BlackRock files for new Bitcoin ETF with income strategy

BlackRock, the world's largest asset manager, has submitted an S-1 application to the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin Premium Income ETF, according to Bloomberg ETF analyst Eric Balchunas. The proposed fund is based on Bitcoin and will use a covered call strategy—buying the underlying asset while simultaneously selling call options—to provide investors with regular income. It is set to be registered as a spot product under U.S. securities law. The new offering is a follow-up to the firm's spot Bitcoin ETF (IBIT), adding an income-focused approach to Bitcoin investment. The ticker and management fees have not yet been disclosed. BlackRock had previously registered an entity for the ETF in Delaware last September.