BlackRock Files for Bitcoin ETF That Trades Capped Gains for a 10% Loss Floor

BlackRock filed on Monday to register the iShares Bitcoin Managed Protection ETF , a fund built to give up part of bitcoin’s gains in return for a cushion against sharp declines. It would trade under the ticker PBIT and become the asset manager’s third U.S. bitcoin-linked ETF. According to the preliminary prospectus, which BlackRock submitted to the Securities and Exchange Commission as an amendment to the iShares Trust registration, the fund “seeks to provide upside exposure to the iShares Bitcoin Trust ETF (IBIT) and/or similar bitcoin exposure up to an approximate limit, while seeking to provide a level of downside protection.” Bloomberg Intelligence ETF analyst James Seyffart called it a “buffer” bitcoin ETF, in which “investors will give up some upside to get that protection.” Get Unchained’s crypto news in…

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