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Key Takeaways
- BlackRock filed a Form 8-A for its covered-call Bitcoin ETF (BITA), a step that typically precedes launch by about a week.
- The fund will sell call options against IBIT to generate premium income, with a 0.65% fee undercutting existing competitors.
- Goldman Sachs has a competing product targeting a July launch, putting BlackRock on track to reach the market first.
BlackRock has filed a Form 8-A for its proposed bitcoin ETF, a filing Bloomberg analyst Eric Balchunas said typically points to a launch within about a week. The filing registers the iShares Bitcoin Premium Income ETF, ticker BITA, for listing on the Nasdaq Stock Market under Section 12(b) of the Securities Exchange Act of 1934.
Form 8-A Filing Marks Near-Final Step Before Listing
BlackRock submitted the 8-A to the Securities and Exchange Commission on June 11. The form registers a class of securities for listing on a national exchange and is generally one of the last administrative filings before a fund begins trading.
Balchunas flagged the filing on X, writing that an 8-A submission often precedes launch by about a week. He said his best guess would put BITA trading on Nasdaq by next Thursday, while noting the timeline is not confirmed.
The 8-A came a few days after BlackRock filed a fourth amended registration statement for the ETF, setting the sponsor fee at 0.65%.
BITA Targets Premium Income Through Covered Calls on IBIT
The fund seeks bitcoin-linked exposure while generating premium income by selling call options, primarily on IBIT, BlackRock’s spot Bitcoin ETF and the largest fund of its kind. The strategy is actively managed and can also extend to indexes linked to spot bitcoin exchange-traded products.
According to the fund’s registration materials, BITA is designed to write covered calls on between 25% and 35% of net asset value each month. Bitcoin holdings are kept in cold storage through Coinbase Custody.
The structure differs from a standard spot bitcoin ETF, which simply tracks bitcoin’s price. A covered-call approach generates income from option premiums but can limit upside participation if bitcoin rallies sharply while calls are outstanding.
Sponsor Fee Undercuts Existing Covered-Call Bitcoin ETFs
BlackRock set BITA’s sponsor fee at 0.65%, below comparable products already trading. Grayscale’s Bitcoin Premium Income ETF, ticker BPI, charges 0.66% and offers biweekly distributions.
Other existing covered-call bitcoin funds carry higher fees, with one charging close to 0.95% and another near 0.99%. BlackRock’s pricing positions BITA as the lower-cost option among funds using a similar options-income structure.
The trust behind BITA was formed as a Delaware statutory trust in September 2025. BlackRock filed the initial S-1 registration statement with the SEC on January 23, 2026, with the 8-A filing representing the latest step roughly five months later.
Goldman Sachs Lines Up Rival Bitcoin Income Fund for July
Goldman Sachs has also filed for its own bitcoin premium income ETF, which Balchunas has said could launch around July 1. The filing was submitted to the SEC in April.
If BITA launches on the timeline Balchunas projects, it would reach the market roughly two to three weeks ahead of Goldman’s competing product. The gap would give BlackRock an early window in a segment that already includes Grayscale’s BPI and other existing covered-call bitcoin funds.
