BlackRock files for a downside‑protected Bitcoin ETF (PBIT)
BlackRock submitted a registration statement to the SEC on Oct. 19 2026 for the iShares Bitcoin Managed Protect ETF, to be listed under the ticker PBIT. The fund will use call‑option spreads and short‑term fixed‑income holdings to give investors exposure to its flagship iShares Bitcoin Trust (IBIT) while limiting losses and capping upside gains. IBIT, launched in Jan 2024, now holds more than $65 billion in assets, making it the largest spot Bitcoin ETF. This is BlackRock’s third Bitcoin‑ETF filing.
Why it matters
The filing creates a new Bitcoin‑linked product that may attract investors seeking risk‑managed exposure, potentially shifting capital from the plain‑vanilla IBIT to the protected structure. The SEC’s review will determine whether the product can launch, affecting BlackRock’s crypto‑asset revenue stream.
Key facts
- 1BlackRock filed a registration statement with the SEC on Oct. 19 2026 for the iShares Bitcoin Managed Protect ETF (ticker PBIT). finance.biggo.com
- 2The proposed fund will use call‑option spreads with purchased strikes at roughly 90% of the reference asset’s value, implying an initial maximum loss exposure of about 10% per tranche before fees. finance.biggo.com
- 3IBIT, the underlying spot Bitcoin ETF, holds more than $65 billion in assets under management. theblock.co
- 4IBIT’s assets have grown to $65.1 billion according to The Block’s tracker. coingape.com
- 5This filing is BlackRock’s third Bitcoin‑ETF related application. theblock.co
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.