[Grayscale: Bitcoin Covered Call Strategy May Yield an Annualized Return of Approximately 22% in a Sideways Market] Odaily Planet Daily News - On July 15, 2026, Grayscale's Head of Research, Zach Pandl, stated that if Bitcoin's price has established a solid bottom but trades sideways before recovering, a covered call strategy could generate income from Bitcoin's volatility while managing spot price exposure. Grayscale assumes a Bitcoin spot price of $65,000 and an implied volatility of 40%, projecting through the end of 2026. Under this assumption, the covered call strategy could yield an annualized return of approximately 22%, remain profitable above a breakeven price of around $58,500, and outperform simply holding spot Bitcoin until Bitcoin reaches approximately $72,500 at expiration. Pandl noted that option premiums provide income and downside protection, at the cost of forfeiting some upside potential during significant Bitcoin price increases. If Bitcoin's spot price falls below the breakeven price, the strategy would still incur losses, but the losses would be smaller compared to directly holding spot Bitcoin, with the difference being equivalent to the call option premium. Grayscale's Grayscale Bitcoin Covered Call ETF, ticker symbol BTCC, aims to maximize income generation potential through covered call writing. The fund does not directly invest in digital assets or initial coin offerings but instead gains indirect exposure to digital assets through derivatives linked to exchange-traded products holding digital assets.