BlackRock has filed a preliminary prospectus with the US Securities and Exchange Commission for the iShares Bitcoin Managed Protection ETF, known as PBIT. This proposed fund aims to provide investors with downside protection by utilizing options contracts linked to the iShares Bitcoin Trust ETF, rather than holding Bitcoin directly.
The strategy involves using three overlapping sets of options contracts, which are expected to be replaced monthly. The fund targets a maximum loss exposure of approximately 10% for each tranche before fees and expenses. However, BlackRock noted that the fund does not guarantee fixed protection levels, meaning investors could experience losses exceeding the target.
This filing represents BlackRock’s third Bitcoin ETF initiative. The company currently manages the iShares Bitcoin Trust, which held $65.7 billion in net assets as of the filing date, and the iShares Ethereum Trust, which holds $8 billion. The firm has not yet introduced spot ETFs for other cryptocurrencies like Solana or XRP.
BlackRock’s existing crypto-related offerings include the iShares Staked Ethereum Trust, launched in March 2026, and the iShares Bitcoin Premium Income ETF, introduced in June 2026. Despite market speculation regarding further expansion, the firm continues to focus its spot ETF lineup exclusively on Bitcoin and Ether.
