Bitcoin
BlackRock files for third Bitcoin ETF with options-based buffer strategy
The asset manager submitted plans for the iShares Bitcoin Managed Protection ETF while continuing to focus exclusively on Bitcoin and Ether products.
BlackRock has filed a preliminary prospectus with the US Securities and Exchange Commission for the iShares Bitcoin Managed Protection ETF (PBIT). The proposed fund seeks to offer investors Bitcoin exposure with capped gains and limited downside protection by holding options contracts tied to the iShares Bitcoin Trust (IBIT) rather than holding the underlying cryptocurrency directly.
The filing represents BlackRock's third Bitcoin-focused fund, adding to a product roster that includes IBIT—the largest spot Bitcoin ETF with $65.7 billion in net assets—and the options-driven BITA fund launched in June 2026. BlackRock's crypto lineup also includes the iShares Ethereum Trust (ETHA), holding $8 billion in net assets, and the staked Ether fund ETHB introduced in March 2026. Bloomberg ETF analyst James Seyffart observed that while PBIT is BlackRock's third Bitcoin filing, similar buffered funds already exist from providers like Calamos.
BlackRock has not filed for spot products tied to other digital assets such as Solana or XRP. ETF Store president Nate Geraci highlighted this selectivity on social media, noting that the asset manager appears committed to maintaining conviction in Bitcoin and Ether offerings for the time being.
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