BlackRock has submitted what is believed to be the final revised S-1 filing to the U.S. Securities and Exchange Commission for its proposed iShares Bitcoin Premium Income ETF (ticker: BITA), according to Bloomberg ETF analyst Eric Balchunas. The amended registration statement, dated May 2026 and identified under SEC registrant data number 2089969, follows an earlier version from March 2026, marking the second publicly visible amendment as the asset manager refines the product before a potential launch. Multiple rounds of amendment are standard for novel ETF registrations.
The fund is designed to employ a covered call strategy on Bitcoin, generating recurring income by selling call options against the underlying asset and distributing options premiums to shareholders. The expense ratio is set at 65 basis points—higher than BlackRock’s spot Bitcoin ETF (IBIT) but lower than competing covered call products currently on the market. This pricing balances cost competitiveness with the operational complexity of managing options on a volatile asset.
Balchunas noted that BlackRock appears to be accelerating its timeline to secure a first-mover advantage before Goldman Sachs releases its own Bitcoin ETF. The filing signals growing institutional appetite for income-oriented digital asset products that go beyond simple spot exposure, potentially broadening Bitcoin’s appeal to income-focused portfolios and retirement accounts. However, covered call strategies cap upside if Bitcoin’s price surges sharply, a trade-off investors must consider.
The SEC’s review cadence for such filings varies, and no approval timeline has been disclosed. Until the registration statement is declared effective, the product’s final structure remains subject to change. The progression from March to May amendments suggests active engagement with regulators, but the agency is under no fixed deadline to act.
