BlackRock’s iShares Bitcoin Premium Income ETF (BITA) recorded $79,073 of realized gains and $265,776 of unrealized appreciation on written options in its first operating period, helping offset losses on its Bitcoin holdings and shares of the iShares Bitcoin Trust ETF (IBIT).
BITA posted an $860,335 decrease in net assets from operations through June 30, its first quarterly filing shows. IBIT is BlackRock’s spot Bitcoin fund and one of BITA’s underlying investments.
BlackRock's BITA recorded $782,203 of unrealized losses on Bitcoin and $417,644 on IBIT, for a combined $1,199,847. Its $344,849 of realized and unrealized option gains offset about 28.7% of those marks. A $5,337 net investment loss resulted in an overall decrease from operations of $860,335.
Comparative downside protection remains unmeasured because the performance figures use different windows.
Three windows limit the verdict for this Bitcoin ETF
BITA’s financial-statement NAV per share fell 3.08%, from $50 on the April 21 seed date to $48.46 on June 30. The filing separately says Bitcoin fell 4.43% and IBIT fell 4.75% from the fund’s initial purchases on June 9 through quarter-end.
A direct comparison requires one common start date, and the filing’s three metrics cover different periods. Its third figure is a negative 5.61% total return from the June 12 start of public trading through June 30.
The options entries show how the income strategy affected BITA’s accounts while Bitcoin and IBIT were falling. Relative performance over a common window remains unmeasured.
BITA’s prospectus targets written-call notional equal to 25% to 35% of NAV. Selling those calls produces premiums that can offset losses, and the covered holdings retain their downside exposure while surrendering gains above the options’ exercise prices.
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