BlackRock’s iShares Bitcoin Premium Income ETF (BITA) started trading on Nasdaq today, June 16. The actively managed fund sells call options on shares of BlackRock’s own IBIT ETF to generate income — targeting 15% to 25% annual yield while aiming to capture at least 70% of Bitcoin’s upside. Separately, Metaplanet, Japan’s largest corporate Bitcoin holder, signed a share-transfer agreement on June 12 to acquire all outstanding shares of Siiibo Securities for ¥2.1 billion.
How BITA works
BITA’s assets include Bitcoin, shares of IBIT, cash, and premiums from written options. The strategy primarily sells call options on IBIT shares with a notional range of 25% to 35% of net asset value. That generates premium income but caps upside — during a strong Bitcoin rally, BITA holders collect income while spot Bitcoin and IBIT outperform above the strike. Bloomberg ETF analyst Eric Balchunas confirmed the launch on June 16, noting the yield target is a goal, not a contract. IBIT itself held $48.64 billion in net assets and saw 36.5 million shares trade daily as of June 12.
Metaplanet’s Siiibo play
Metaplanet held 40,177 BTC as of June 15, with a net asset value of ¥457.6 billion. That makes it the third-largest corporate Bitcoin holder globally and the largest in Japan. The Siiibo acquisition costs ¥2.1 billion, funded primarily through cash and borrowings. Metaplanet may also draw on Bitcoin-backed credit facilities offering up to $500 million in borrowing capacity. Siiibo holds a registered Type I Financial Instruments Business Operator license and operates a private placement corporate bond platform that has supported over 100 bond issues for over 40 companies. Metaplanet plans to offer income-oriented products, including BTC-linked bonds, once Siiibo becomes a subsidiary — though those are still plans.
What’s next
The Siiibo deal closes on July 13, with full subsidiary conversion expected by late August, followed by a rename to Metaplanet Securities. For BITA, the SEC approved Nasdaq’s proposal to list shares on May 29, and BlackRock filed a Form 8-A on June 11 registering the shares. BITA is actively managed, with options settled through US exchange-listed contracts per Nasdaq’s approval order. How the fund performs will depend on Bitcoin market conditions — sideways, moderate rise, sharp rally, or sharp fall all produce different outcomes for holders.
