BlackRock has submitted a formal application to the U.S. Securities and Exchange Commission to launch a new investment product, the iShares Bitcoin Managed Protection ETF (PBIT). This proposed fund aims to provide investors with exposure to bitcoin without direct ownership of the asset.
The strategy involves utilizing options and fixed-income instruments to offer downside protection while simultaneously capping potential gains. This structure is designed for market participants seeking to mitigate the volatility typically associated with cryptocurrency investments.
The firm currently manages the iShares Bitcoin Trust (IBIT), which launched in 2024 following the approval of 11 spot bitcoin ETFs. IBIT holds $65,7 billion in assets under management and recently saw a single-day inflow of $665,2 million, marking its largest volume since October 2025.
