Nasdaq Eyes Trading Bitcoin ETF for Passive Crypto Income Fans
Published Date: 10/2/2025
Notice
Summary
Nasdaq wants to start trading shares of the new iShares Bitcoin Premium Income ETF, a fund backed by Bitcoin-related assets, starting soon. This move affects investors looking for fresh ways to earn income from Bitcoin without buying it directly. The SEC is now asking for public feedback before giving the green light, so keep an eye out for updates and possible trading opportunities!
Analyzed Economic Effects
6 provisions identified: 2 benefits, 2 costs, 2 mixed.
New iShares Bitcoin Income ETF Proposed
Nasdaq filed to list iShares Bitcoin Premium Income ETF, an actively-managed exchange-traded product that aims to reflect bitcoin price while providing income by writing call options mainly on IBIT or indices tracking spot bitcoin ETPs. The Shares will be listed under Nasdaq Rule 5711(d) and will not trade until the Trust's Form S-1 registration statement is effective.
Use of OTC Options and Counterparty Risk
The Trust may hold OTC (over-the-counter) options as part of its actively-managed strategy and will publish those holdings on its website and disclose OTC option risks in the prospectus. OTC options are bilateral contracts and the Trust may face counterparty risk if an OTC options seller fails to perform.
Creation/Redemption and Basket Size Rules
The Trust issues and redeems Baskets only in exchange for cash, bitcoin, or Securities as determined daily, with Baskets offered continuously at NAV per Share for 40,000 Shares. A minimum of 80,000 Shares must be outstanding to commence trading on Nasdaq.
Intraday Value and Trading Hours Details
The Trust will publish an intraday indicative value (IIV) per Share every 15 seconds during the Exchange's Regular Market Session (9:30 a.m. to 4:00 p.m. ET), while NAV per Share will be calculated once daily. Nasdaq will allow trading in the Shares from 4:00 a.m. to 8:00 p.m. ET.
Trading Halt Conditions Including NAV Dissemination
Nasdaq may halt trading in the Shares for market conditions, if trading in the underlying bitcoin or Securities is not occurring, or if the NAV is not disseminated to all market participants at the same time. Trading will be halted no later than the next trading day if an interruption persists.
Trust Tax and Regulatory Form
The Trust intends to be treated as a publicly-traded partnership for U.S. federal income tax purposes and is registered under the Securities Act of 1933; it is not an investment company under the Investment Company Act of 1940 and will not own Securities in excess of 40% of the Trust's assets (excluding government securities and cash).
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
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2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
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