BlackRock has filed a preliminary prospectus for the iShares Bitcoin Managed Protection ETF, a proposed fund that would offer Bitcoin-linked upside while limiting participation in gains and seeking protection against part of a decline. The fund would trade under the proposed ticker PBIT and remains subject to regulatory review; the filing says the registration is not yet effective.
PBIT would not hold Bitcoin or Bitcoin ETFs directly. Instead, it would buy call options tied to the iShares Bitcoin Trust ETF, known as IBIT, or similar Bitcoin exposure, sell higher-strike options to help finance the strategy and invest in fixed-income instruments to generate interest income. The options would be organized into three overlapping tranches with staggered monthly start dates, allowing one tranche to expire as another begins.
The tradeoff is a cap on gains, with the ceiling determined by market conditions when each tranche starts. BlackRock says the fund will not provide a fixed protection level, floor or cap because the tranches overlap and their strike prices, timing and size can change.
The prospectus also warns that investors could lose some or all of their money, particularly during extreme volatility, and that fees can reduce protection and upside participation. The filing would make PBIT BlackRock’s third proposed U.S. Bitcoin ETF, adding a buffered-options strategy to its existing spot Bitcoin, spot Ether and options-income products.
Crypto lineup remains concentrated in Bitcoin and Ether. The firm has not launched U.S. Spot ETFs tracking Solana or XRP, leaving PBIT as an expansion of its Bitcoin range rather than a move into additional major tokens.