Asset manager BlackRock has brought the iShares Bitcoin Premium Income ETF (BITA) to Nasdaq. The bitcoin ETF combines exposure to the coin’s spot price with active selling of covered call options.
BITA tracks the performance of spot bitcoin while simultaneously generating premium income. In its description, the product is called “a tool for monthly income that reflects a substantial portion of bitcoin’s upside with potentially lower volatility.”
To implement the strategy, the fund directly holds bitcoin and shares of BlackRock’s spot ETF, IBIT. Income is generated through the active sale of call options, predominantly on IBIT shares and sometimes on bitcoin ETP indices. The target for covered calls is around 25–35% of the portfolio’s assets.
BITA’s management fee is 0.65%. The CME CF Bitcoin Reference Rate was chosen as the benchmark. Coinbase and BNY Mellon serve as custodians.
As of June 15, the fund’s net assets stood at $10,649,844, with a NAV per share of $53.25. There are 200,000 shares outstanding. Yield data is not yet available.
BlackRock outlined four baseline scenarios for BITA relative to IBIT. If bitcoin’s price declines, options income may partially cushion losses. In a sideways market or moderate growth, it may improve the result. In the event of a sharp rise in bitcoin, the fund may cap the upside.
The company separately warns: selling covered call options on IBIT shares caps profits above the strike price. At the same time, BITA retains exposure to declines below that level, and the premiums may not offset a drawdown driven by the volatility of bitcoin or IBIT.
As a reminder, in the first quarter of 2026, institutional investors filing 13F reports cut their positions in US spot bitcoin ETFs by 17%.
Source: ForkLog
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