‏BlackRock BlackRock is applying to launch the new iShares Bitcoin (BITA) fund that offers annual returns — does this conflict with Islamic law?

How does the fund work?
The fund will gain exposure through #بيتكوين via BlackRock’s IBIT fund. After that, it will regularly sell call options on these positions. The goal is to earn income from the premiums generated by selling these options.
This income is later distributed to investors.
In other words: getting exposure to Bitcoin + recurring income.

But in return, there is a cap on profits if the price rises sharply.

How does it affect the market?
In a sideways market or a slow, grinding rise… steady income is generated.
In a strong and rapid upturn, part of the potential profits is canceled out.
This strategy is known as covered call writing. It is common in equity funds, but it is now being applied to Bitcoin by the world’s largest asset manager.
It is mentioned that the IBIT fund holds about 70 billion dollars worth of Bitcoin, while BITA is an additional investment layer on top of this product.
So far:
No fees have been announced.
No launch date has been set.
But Bloomberg analyst Eric Balchunas expects the fees to be about 0.38% approximately.

Shariah considerations
From the perspective of Islamic finance, there are potential concerns regarding the sale of call options on Bitcoin, because there is likely to be excessive gharar ( in the contract, which is based on an unknown future possibility )
There is also a suspicion of maysir (: the option buyer pays a premium that is completely lost if the price does not rise, which is close to gambling or betting

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