Bitwise to Liquidate Two Crypto Option-Income ETFs as San Francisco Manager Trims Product Lineup
Bitwise Asset Management is winding down at least two exchange-traded funds that used options strategies on crypto-linked equities, the San Francisco-based firm announced June 30, 2026. The closures touch the Bitwise COIN Option…
Key takeaways
- Bitwise Asset Management announced on June 30, 2026, that it is closing and liquidating at least two crypto option-income ETFs: the Bitwise COIN Option Income Strategy ETF (ICOI) and the Bitwise MARA Option Income Strategy ETF (IMRA).
- ICOI uses an options overlay on Coinbase Global, while IMRA uses an options overlay on Marathon Digital Holdings.
- Investors in ICOI and IMRA will eventually receive the liquidated value of their shares in cash, and can sell on the secondary market before liquidation completes.
- The San Francisco-based firm manages $11 billion in client assets as of April 1, 2026.
- The disclosure did not specify a liquidation date, the assets held in each fund, tax treatment, or any additional funds under review.
Bitwise Asset Management is winding down at least two exchange-traded funds that used options strategies on crypto-linked equities, the San Francisco-based firm announced June 30, 2026. The closures touch the Bitwise COIN Option Income Strategy ETF, ticker ICOI, and the Bitwise MARA Option Income Strategy ETF, ticker IMRA. Bitwise manages $11 billion in client assets as of April 1, 2026.
Products Targeted for Liquidation
The two funds being shuttered are structured around options overlays on individual crypto-related stocks — ICOI on Coinbase Global and IMRA on Marathon Digital Holdings. Both are option income strategies, a format that gained traction across the ETF industry as issuers packaged covered-call or similar derivatives trades into fund wrappers to generate yield-like distributions. Bitwise said it plans to close and liquidate both products, though the source disclosure did not specify a liquidation date or the assets held in each fund at the time of announcement.
What This Means for Holders
Investors in ICOI and IMRA will eventually receive the liquidated value of their shares in cash, a standard outcome in ETF wind-downs. The closure notice gives holders the option to sell on the secondary market before liquidation completes — typically the more tax-efficient path, depending on an investor's cost basis and jurisdiction. No details on the transition timeline or tax treatment were provided in Monday's announcement.
Broader Context for Bitwise
The cuts arrive as Bitwise oversees $11 billion across its product range — a figure the firm noted is current as of April 1, 2026. Trimming the option-income sleeve of its ETF lineup suggests the firm is rationalizing a catalog that expanded rapidly alongside the broader crypto-equity and crypto-derivative ETF boom. Option-income products linked to single crypto stocks occupy a narrow audience: investors who want exposure to names like Coinbase or Marathon Digital but prefer a yield-generating wrapper over straight equity. When those strategies underperform or gather insufficient assets to justify operating costs, closures follow. The announcement did not identify additional funds under review.
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