Asset management giant BlackRock has taken another significant step in expanding its Bitcoin investment product ecosystem by filing the latest revisions to its yield-generating Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
According to newly released documents, BlackRock has submitted its fourth update to the registration filing for the iShares Bitcoin Premium Income ETF. This move indicates the product is nearing completion of the legal procedures before its official market launch.
The new ETF, introduced by BlackRock earlier this year, aims to provide investors with access to Bitcoin price volatility while generating a regular income stream. This model is increasingly attracting attention from major financial institutions as the demand for investment in digital assets from traditional investors continues to grow.
Khác với các quỹ ETF Bitcoin giao ngay thông thường chỉ nắm giữ Bitcoin để phản ánh giá thị trường, iShares Bitcoin Premium Income ETF sẽ áp dụng chiến lược quản lý chủ động. Theo hồ sơ gửi SEC, quỹ dự kiến tạo ra dòng thu nhập bổ sung thông qua việc bán Call Option (covered call) chủ yếu trên cổ phiếu của quỹ iShares Bitcoin Trust (IBIT) – quỹ ETF Bitcoin giao ngay lớn nhất thế giới hiện nay do chính BlackRock quản lý.
Chiến lược covered call Capital đã rất phổ biến trên thị trường chứng khoán truyền thống. Bằng cách bán Call Option đối với tài sản đang nắm giữ, quỹ có thể thu về khoản phí quyền chọn định kỳ, từ đó tạo ra nguồn lợi suất cho nhà đầu tư. Tuy nhiên, đổi lại, mức tăng giá tiềm năng của tài sản cơ sở có thể bị giới hạn trong những giai đoạn thị trường tăng mạnh.
One of the most notable points in this revised filing is the fund's management fee, set at 0.65% per year. This is XEM a fairly competitive fee among Bitcoin ETFs that employ an options-based income generation strategy.
According to Bloomberg's senior ETF analyst Eric Balchunas, the new fee is significantly lower than the two large Bitcoin covered-call funds currently operating in the market. Several competing products currently charge fees ranging from around 0.95% to nearly 1% per year.
Balchunas believes that BlackRock's recent updates to its filings signal that the fund's official launch date may be very close. He suggests that BlackRock is looking to accelerate the process to gain a market advantage before other major competitors, including Goldman Sachs, launch similar products in the near future.
The emergence of the iShares Bitcoin Premium Income ETF also reflects a new trend forming on Wall Street. Following the resounding success of spot Bitcoin ETFs approved by the SEC in early 2024, many financial institutions are now moving beyond simply providing exposure to Bitcoin and are seeking to build cash flow-generating investment products to meet the needs of investors seeking recurring income.
