BlackRock has filed the fourth amendment to its registration statement for the iShares Bitcoin Premium Income ETF, signaling the yield-generating bitcoin fund could launch imminently.
The filing, submitted to the SEC on Tuesday, updates the registration for a fund first unveiled in January that combines spot bitcoin exposure with income from selling call options.
How the fund works
According to the filing, the ETF aims to track bitcoin’s price performance while generating premium income through an actively managed covered call strategy.
The fund will primarily write call options on BlackRock’s IBIT shares and, at times, on ETP indices.
The latest amendment set the sponsor’s fee at 0.65%, and the fund will trade on the Nasdaq under the ticker BITA.
Lower fees than competitors
Bloomberg Senior ETF Analyst Eric Balchunas pointed out that the 0.65% fee undercuts the two largest covered call bitcoin ETFs, which charge 0.95% and 0.99% respectively.
Balchunas said:
“My guess is this is going to launch very soon. They’re under gun to beat Goldman to market who is going to be effective around July 1. Game on.”
Race with Goldman Sachs
The urgency appears tied to Goldman Sachs, which filed its own bitcoin ETF earlier this year and is expected to go live around July 1.
BlackRock’s existing iShares Bitcoin Trust (IBIT) remains the largest spot bitcoin fund with roughly $47.21 billion in net assets, giving the firm a significant distribution advantage as it expands into yield-oriented products.
The filing marks the fourth revision since January, suggesting BlackRock has been working through regulatory feedback to finalize the fund’s structure ahead of launch.
