Selling Call Options on Bitcoin?

Yeah, these are option override ETFs. You're along the underlying delta, you sell a call option. One is on actual spot Bitcoin. One is on a company that's actually a software company that owns a lot of Bitcoin on their balance sheet.

I mean, Bitcoin is an extremely volatile asset. Now you're talking about, and that's like an asset class, right? Bitcoin. Now you talk about a single stock, which single stocks have a lot of idiosyncratic risk. On top of that, you're sort of taking a software company, cloud software service, and whatever they do that just happens to own a ton of Bitcoin on their treasury balance sheet. So these are with borrowed holdings no less.

Yeah, I mean this is very different. Generally speaking, from my standpoint as a portfolio manager, if you were going to own an asset class, you kind of size it appropriately in your portfolio and you just say, "Okay, this is going to be your alpha."

So, I don't love the fact that you're going to sell call options because I think you kind of clip your upside. But these are two different beasts, but they're all sort of selling on the upside.