BlackRock is nearing the launch of its iShares Bitcoin Premium Income ETF, setting up a race with Goldman Sachs to bring Wall Street’s next major Bitcoin income product to market.

The fund, expected to trade under the ticker BITA, disclosed a 0.65% sponsor fee in its latest amendment. The filing suggests BlackRock is moving into the final stages before launch.

BITA is designed to give investors Bitcoin linked exposure while generating income through an actively managed options strategy. The fund will primarily sell call options on shares of BlackRock’s existing spot Bitcoin ETF, IBIT, while also holding Bitcoin, IBIT shares, and cash.

The structure is a covered call strategy built around Bitcoin exposure. Investors collect option premiums, which can help returns in sideways or moderately rising markets. The tradeoff is capped upside when Bitcoin rallies sharply.

The fee is also part of the pitch. BITA’s 0.65% charge comes below the largest existing Bitcoin covered call products, which generally sit closer to the 0.95% to 0.99% range. That gives BlackRock a pricing advantage as it tries to scale another crypto ETF product.

The fund builds directly on IBIT, BlackRock’s dominant spot Bitcoin ETF. IBIT launched in January 2024 and has become the largest spot Bitcoin ETF, giving BlackRock a deep liquidity base for a second layer of Bitcoin products.

Goldman Sachs is moving into the same lane. The bank filed for its own Bitcoin Premium Income ETF in April, aiming to offer Bitcoin exposure with income through an options based strategy.

That turns Bitcoin income ETFs into the next competitive front after spot Bitcoin funds. The first wave gave investors clean price exposure. The next wave is about packaging Bitcoin into familiar portfolio tools such as yield, options income, and risk managed strategies.