Asset manager BlackRock has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission ahead of a listing for its bitcoin income ETF, the iShares Bitcoin Premium Income ETF (BITA). Bloomberg exchange-traded fund analyst Eric Balchunas predicted BITA would list within weeks, rather than months.

Coinpost, a blockchain media outlet, reported on April 2 that BlackRock submitted the amended S-1 on March 31. BITA is designed to hold bitcoin-linked assets while selling covered call options to earn income from option premiums.

Based on the filing, the fund will be made up of spot bitcoin, shares of BlackRock's spot bitcoin ETF iShares Bitcoin Trust (IBIT), and cash. Coinbase is expected to serve as custodian.

The management fee has not yet been specified in the filing. Balchunas estimated it would be about 38 basis points. He said covered call strategies have been widely used in traditional equity markets and match institutional demand in the crypto market for both income and price exposure. He added that gains could be capped if bitcoin prices surge sharply.

Fee competition among bitcoin ETFs is also continuing. Morgan Stanley has proposed an annual fee of 0.14 percent for its spot bitcoin ETF, MSBT. That is lower than the 0.15 percent charged by the Grayscale Bitcoin Mini Trust (BTC). If approved, MSBT is expected to become the first spot bitcoin ETF issued directly by a major U.S. bank. Its listing is expected in early April.

BITA differs from existing spot ETFs by adding option-premium income while tracking bitcoin price moves. It seeks relatively stable income in exchange for giving up part of bitcoin's upside, raising the prospect that it could emerge as a new option in a volatile market, an assessment says.

The market is also paying attention to whether the product could further broaden competition among bitcoin ETFs. Until now, competition has focused mainly on spot tracking and fee cuts. Going forward, income strategies and low-fee products are expected to gain attention together, broadening investors' choices.

We got a ticker for the upcoming iShares Bitcoin Premium Income ETF: $BITA They just filed an amended S-1 for this highly anticipated sequel. No fee yet tho. My over/under is 38bps. pic.twitter.com/PuRJqRijLy