BlackRock has set the fee for its exchange-traded fund (ETF) 'BITA' at 0.65 percent ahead of its listing. The product combines bitcoin spot exposure with options premium income.

CoinPost, a blockchain media outlet, reported on June 12 local time that BlackRock on June 10 submitted a fourth amended registration statement for the Bitcoin Premium Income ETF 'BITA' to the U.S. Securities and Exchange Commission (SEC).

The key point confirmed in the amendment is the management fee. BlackRock set the sponsor fee at 0.65 percent. The ETF is expected to trade on Nasdaq under the ticker 'BITA'.

BITA, unveiled in January, has a different structure from typical spot ETFs that simply track bitcoin price exposure. It uses an active strategy that sells call options mainly on shares of the iShares Bitcoin Trust 'IBIT', a bitcoin spot ETF, to provide investors with ongoing income. The product focuses on securing returns through option premiums rather than directly following gains in the bitcoin price.

The market is focusing on fee competitiveness and the timing of the listing. Bloomberg ETF analyst Eric Balchunas said the 0.65 percent fee is lower than 0.95 percent and 0.99 percent charged by two current large covered-call bitcoin spot ETFs. He said, "BITA appears likely to list soon."

Competition over the listing timeline has also come into focus. Balchunas said, "It looks like BlackRock is trying to move before Goldman Sachs, which is aiming for a listing around July 1," adding, "The competition has begun." It means BlackRock, which led inflows in the bitcoin spot ETF market, is now moving to get ahead in the income-focused ETF segment as well.

Goldman Sachs in April applied to the SEC for a Goldman Sachs Bitcoin Premium Income ETF. The product secures bitcoin exposure indirectly through a bitcoin spot ETF and options linked to it, while BlackRock and Fidelity's existing bitcoin spot ETFs directly hold bitcoin.

That difference could be a key variable in future product competition. BlackRock overlays an options strategy on a directly held spot ETF, while Goldman Sachs designed indirect exposure by combining a spot ETF and derivatives. Investors are likely to compare the fee level as well as the method of actual bitcoin exposure and the income-generation structure.

As a result, the amended filing means more than a simple paperwork update. With the fee disclosed and the listing ticker fixed, market attention is shifting to the start of trading. If BlackRock succeeds in listing first, competition for leadership could intensify in the income-focused ETF market following the bitcoin spot ETF segment.

BlackRock filed an 8-A for the Bitcoin Premium Income ETF $BITA. That typically means launch in one week. So if I had to bet I'd say next Thur $BITA goes live. We'll see tho. pic.twitter.com/jvJY8yhslh