BlackRock filed another amendment for a yield-focused Bitcoin (BTC) ETF, moving the proposed Nasdaq-listed fund closer to launch as fee details emerged.
Key Points:
- BlackRock filed the fourth amendment for its iShares Bitcoin Premium Income ETF.
- The fund would use covered-call strategies on IBIT shares and ETP indices.
- Bloomberg analyst Eric Balchunas said the launch could happen “very soon.”
BlackRock Bitcoin ETF
BlackRock submitted the fourth amendment for its iShares Bitcoin Premium Income ETF to the U.S. Securities and Exchange Commission on Jun. 10, according to the filing cited by The Block.
The fund, first unveiled in January, is designed to track Bitcoin’s price while generating income through a covered-call strategy.
Its filing says the trust plans to sell call options mainly on IBIT shares and, at times, on exchange-traded product indices.
The latest amendment set the sponsor fee at 0.65%, while earlier filings said the ETF would trade on Nasdaq under the ticker BITA.
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ETF Launch
Bloomberg senior ETF analyst Eric Balchunas said the fee is below the two largest covered-call Bitcoin ETFs, likely YBTC and BTCI, with fees of 0.95% and 0.99%.
“My guess is this is going to launch very soon,” Balchunas said, adding that BlackRock is trying to reach the market before Goldman Sachs, whose rival product may become effective around Jul. 1.
The launch would extend BlackRock’s Bitcoin ETF lineup beyond spot exposure, using options income to appeal to yield-focused investors.
IBIT remains the largest U.S.-listed spot Bitcoin fund, with about $47.21 billion in net assets.
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