BlackRock files SEC application for iShares Bitcoin Managed Protect ETF, offering BTC upside with downside protection.
Tech & Launches ·
BlackRock has filed for a new Bitcoin ETF called the iShares Bitcoin Managed Protection ETF (ticker PBIT) that would use options strategies to cap investor losses at roughly 10% while limiting gains in exchange, according to an SEC filing. The filing emerged as BlackRock's existing IBIT Bitcoin ETF received $665.2 million in inflows on Monday, making it the sole gainer among 12 U.S. spot Bitcoin ETFs that day while others including Fidelity's FBTC and Grayscale's GBTC posted outflows. The proposed PBIT fund would not directly hold Bitcoin but instead trade call options across three rotating monthly tranches tied to IBIT or similar Bitcoin exposure, alongside fixed-income holdings for interest generation.