BlackRock Files for Bitcoin ETF With Downside Protection Linked to IBIT

BlackRock’s iShares Trust filed with the US Securities and Exchange Commission on October 19 for the iShares Bitcoin Managed Protection ETF, a proposed fund expected to trade under the ticker PBIT. The filing says PBIT would seek upside exposure to BlackRock’s iShares Bitcoin Trust ETF (IBIT), or similar bitcoin exposure, while providing a level of downside protection. The proposal would give investors a different route to bitcoin-linked exposure than simply holding IBIT. Rather than offering uncapped participation in the referenced exposure, the fund would use an options-based strategy that places limits on both potential gains and the protection available. PBIT filing ties protected exposure to IBIT BlackRock’s proposed PBIT ETF would seek exposure to IBIT or comparable bitcoin exposure through its Bitcoin Managed Protection Strategy, according to the SEC filing…

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