy employed by IGME involves selling call options on GameStop stock to generate income. This approach is particularly effective in volatile markets, as it allows the fund to capitalize on price fluctuations while providing investors with monthly distributions.
Unlike traditional ETFs that rely on direct equity holdings, IGME uses synthetic covered call strategies that leverage options rather than owning the underlying stock outright. This innovative structure aligns with Bitwise’s mission to provide investors with access to emerging opportunities in the crypto and digital asset space.
Expanding Bitwise’s ETF Suite
IGME joins Bitwise’s existing lineup of option income ETFs, each designed to deliver consistent monthly income through unique strategies. For example:
- IMST (Strategy) focuses on generating income from market-neutral strategies.
- ICOI (Coinbase) targets income from options tied to Coinbase’s stock.
- IMRA (Marathon Digital Holdings) leverages options on Marathon Digital, a leading Bitcoin mining company.
According to Hunter Horsley, CEO of Bitwise:
“At Bitwise, our mission is to help investors gain access to the full range of opportunities emerging in crypto. We’re excited to add IGME to our suite of option income ETFs to help investors capitalize on the volatility of companies in the space.”
IGME plans to announce its first monthly distribution on July 24 and carries an expense ratio of 0.98%, making it an accessible option for income-focused investors.
Why IGME Matters
The launch of IGME highlights the growing convergence of traditional finance and digital assets. By focusing on GameStop—a company that has captured the imagination of retail investors and embraced Bitcoin—Bitwise is bridging the gap between legacy markets and the future of finance.
For investors, IGME offers a unique combination of income generation and exposure to a stock with significant volatility and upside potential. It also reflects the broader trend of companies incorporating Bitcoin into their treasuries, a movement that continues to reshape the financial landscape.
Final Thoughts
With the debut of IGME, Bitwise is once again at the forefront of innovation in the ETF space. By combining a covered call strategy with exposure to GameStop, the fund provides a compelling opportunity for investors to participate in the ongoing evolution of both traditional equities and digital assets.
As the first ETF of its kind, IGME not only underscores Bitwise’s leadership in the crypto and finance sectors but also highlights the transformative potential of companies like GameStop in shaping the future of investment strategies.
