BlackRock files for third Bitcoin ETF, still no Solana or XRP
Summary
BlackRock filed a preliminary SEC prospectus for the iShares Bitcoin Managed Protection ETF (PBIT), a fund that would use options linked to its spot Bitcoin ETF, IBIT, rather than hold Bitcoin directly. The strategy seeks to limit losses while capping gains through three overlapping options tranches, typically refreshed monthly. Each tranche initially targets about 10% maximum loss exposure before fees, but BlackRock warns protection is not guaranteed and losses could exceed that level. The filing would make PBIT BlackRock’s third Bitcoin ETF proposal, adding to its existing Bitcoin and Ether funds. Similar buffered Bitcoin ETFs are already offered by other firms.
