BlackRock has updated its registration filing for the iShares Bitcoin Premium Income ETF, giving the market a closer look at a proposed Nasdaq-listed product that would trade under the ticker BITA. The amended S-1 shows the fund holding about $9.99 million in net assets and sets the sponsor fee at 0.65%.
The fund is designed as an actively managed vehicle that combines Bitcoin exposure with income from options. Under the filing, BlackRock plans to write covered call options mainly on shares of IBIT, its spot Bitcoin ETF, and may also use indexes linked to spot Bitcoin exchange-traded products.
Seed capital transactions outline the launch setup
The amended filing adds specific details on how the fund was seeded. BlackRock Financial Management, named as the seed capital investor, bought 198,000 shares at $50 each, providing $9.9 million to the trust. The registration statement says the trust’s net asset value stood at about $9.99 million, or $49.97 per share.
On June 9, the trust purchased 109.9630217 BTC and 90,901 shares of IBIT, while also writing 856 options contracts. Those transactions show how the product may blend direct Bitcoin-linked holdings with an options overlay built to generate premium income.
Custody, clearing, and trading roles assigned
BlackRock’s filing also identifies the firms involved in running the product. Goldman Sachs & Co. LLC will serve as the clearing agent for options activity. Coinbase Custody Trust Company and Anchorage Digital Bank will act as custodians for Bitcoin holdings, while The Bank of New York Mellon will handle administration and custody for the trust’s cash and securities.
Authorized participants named in the filing include BofA Securities, Goldman Sachs & Co. LLC, Jane Street Capital, JP Morgan Securities, and Virtu Americas LLC. Jane Street Capital and Virtu Financial Singapore are also listed as Bitcoin trading counterparties for both on-ramp and off-ramp transactions.
Institutional interest in Bitcoin income products keeps building
Large financial firms have been moving deeper into Bitcoin income-focused ETFs. The report notes that Goldman Sachs filed in April for a Bitcoin Premium ETF that could invest up to 80% of net assets in instruments that provide Bitcoin exposure.
BlackRock has also been adding products outside crypto. The asset manager recently launched the iShares Space Technologies UCITS ETF in the U.K. and Europe under the ticker STAR. At the same time, SoSoValue data showed that IBIT posted $61.6 million in redemptions on Tuesday. Bitcoin traded near $62,206, up 1.4% on the day.