Bitcoin
BlackRock files for Bitcoin managed protection ETF using options strategies
The proposed fund aims to provide Bitcoin exposure with downside buffers and capped gains by utilizing options contracts linked to IBIT.
BlackRock has submitted a filing to the US Securities and Exchange Commission for a new exchange-traded fund named the iShares Bitcoin Managed Protection ETF (PBIT). The proposed fund is designed to offer exposure to Bitcoin's price movements while integrating an options-based strategy to limit downside risks in falling markets.
Under the structure outlined in the filing, an investment segment would absorb an initial decline of approximately 10% before downside protection mechanisms take effect, without guaranteeing a hard cap on overall losses. In exchange for this buffer, investors would forgo a portion of potential upside during strong price rallies. Unlike BlackRock's flagship iShares Bitcoin Trust (IBIT), which holds physical Bitcoin directly, PBIT will utilize options contracts linked to IBIT and related instruments.
The filing expands BlackRock's digital asset roster, which also includes the options-income focused BITA fund. The development coincides with strong inflows into IBIT, which attracted $665.2 million on October 19, marking its largest single-day inflow since October 2025. Between September 17 and 22, IBIT accounted for roughly 44% of the $2.31 billion absorbed by US spot Bitcoin ETFs, occurring as Bitcoin traded near $84,175 following an intraday high of $87,283.
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