GameStop Just Got Its Own ETF and It Pays You Monthly
In a bold move that blends meme stock mania with structured income investing, Bitwise has launched the Bitwise GME Option Income Strategy ETF ticker IGME. This first-of-its-kind ETF offers investors exposure to GameStop’s volatility while aiming to generate steady monthly income via covered-call strategies.
Unlike traditional equity ETFs, IGME doesn’t hold GME stock directly. Instead, it uses a synthetic approach—writing call options on GameStop to capture premiums, while offering limited upside potential. The fund carries an expense ratio of 0.98% and plans to begin income distributions on July 24, 2025.
“GameStop is no longer just a retailer it’s a volatility engine,” said Jeff Park, Head of Asset Management at Bitwise. “We’re building a yield product off that engine.”
GameStop: Meme Stock to Volatility Asset
GameStop remains one of the market’s most polarizing tickers. Once the face of Reddit-fueled rallies, its fundamentals have lagged FY25 revenue slid 27% YoY to $3.82B. But the stock still commands attention, especially after the company revealed it holds over 4,700 BTC on its balance sheet.
This hybrid identity a distressed retailer turned crypto proxy has kept option premiums on GME exceptionally high. With implied volatility sitting near 79%, GME options have become ripe for income harvesting.
How IGME Works
IGME is structured as a covered-call ETF, a strategy that sells call options on a security while maintaining long exposure. Here’s the twist: rather than holding actual GME shares, Bitwise uses synthetic replication through derivatives.
The goal? Monetize GME’s constant volatility and media-fueled surges to offer predictable payouts, even if the stock itself doesn’t trend up or down dramatically.
What’s the Catch?
While IGME provides regular income, the trade-off is clear: limited upside. If GME skyrockets, gains are capped at the strike price of the calls. And if GME tumbles, collected premiums may not fully offset losses.
Further, synthetic exposure introduces tracking risk, especially in high-volatility environments. That said, Bitwise has already proven its chops in the option-income space, with similar ETFs targeting MicroStrategy (IMST), Coinbase (ICOI), and Marathon Digital (IMRA).
The Bigger Trend
IGME is part of a broader surge in thematic, yield-driven ETFs that blend niche equity narratives with structured income. As investors seek alternatives to traditional bonds or passive indexes, these new products offer a middle ground—equity-like returns with income-generating strategies.
Bitwise’s entry into the GameStop narrative could signal a shift—where meme stocks aren’t just speculative gambles, but yield-producing assets.
Who Should Watch IGME
- Income seekers frustrated with low yields from bonds or savings accounts.
- Traders looking to capitalize on volatility without full equity exposure.
- Crypto-curious investors interested in GME’s Bitcoin pivot but wary of direct crypto buys.
With the next meme storm always a tweet away, IGME offers a structured way to play the chaos—while collecting income along the ride.