Asset management giant BlackRock applied on Thursday to register a proposed Bitcoin (BTC) premium income ETF with the Delaware Trust Company, indicating its push to expand its Bitcoin product line.
Bloomberg ETF analyst Eric Balchunas stated that BlackRock's proposed product will sell covered call options on Bitcoin futures to generate income through option premiums.
However, regular distributions will come at the cost of sacrificing the potential upside of investing in BlackRock's spot Bitcoin ETF, which reflects the price movements of Bitcoin.
Registering a trust in Delaware typically indicates that the ETF issuer is about to submit an S-1 registration statement or a 19b-4 application to the U.S. Securities and Exchange Commission (SEC), officially starting the process.
U.S. regulators—especially the SEC—have expressed an openness to a broader range of cryptocurrency investment products, which is part of President Donald Trump's promise to make the U.S. the "world's cryptocurrency capital."
This new BlackRock product will complement its iShares Bitcoin ETF (IBIT), which has recorded over $60.7 billion in inflows since its launch in January 2024—making it the largest in its category—while Fidelity's Wise Origin Bitcoin Fund (FBTC) ranks second with $12.3 billion.
One of the earliest reasons many traditional financial investment firms overlooked Bitcoin is that it is not a revenue-generating asset in itself.
However, solutions have emerged, such as Strategy's convertible preferred stock product STRK, which uses its holdings of 639,835 Bitcoins to provide stable income for investors.
If approved, BlackRock's proposed product will add to the few well-known Bitcoin revenue-generating products in the U.S.
Balchunas noted that, given that all other tokens are "about to be ETF-ified," this application shows that BlackRock has chosen to build around Bitcoin and Ethereum (ETH) and "at least temporarily abandon other tokens."
"This makes the competition for other tokens more open," he said.
Potential approvals may also come more quickly, as the SEC approved a universal listing standard last week that does not require separate assessments for each application.
The cryptocurrencies most likely to be packaged into ETF form next include Litecoin (LTC), Solana (SOL), Ripple (XRP), and Dogecoin (DOGE).
Related: From cafes to airlines: Which businesses will accept Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) by 2025
Original article: “BlackRock Seeks to Launch Bitcoin (BTC) Premium Income ETF as a 'Sequel' to IBIT”
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