BlackRock Enters the Buffered Bitcoin ETF Race With New SEC Filing

BlackRock filed with the U.S. Securities and Exchange Commission on October 19 for the iShares Bitcoin Managed Protection ETF, which would trade under the ticker PBIT. The proposed fund would not own Bitcoin or IBIT shares directly; it would use Bitcoin-linked options and fixed-income holdings such as cash, money market funds, short-term government obligations, and short-term investment-grade securities. It seeks upside exposure to the iShares Bitcoin Trust ETF and/or similar Bitcoin exposure up to an approximate limit while seeking downside protection, a structure that can limit potential gains. BlackRock’s existing spot Bitcoin ETF, IBIT, launched in January 2024 and holds more than $66 billion in assets, making it the largest by assets.