Bitcoin
BlackRock Files for Managed Protection Bitcoin ETF Under Ticker PBIT
BlackRock has submitted a regulatory prospectus for a new fund designed to capture partial Bitcoin gains while limiting potential downside losses.
BlackRock has filed a prospectus with the US Securities and Exchange Commission for the iShares Bitcoin Managed Protection ETF under the ticker PBIT. The proposed fund aims to provide investors with exposure to price gains in its spot Bitcoin ETF, IBIT, up to an approximate cap, while offering defined downside protection against declines.
The fund will not directly hold Bitcoin or shares of IBIT. Instead, it relies on three overlapping tranches of options cleared by the Options Clearing Corporation that reset monthly and hold a quarterly duration. By employing call spread strategies, each tranche establishes a baseline floor designed to limit initial losses to roughly 10% before fees, with remaining capital invested in Treasury bills and money market instruments.
The prospectus emphasizes that neither the return cap nor the downside floor are fixed, granting BlackRock the ability to adjust these parameters. The filing arrives following two consecutive weeks of net outflows across spot Bitcoin ETFs and while Bitcoin trades near $82,000.
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