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BlackRock Launches Its Yield-Generating iShares Bitcoin Premium Income ETF, Trading Upside for a Mid-to-High-Teens Yield - Unchained
BlackRock began offering a Bitcoin exchange-traded fund that limits gains in exchange for double-digit payouts on Tuesday, bringing a yield-focused product to the largest corner of the crypto ETF market.
The iShares Bitcoin Premium Income ETF, trading on Nasdaq under the ticker BITA, is designed to give investors exposure to Bitcoin’s price while generating monthly income. To track Bitcoin, the fund splits its holdings between the cryptocurrency itself and BlackRock’s industry-leading iShares Bitcoin Trust (IBIT), the $48.6 billion spot fund. It then generates cash for distributions by selling call options against up to 35% of the portfolio each month, collecting the premiums and passing them to investors.
This story is an excerpt from the Unchained Daily newsletter.
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In an interview, Robert Mitchnick, BlackRock’s head of digital assets, described the ETF as a “hybrid Bitcoin exposure product” with a different payoff profile than IBIT. “The way the math works today, you can think of it as 70% upside retention in IBIT and a mid-to-high-teens yield,” he said, calling it potentially “compelling” to many investors.
Mitchnick said the yield component and relatively conservative structure could appeal to financial advisors, as well as institutions such as insurers and pension funds that have hesitated to add Bitcoin. “There’s no question that some of the challenge that they’ve had getting over the hump on Bitcoin in the past has been the absence of the yield,” he said.
BlackRock filed its application for BITA in January and reached the market ahead of Goldman Sachs, which filed a similar yield-generating product in April. The fund also competes with the NEOS Bitcoin High Income ETF, which debuted in 2024 with a higher expense ratio. Mitchnick said BlackRock has no plans for an equivalent Ethereum product, noting its existing ETH funds already offer yield-like payouts through staking, and adding that client demand for Bitcoin remains “at a whole ‘nother level.”
Related Listen: Why Saylor’s ‘Inoculate’ Comment May Be a Signal He’ll Sell More Bitcoin