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BlackRock updates Bitcoin Income ETF application, assets reach $9.99 million
CoinWorld reports that Blackstone has updated its application for a Bitcoin income ETF. The report shows that the fund’s net assets are $9.99 million and that it uses a covered options strategy related to IBIT. According to documents filed with the U.S. Securities and Exchange Commission on June 10, Blackstone submitted a fourth amended S-1 registration statement. The ETF is expected to trade on Nasdaq under the TICKER BITA.
The document outlines a proactively managed strategy intended to combine Bitcoin exposure with options-based income generation. Blackstone says the fund plans to primarily write covered options on its spot Bitcoin ETF IBIT shares and on indices related to spot Bitcoin exchange-traded products.
New details included in the revised filing show that the sponsor fee for the fund is set at 0.65%. Blackstone states that this fee is expected to be paid from proceeds generated from the sale of IBIT shares and that, in certain circumstances, it may provide some fee waivers.
Interest in Bitcoin income ETFs continues to grow among major financial institutions.