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BPI Grayscale Bitcoin Premium Income ETF

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$24.58
+2.8% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

BPI has less than a year of history, so there is no annual comparison yet.

Why did BPI return −0.5% over six months, against Bitcoin’s −1.7%?Is BPI’s payout of 8.8% a year sustainable?What do BPI’s net flows of +$5.6m over the since Apr 2025 mean?
Covered call on Bitcoin, paying monthlyGrayscale ↗Expense ratio 0.65%Fund assets $2.9m net assets, latest filing (Jun 30, 2026)First traded Apr 2, 2025Benchmark Bitcoin (BTC-USD)SEC filings ↗Every Grayscale fund ETFIQ coversDividend history

Promise check: Not measuredIt paid no cash over a year, or since a launch at least six months back.

Compare with…Trading costsPut to the committeeaskIQ about BPIAdd to portfolioFlowsAlerts

BPI risk and return scorecard

vs Bitcoin (BTC-USD)

Not measured: no ETF prices its benchmark (coin).

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
+$2.0m
Since Apr 2025
+$5.6m
askIQ: what do these flows mean? ↗

What you earned

BPI −4.6%, Bitcoin −6.6%: total return over one month to Nov 4, 2026.
BPI−4.6%
Bitcoin−6.6%
Paid 1.5% in cash. Price −6.1%.
BPI +22.4%, Bitcoin +23.5%: total return over three months to Nov 4, 2026.
BPI+22.4%
Bitcoin+23.5%
Paid 5.1% in cash. Price +17.2%.
BPI −0.5%, Bitcoin −1.7%: total return over six months to Nov 4, 2026.
BPI−0.5%
Bitcoin−1.7%
Paid 7.5% in cash. Price −8.7%.
askIQ: why did BPI return −0.5% over six months, against Bitcoin’s −1.7%? ↗

What it paid

12 distributions · latest Oct 29, 2026
not published
Cash paid, , on its starting price
not published
Total return,
not available
Against Bitcoin
8.8%
Latest payout, annualized on today’s price
Report
$0.1798
Last payment (paid monthly), ex-date Oct 29, 2026
Report
Pays monthly.
askIQ: is BPI’s payout of 8.8% a year sustainable? ↗

More on BPI

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Price and total return, 6 months

$24.58+2.8%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

BPI returns by window: total return, cash paid and price change
WindowTotal returnCash paidPriceBitcoinAhead or behind
1M Oct 5 – Nov 4, 2026−4.6%1.5%−6.1%−6.6%+2.0 pts
3M Aug 5 – Nov 4, 2026+22.4%5.1%+17.2%+23.5%−1.1 pts
6M May 6 – Nov 4, 2026−0.5%7.5%−8.7%−1.7%+1.2 pts

Total returns, distributions reinvested. No data for year to date, 1 year and 3 years.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where the return came from
Price change −6.1%Cash paid +1.5%, reinvested+2.0 pts vs Bitcoin

6.2%

Price change +17.2%Cash paid +5.1%, reinvested−1.1 pts vs Bitcoin
Price change −8.7%Cash paid +7.5%, reinvested+1.2 pts vs Bitcoin

0.0%

Money in and out

Monthly data · as of Jun 30, 2026

BPI: in the month to Jun 30, 2026, net $400k came in, by its SEC filing.

12 months
+$2.0m
49.5% of $4.1m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
Since Apr 2025
+$5.6m
Apr 1, 2025 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions BPI files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for BPI, back to Apr 2025, is in its flows file. Flows across every fund · How these flows are computed · Compare BPI with other funds in the flows tool

Month by month, money in and money outApr 2025 to Jun 2026

BPI, money in and money out each month from Apr 2025 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from BPI’s SEC filings (N-PORT item B.6). Of the 15 months listed, money came in on net in 6 and went out in 1.

Every bar is from BPI’s SEC filings (N-PORT item B.6). Of the 15 months listed, money came in on net in 6 and went out in 1.

MonthInOutNet
Jun 2026 SEC Form N-PORT+$400k$0+$400k
May 2026 SEC Form N-PORT$0$0$0
Apr 2026 SEC Form N-PORT$0$0$0
Mar 2026 SEC Form N-PORT$0$0$0
Feb 2026 SEC Form N-PORT$0$0$0
Jan 2026 SEC Form N-PORT$0$0$0
Dec 2025 SEC Form N-PORT$0−$623k−$623k
Nov 2025 SEC Form N-PORT$0$0$0
Oct 2025 SEC Form N-PORT$0$0$0
Sep 2025 SEC Form N-PORT$0$0$0
Aug 2025 SEC Form N-PORT+$1.4m$0+$1.4m
Jul 2025 SEC Form N-PORT+$2.2m−$1.3m+$867k
Jun 2025 SEC Form N-PORT+$2.0m−$1.2m+$768k
May 2025 SEC Form N-PORT+$415k$0+$415k
Apr 2025 SEC Form N-PORT+$2.4m$0+$2.4m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

BPI key stats

High since Apr 30, 2026, daily closes to Nov 4, 2026 (ETFIQ)$27.14 on May 11, 2026
Low since Apr 30, 2026, daily closes to Nov 4, 2026 (ETFIQ)$19.21 on Jun 30, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$24.58, 68% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

BPI return of capital and tax

Return of capital, fiscal year to Dec 31, 2025 (annual report, filed Mar 9, 2026)100.0%
Options it writes (holdings as of Jun 30, 2026)Options on ETF shares, which are not Section 1256 contracts
Rule 19a-1 noticesnot read by ETFIQ
The fiscal year number is the annual report’s tax character. Not tax advice. What a 19a-1 estimate is · Income ETFs by return of capital

Trading

as of Mar 16, 2026
Trading · BPIas of Mar 16, 2026
·
Not scored1 of 6 measured · Mar 16, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

BPI for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
BPI interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

BPI is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work
May 2026Monthly, per shareOct 2026

12 distributions for BPI, $0.0695 to $0.25 a share and $0.1749 in the middle, May 14, 2026 to Oct 29, 2026. 3 further ex-dates are expected with no amount the issuer has declared, so they are not drawn.

Latest
$0.1798
Ex Oct 29, 2026 · paid about 2 days later
Annualized
8.8%
At its price on Nov 4, 2026
Trailing 12 months
8.2%
12 payments, ex May 14, 2026 to Oct 29, 2026: $2.0112
Return of capital
Not published
No Rule 19a-1 notice has been published for this fund
Next, projected

BPI pays monthly. The last distribution was $0.1798 a share, which went ex on Oct 29, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 15 days the ex-date falls near Nov 13, 2026; that date is an ETFIQ projection, not the issuer’s.

Nov 13, 2026 · pay Nov 16, 2026$0.1798 ETFIQ projection
Nov 30, 2026 · pay Dec 2, 2026$0.1798 ETFIQ projection
Dec 15, 2026 · pay Dec 17, 2026$0.1798 ETFIQ projection

Expected distributions for BPI. A projected row carries the fund’s own spacing forward from its last ex-date, at the last amount paid. Neither is an issuer statement. Source: ETFIQ.

Every income ETF going ex-dividend in the next 14 days →
Every distribution ETFIQ holds for BPI (12, most recent first)
Oct 29, 2026$0.1798
Oct 14, 2026$0.2146
Sep 29, 2026$0.25
Sep 14, 2026$0.1315
Aug 28, 2026$0.2135
Aug 13, 2026$0.0877
Jul 30, 2026$0.0695
Jul 14, 2026$0.1699
Jun 29, 2026$0.1533
Jun 12, 2026$0.213
May 28, 2026$0.1462
May 14, 2026$0.1823

Cash distributions per share for BPI. Source: ETFIQ from Tiingo end-of-day distributions.

Source: ETFIQ, from Tiingo end-of-day distributions.

About BPI

Strategycovered callReport
BenchmarkBitcoin (BTC-USD)Report
How the benchmark is set (ETFIQ)Its prospectus says it is built on Bitcoin (prospectus, Form 497, accession 0001213900-26-072486, filed 2026-06-26).
Paysmonthly
Net assets (SEC filing, whole fund, as filed for Jun 30, 2026)$2.9mReport
Latest payout, annualized (ETFIQ)8.8%
Expense ratio (485BPOS XBRL, Apr 30, 2026)0.65%Report
Cash paid, last 12 months, over today’s price (ETFIQ)8.2%
First tradedApr 2, 2025
Paysmonthly
Typical gap between ex-dates15 days
Typical wait from ex-date to payment2 days
Last paid, per share$0.1798 ex Oct 29, 2026
Cash paid in the 12 months to Nov 4, 2026, 12 distributions, ex May 14, 2026 to Oct 29, 2026$2.0112
How we measure
Every number is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. Method
IQ Investment Committee on BPI

12 seats on BPI, as of Nov 4, 2026: 1 Mixed, 4 Challenges, 7 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put BPI to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about BPI

How often does BPI pay, and how much?
BPI pays monthly. The latest distribution annualizes to 8.8% at its price on Nov 4, 2026, which is not a promise; the next one can differ.
When does BPI next pay a distribution?
BPI pays monthly. The last distribution went ex on Oct 29, 2026 at $0.1798 a share. The next is not declared; on a cadence of about 15 days the ex-date falls near Nov 13, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.
What does BPI cost?
The prospectus expense ratio is 0.65% a year.
Sources and dates
Prices, BPI and BitcoinTiingo end-of-day · Nov 4, 2026
Fee, 0.65%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $2.9mSEC filing, whole fund · Jun 30, 2026
DistributionsTiingo end-of-day · 12 payments
All fund filingsFund filings on SEC EDGAR ↗
IssuerGrayscale website ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, BPI, income ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/bpi

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Total return
Price change plus every distribution reinvested on the day it went ex-dividend. This is what you actually ended up with, and the only fair basis for comparing with an index.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
Total return minus benchmark total return, in percentage points. A fund can pay 12% a year and still be behind by 10 points if its price fell while the index rose.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
The fund owns the stocks and sells call options on them, collecting premium and giving up gains above the strike. Synthetic covered call funds hold options instead of the stocks. 0DTE funds sell options that expire the same day.
Autocallable
A fund that pays a coupon and can be called away early, on dates set when it launched. If it is called, you get your money back with the coupon and the run ends. If it is not, it runs on to the next date.
Barrier
The level the underlying has to stay above for you to be repaid in full. A barrier is not a buffer. A buffer takes the first slice of a fall for you; a barrier takes none of it once it breaks, so below it you take the whole fall rather than only the part past it.
Full definitions: income ETFs vocabulary page. →
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Snapshot, Nov 4, 2026. More on the tabs above.