BlackRock submits the final revised version of the "Bitcoin Premium Yield ETF" $BITA , the price war for Bitcoin high-dividend ETFs begins

According to senior ETF analyst Eric Balchunas from Bloomberg, revealed today (10th), the global asset management giant BlackRock has submitted its latest revised filing for the "Bitcoin Premium Income ETF" (ticker: $BITA) to the U.S. SEC. Unexpectedly, BlackRock set the expense ratio for this actively managed ETF at a highly competitive 0.65%, clearly under immense time pressure to beat another Wall Street giant, Goldman Sachs, to the market launch.
(Background: Bitcoin ETF records "nine consecutive days of net outflows" losing $2.8 billion! Funds shift to AI semiconductors, analyst: bottom near?)
(Additional context: Trump’s Truth Social withdraws Bitcoin ETF application, analyst: market is a red ocean with fierce competition)

Wall Street’s traditional financial giants have fully ignited the battle in the cryptocurrency derivatives market. Bloomberg senior ETF analyst Eric Balchunas posted today (10th) from Taipei that BlackRock has just filed the fourth amendment to its Form S-1 for the "iShares Bitcoin Premium Income ETF" (tentative ticker: $BITA), which is likely the final revision before the product’s listing.

The most eye-catching focus is on its first disclosed expense ratio: 0.65% (65 basis points). Although this fee is higher than existing spot Bitcoin ETFs on the market (such as BlackRock’s own $IBIT), for an actively managed "covered call" strategy product, this price is highly disruptive in both traditional and crypto finance circles.

BlackRock just filed a new (and probably final) amendment for their Bitcoin Premium Income ETF $BITA and WE HAVE A FEE: 65bps. Obv higher than $IBIT et al but lower than the two biggest ETFs in 'covered call' category which are 95bp and 99bp. My guess is this is going to launch… pic.twitter.com/KBwFrmkdbJ

— Eric Balchunas (@EricBalchunas) June 10, 2026

0.65% low-cost surprise attack! BlackRock and Goldman Sachs race against time

Analysts point out that the two largest Bitcoin covered call ETFs in the U.S. stock market currently have management fees of 0.95% and 0.99%, respectively. BlackRock’s entry immediately slashed the fee to 0.65%, clearly aiming to replicate its "economies of scale" defense line in the spot ETF space.

Balchunas predicts that this ETF will be launched very soon, as BlackRock is currently facing pressure from Goldman Sachs, another Wall Street investment banking giant. Goldman’s similar Premium Income ETF is expected to go live around July 1. BlackRock faces immense pressure to "be first to market," and Balchunas excitedly commented, "The game has begun."

yield vs. upside potential: Wall Street giants’ strategic game

The underlying strategy of these "premium income ETFs" is to hold Bitcoin spot (or spot ETFs) and generate ongoing cash flow by selling covered calls on derivatives markets, collecting option premiums. However, this strategy is a double-edged sword, sacrificing some upside potential during bull markets.

Balchunas then listed the 12-month yield comparisons of similar products currently on the market, showing significant product differences:

| ETF Name | Ticker | Asset Size (M) | 12-Month Yield |
| --- | --- | --- | --- |
| Roundhill Bitcoin CC Str ETF | YBTC | $16.08 billion | 82.3% |
| NEOS Bitcoin High Income ETF | BTCI | $10.49 billion | 40.0% |
| YieldMax Bitcoin Opt Str ETF | YBIT | $5.94 billion | 101.1% |
| Grayscale BTC Prem Inc ETF | BPI | $320 million | 9.6% |

Analysts emphasize that the most interesting future observation will be what target yield percentages BlackRock’s $BITA and Goldman Sachs’ new products set. If aiming for extremely high returns like YBIT’s 101%, the options strike prices will need to be set very close to the current price, almost completely sacrificing the potential gains from Bitcoin’s price surges; if aiming for a more conservative 9.6% yield like Grayscale’s BPI, more upside in spot prices can be retained. The strategic game between these two Wall Street giants will be revealed soon in July.