BlackRock Enters the Buffered Bitcoin ETF Race With New SEC Filing

BlackRock is targeting Bitcoin investors looking for some downside protection with a new ETF proposal. On October 19, the asset manager filed for a new fund called the iShares Bitcoin Managed Protection ETF with the US Securities and Exchange Commission. It would trade under the ticker “PBIT.” New Protection-Focused Fund PBIT would hold Bitcoin options and fixed-income investments rather than directly owning Bitcoin or IBIT shares. Its holdings could include cash, cash equivalents, money market funds, short-term government obligations, as well as short-term investment-grade fixed-income securities. The proposed fund would use options linked to Bitcoin reference assets to gain exposure to the crypto asset’s price movements while seeking downside protection and limiting potential gains.

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