iShares Bitcoin Premium Income ETF

What they do

The Trust holds bitcoin and shares of iShares Bitcoin Trust ETF (IBIT) through a custodian and seeks to reflect generally the performance of the price of bitcoin before expenses. It is actively managed and writes (sells) call options primarily on IBIT shares, and from time to time on ETP Indices, to provide premium income. Shares are issued and redeemed only in 20,000-share Baskets by Authorized Participants, in exchange for cash, bitcoin, and/or IBIT shares. The Trust has no officers, directors, or employees and is administered by iShares Delaware Trust Sponsor LLC as Sponsor and BlackRock Fund Advisors as Trustee.

Revenue drivers

• Call option premium income — The Trust writes (sells) call options primarily on IBIT shares, and from time to time on ETP Indices, to generate premium income; no dollar figures for premium income are provided in the excerpt.
• Bitcoin price exposure — The Trust holds bitcoin as a primary asset and seeks to reflect generally the performance of the price of bitcoin before expenses; no dollar figures are provided in the excerpt.
• IBIT share holdings — The Trust holds shares of iShares Bitcoin Trust ETF (IBIT) as part of its assets and may write options on IBIT shares; no dollar figures are provided in the excerpt.

Recent performance

The provided excerpt does not include financial results for the latest quarter. The 10-Q MD&A discusses the Trust's structure, operations, and valuation methodologies but does not present revenue, expense, or net asset value figures. No specific performance data is available in the source material.

Strategy

The Trust is an actively managed investment vehicle that seeks to reflect generally the performance of the price of bitcoin while providing premium income through an actively managed strategy of writing (selling) call options primarily on IBIT shares, and, from time to time, on ETP Indices. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of bitcoin. Shares are issued and redeemed in Baskets of 20,000 Shares based on the quantity of cash, bitcoin, and/or IBIT shares attributable to each Share. In connection with cash creations and redemptions, the Trust converts cash into bitcoin or bitcoin into cash by trading directly with Bitcoin Trading Counterparties or through Coinbase, Inc. as Prime Execution Agent. The Trust is administered by the Sponsor and Trustee under a Second Amended and Restated Trust Agreement dated as of June 4, 2026.

Risks

• Bitcoin price volatility — The Trust's assets consist primarily of bitcoin and IBIT shares, so its net asset value is directly exposed to the price of bitcoin, which can be highly volatile.
• Options writing risk — Writing call options on IBIT shares may limit upside participation in bitcoin price increases and could result in losses if the underlying assets appreciate significantly.
• Liquidity and counterparty risk — Cash creations and redemptions require bitcoin transactions with Bitcoin Trading Counterparties or through Coinbase, Inc., exposing the Trust to counterparty and execution risks.
• Regulatory and tax risk — Changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, could adversely affect the Trust.

Outlook

The excerpt does not contain management guidance or specific forward-looking expectations beyond general risk disclosures. The Trust states it seeks to reflect generally the performance of the price of bitcoin while providing premium income through an actively managed call-writing strategy. No future performance targets or projections are provided in the source material.