BlackRock is preparing to launch its iShares Bitcoin Premium Income ETF, expanding its Bitcoin product lineup beyond simple spot exposure.

The fund, expected to trade on Nasdaq under the ticker BITA, filed a Form 8 A with the SEC, a procedural step that typically comes shortly before an ETF begins trading. Bloomberg ETF analyst Eric Balchunas said the fund will begin trading tomorrow.

BITA is built around BlackRock’s existing spot Bitcoin ETF, IBIT. The fund will hold Bitcoin exposure through IBIT shares and sell call options against those holdings to generate premium income.

The strategy gives investors a different Bitcoin profile. They still get exposure to Bitcoin’s price, but the fund trades away part of the upside in exchange for options income.

If Bitcoin stays flat or rises moderately, the premiums can support returns. If Bitcoin rallies sharply, BITA is likely to lag direct Bitcoin exposure because gains above the option strike are capped.

The fee is part of the pitch. BITA is expected to charge 0.65%, below the 0.95% to 0.99% range charged by some existing Bitcoin covered call products. That gives BlackRock a pricing advantage as it tries to bring income focused investors into the Bitcoin ETF market.

IBIT gives the new fund a deep liquidity base. BlackRock’s spot Bitcoin ETF had about $48.6 billion in net assets as of June 12, making it the largest spot Bitcoin ETF and one of the most active vehicles in the category.

The launch also puts pressure on competitors. Goldman Sachs has filed for its own Bitcoin Premium Income ETF, setting up a race among Wall Street firms to package Bitcoin as an income asset rather than only a high beta store of value.