BlackRock launches Bitcoin premium yield ETF BITA

According to The Block, BlackRock has launched the iShares Bitcoin Premium Income ETF ------ BITA. The fund generates income by holding spot Bitcoin and the BlackRock iShares Bitcoin Trust ETF ------ IBIT, and selling call options on approximately 25% to 35% of its IBIT holdings to capture option premium income for distribution to investors. BITA will trade on Nasdaq, with a sponsorship fee of 0.65%. The report notes that this product is aimed at investors looking to gain exposure to Bitcoin while focusing on income.