Bitcoin Digital Asset Trusts (DATs) such as MicroStrategy ($MSTR) are issuing preferred shares, including $STRC and $SATA, with yields ranging from 11% to 12.5%. While these offerings appear attractive, they remain a directional bet on Bitcoin's price movement. The dividends from these shares depend on Bitcoin's appreciation, as there is no native yield. These investments carry a CCC-rated risk, with an underlying annualized volatility of 50%. Additionally, at-the-money Bitcoin covered calls suggest a potential yield of approximately 33%, outperforming if Bitcoin's price remains stable or rises. Despite these options, many investors still prefer spot Exchange Traded Products (ETPs) for straightforward Bitcoin exposure in brokerage or retirement accounts.