BlackRock has moved its proposed Bitcoin income-focused exchange-traded fund closer to market debut after filing a key registration document with the U.S. Securities and Exchange Commission. The Form 8-A, submitted on June 11, registers the iShares Bitcoin Premium Income ETF for listing on the Nasdaq Stock Market under the ticker BITA.
Bloomberg Senior ETF Analyst Eric Balchunas said on X that the filing "typically means launch in one week." He added, "If I had to bet I'd say next Thur $BITA goes live." The 8-A filing follows a recent S-1 amendment in which BlackRock confirmed the product's exchange listing and ticker.
Structure: Options Income Meets Bitcoin Exposure
Unlike spot Bitcoin ETFs that solely track the price of Bitcoin, BITA is designed to combine Bitcoin-linked exposure with income generation. Per the prospectus, the trust will sell call options to collect premiums while maintaining exposure through holdings linked to BlackRock's iShares Bitcoin Trust (IBIT) and related spot Bitcoin benchmarks.
The latest filing reveals a sponsor fee of 0.65%, payable from proceeds of IBIT share sales, with possible waivers under certain conditions. As of the filing, net assets stood at approximately $9.99 million, or $49.97 per share. BlackRock Financial Management provided $9.9 million in seed capital by purchasing 198,000 shares at $50 each.
The trust identified Jane Street Capital and Virtu Financial Singapore as Bitcoin trading counterparties. After the capital raise, the fund acquired 109.9630217 BTC and 90,901 shares of IBIT, while writing 856 option contracts as part of its initial strategy.
Competition Heats Up
Goldman Sachs filed for its own Bitcoin Premium Income ETF in April, setting up a potential rivalry between two of the largest asset managers.
BlackRock Expands Thematic ETF Lineup
Earlier this week, BlackRock launched the iShares Space Technologies UCITS ETF (ticker: STAR) for UK and European investors, tracking the STOXX Global Space Satellites and Drones Index. Eligible firms must generate at least 25% of revenue from space, satellite, or drone activities. The ETF includes a fast-entry rule for newly listed companies, aiming to capture developments in rapidly evolving industries such as potential SpaceX listings.