BlackRock Bitcoin Yield ETF Targets July Launch

BlackRock moved closer to launching its Bitcoin Yield ETF, which aims to generate income through covered call strategies while tracking Bitcoin exposure.

Bitcoin ETF News

BlackRock submitted the fourth amendment to the registration statement for its iShares Bitcoin Premium Income ETF with the Securities and Exchange Commission (SEC) on June 9. The filing moves the product further through the federal approval process. BlackRock has not yet received final SEC clearance.

The fund is built around two objectives. Firstly, it tracks the price of Bitcoin (

) while generating income through the active sale of call options on IBIT shares. Secondly, the fund will occasionally write options on ETP indices to produce additional yield.

"The purpose of the Trust is to reflect generally the performance of the price of Bitcoin while providing premium income through an actively managed strategy of writing (selling) call options primarily on IBIT shares and, from time to time, on ETP Indices," the filing states.

Fee Structure and Competitive Position

The fourth amendment confirmed a sponsor's fee of 0.65%. The fund will trade on the Nasdaq under the ticker symbol BITA once approved. That fee sits below the two largest covered call Bitcoin