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Crypto

10X Research warns BlackRock\'s new Bitcoin ETF could be a \'yield trap\'

BlackRock has launched the iShares Bitcoin Premium Income ETF, combining Bitcoin exposure with option premium income, but its payout structure is drawing criticism. The fund uses an overwrite strategy, selling call options on about 25 to 35 percent of the portfolio each month. 10X Research said the mechanical monthly call selling could limit gains in strong rallies and may reduce expected returns. The product also could affect Bitcoin options market volatility, analysts said.

Crypto

BlackRock lists BITA bitcoin premium income ETF on Nasdaq

BlackRock listed its BITA exchange-traded fund on Nasdaq on June 16, combining spot bitcoin exposure with monthly income. The iShares Bitcoin Premium Income ETF holds bitcoin and includes shares of BlackRock’s spot bitcoin ETF, IBIT. It sells call options on about 25 to 35 percent of its IBIT holdings to collect premiums for distribution. The sponsor fee is 0.65 percent, lower than two existing covered-call bitcoin ETFs.

Crypto

BlackRock\'s BITA listing seen ahead as fee set at 0.65 percent, rivalry with Goldman Sachs bitcoin spot ETF emerges

BlackRock has set the fee for its bitcoin premium income exchange-traded fund, BITA, at 0.65 percent ahead of a planned Nasdaq listing. CoinPost reported that BlackRock filed a fourth amended registration statement with the U.S. Securities and Exchange Commission on June 10. Bloomberg ETF analyst Eric Balchunas said the fee is below two large covered-call bitcoin spot ETFs. He also said BITA appears close to launch, as competition with Goldman Sachs intensifies.