Bitwise ETFs Stop Trading Today as Six Funds Head for Liquidation

Bitwise’s six option-income ETFs reach their final trading day

The affected tickers are the Bitwise COIN Option Income Strategy ETF (ICOI), Bitwise MARA Option Income Strategy ETF (IMRA), Bitwise MSTR Option Income Strategy ETF (IMST), Bitwise GME Option Income Strategy ETF (IGME), Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise Ethereum Option Income Strategy ETF (IETH).

All six trade on NYSE Arca. Friday is both the last day for purchasing creation units and the final day of trading, according to the issuer’s table. Bitwise will calculate each fund’s final NAV on Aug. 7, correcting an earlier reference to Aug. 9.

The products were designed as option-income strategies, commonly called covered-call funds. Rather than holding the named stock or crypto asset directly in every case, the funds used options exposure to seek income while retaining exposure to the underlying theme. That structure can limit upside if the reference asset rises sharply while leaving investors exposed to declines.

ICRC and IETH were the newest additions. When Bitwise introduced them in October, it said ICRC used options on Circle and IETH used ether ETP options to generate potential income, as described in its launch announcement. The same release warned that distributions could include return of capital and that the products did not directly invest in CRCL shares or ether.

Bitcoin

BTC

July 1 to July 31, 2026 (UTC daily close)

$62,951

+7.5%

Jul 1 - Jul 31 | High $66,521 • Low $58,566

What automatic cash redemption means for holders

Investors who sell on the market before trading ends can receive the market price available at the time of their transaction. Investors who remain shareholders will instead receive the liquidation proceeds, calculated from final NAV after the funds wind down.

That distinction is material. An ETF’s market price can trade at a premium or discount to NAV during a session, while the liquidation payout is based on the final NAV and arrives later. Bitwise did not disclose a separate election process, saying the redemption would be automatic for shareholders who had not sold by July 31.

The issuer also did not identify a single reason for closing the six funds in the corrected announcement. The notice gives a timetable, not a performance assessment or an explanation of whether the strategy could return in another form.

For crypto-focused investors, the group is different from a spot ETF. A spot Bitcoin fund is built to hold bitcoin, while the affected option-income funds package options exposure around a company or an ether-related ETP. That distinction has often been blurred in discussions of crypto funds and their flow data, as shown when large Bitcoin ETF holdings became the market’s headline institutional measure.

The closures also arrive after a broader expansion in listed crypto investment vehicles. This week, Morgan Stanley’s ether and Solana ETP launch added two more routes for exchange-traded digital-asset exposure, though their design differs from Bitwise’s liquidating option-income funds.

Final NAV date leaves a short timetable after July 31

The next fixed date is Aug. 7, when Bitwise will calculate the final NAV for ICOI, IMRA, IMST, IGME, ICRC and IETH. The issuer said liquidation proceeds are expected to be delivered through brokers or intermediaries on or around Aug. 10.

The announcement is a fund-level event, not evidence that Bitwise is closing its broader crypto ETF business. Its release specifically names the six option-income strategies, while its lineup continues to include distinct crypto products. Readers tracking the difference between a fund redemption and a direct market sale can also compare the mechanics with recent Bitcoin ETF outflow coverage, where creations and redemptions can be mistaken for immediate spot transactions.

What remains unknown is the final NAV of each fund and the actual cash amount each holder will receive. Those figures depend on the assets, options positions, expenses and market moves through the wind-down period, and will not be known from the July 31 trading cutoff alone.