Hedgeye Asset Management has launched the Hedgeye Hedged Bitcoin ETF, which trades under the ticker HBIT on the New York Stock Exchange. The actively managed fund primarily invests in U.S.-listed spot Bitcoin ETFs, including the iShares Bitcoin Trust, rather than holding Bitcoin directly. It uses purchased and written put and call options, with positioning informed by Hedgeye’s proprietary Risk Range Signals and market factors including Bitcoin trends, volatility and liquidity. HBIT can adjust its strategy as frequently as daily and, unlike defined-outcome Bitcoin ETFs, has no stated upside cap or fixed 12-month outcome period. As of Aug. 26, Bitcoin traded near $78,000, about 38% below its October 2025 peak of roughly $126,000. The options approach may help manage drawdowns, but it can limit gains, incur costs and fail to offset losses. HBIT begins without a performance history and also carries liquidity, operational and key-person risks tied to its signals process.