BlackRock Files for 'Buffer' Bitcoin ETF as IBIT Draws $665M in a Day
Summary
BlackRock filed with the SEC to launch the iShares Bitcoin Managed Protection ETF, ticker PBIT. The fund would use options tied to IBIT or similar Bitcoin exposure, alongside fixed-income investments, to limit losses while capping gains. Its protection is expected to begin around 10% below each tranche’s starting value, while the gain cap varies with market conditions. The fund would not directly hold Bitcoin or Bitcoin ETFs. Existing providers already offer similar buffered Bitcoin funds, but analysts expect BlackRock’s entry to draw attention. The filing coincided with $665.2 million in Monday inflows to BlackRock’s IBIT, even as U.S. spot Bitcoin ETFs had recorded about $910 million in net outflows over the prior two weeks.
