BTC vol 8/10
Spot Bitcoin
The base asset. No counterparty, no fees, no yield.
Spot
IBIT vol 8/10
iShares Bitcoin Trust
Most liquid spot BTC ETF. 0.25% expense ratio.
Spot ETF
FBTC vol 8/10
Fidelity Wise Origin Bitcoin Fund
Fidelity's spot BTC ETF. 0.25% fee. Strong custody story.
Spot ETF
BITB vol 8/10
Bitwise Bitcoin ETF
Lowest-cost mainstream spot BTC ETF at 0.20%.
Spot ETF
MSBT vol 8/10
Morgan Stanley Spot Bitcoin ETF
Cheapest spot BTC ETF at 0.14%. Launched April 2026.
Spot ETF
MSTR vol 10/10
Strategy
Bitcoin treasury equity. Accretive when mNAV > 1, decay when below.
Equity
STRC vol 2/10
Strategy Variable Rate Preferred
Variable-rate preferred designed to trade near $100 par.
ROC-eligible Preferred 9–11%
STRF vol 2/10
Strategy 10% Fixed Preferred (Strife)
10% perpetual fixed-rate preferred. Predictable income.
ROC-eligible Preferred 10%
STRE vol 2/10
Strategy Euro Perpetual (Stream)
Euro-denominated mirror of STRF. €100 par, 10% coupon.
ROC-eligible Preferred 10%
STRK vol 5/10
Strategy Convertible Preferred (Strike)
8% coupon + 10:1 conversion to MSTR at $1,000. Income with a real call option.
ROC-eligible Preferred 8%
STRD vol 3/10
Strategy Higher-Yield Preferred (Stride)
Highest stated yield in the MSTR perpetual stack (10–13% range).
ROC-eligible Preferred 10–13%
SATA vol 3/10
Strive Variable Rate Preferred (Series A)
Strive's variable-rate Series A preferred. ~13% rate, sister to ASST common.
ROC-eligible Preferred 12–14%
SMLR vol 9/10
Semler Scientific (common)
Healthcare-wrapper BTC treasury equity. ~5k BTC, targeting 105k by 2027.
Equity
MPJPY vol 10/10
Metaplanet (sponsored ADR)
Japan's largest BTC treasury (~40k BTC). MPJPY is the Deutsche Bank-sponsored US ADR.
Equity
ASST vol 9/10
Asset Entities / Strive
Smaller US-listed BTC treasury equity (~14.5k BTC).
Equity
XXI vol 9/10
Twenty One Capital
Cantor/Tether-backed BTC treasury vehicle (~43k BTC).
Equity
MSTY vol 7/10
YieldMax MSTR Option Income ETF
Sells calls on MSTR. Headline yield 40–80% with explicit NAV decay.
ROC-eligible Income ETF 40–80%
YBIT vol 6/10
YieldMax Bitcoin Option Income (IBIT)
Covered-call ETF on IBIT. Lower-vol cousin of MSTY — same decay dynamic.
ROC-eligible Income ETF 25–60%
BITX vol 10/10
Volatility Shares 2x Bitcoin Strategy ETF
2x daily BTC futures. Daily-rebalance decay in choppy markets.
MSTU vol 10/10
T-REX 2x Long MSTR Daily Target ETF
2x daily MSTR. Extreme decay risk demonstrated in 2025–26.
MSTX vol 10/10
Defiance Daily Target 2x Long MSTR ETF
Defiance's 2x daily MSTR via swaps + futures. 1.31% expense ratio.
MST vol 9/10
Defiance Leveraged Long + Income MSTR ETF
1.5–2x MSTR with weekly income from credit-call spreads. Hybrid leverage + yield.
ROC-eligible 30–60%