BlackRock filed for a bitcoin ETF designed to cap both gains and losses using options and fixed-income strategies, with no direct bitcoin holdings.
BlackRock has filed paperwork for a new bitcoin exchange-traded fund that would restrict how much investors can gain while also limiting what they could lose, assuming it wins approval.
According to a Monday filing with the Securities and Exchange Commission, the iShares Bitcoin Managed Protection ETF, or PBIT, would aim “to create and manage bitcoin exposure.”
It would use options and fixed-income strategies to provide investors with regulated bitcoin exposure, a cap on gains and some downside protection, without directly owning the digital currency.
The fund would appeal to investors seeking bitcoin exposure without having to ride every swing in the price of the largest digital asset.
Over time, bitcoin has drawn notice for dramatic price moves, yet those fluctuations have cooled as participation in the market has grown.
Still, 2025 proved the calmest year for the asset, and the 2026 bear market has been its shallowest on record: in past downturns, bitcoin has lost as much as 80% from its record high; this year the decline stands at just 50%.
BlackRock's iShares Bitcoin Trust, known as IBIT, began trading in 2024 after the SEC cleared 11 spot bitcoin ETFs.
As the most successful bitcoin ETF in terms of flows, the product has helped push bitcoin onto Wall Street. Traders, institutions and retail clients can now quickly buy shares that follow the leading cryptocurrency's price.
Investors are spared the hassle of dealing with exchanges or safeguarding the digital coin; instead, BlackRock buys and holds the bitcoin while clients place buy or sell orders through their brokerage account.
IBIT holds the largest pool of assets of any bitcoin ETF, with $65.7 billion currently under management.
On Monday, $665.2 million in fresh money flowed into the fund as bitcoin buyers rushed back into the market.
According to Farside Investors data, that was the largest number of shares purchased in the product since October 2025, when bitcoin set a new record high.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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