BlackRock Submits Third Bitcoin ETF Application for 'Buffered' Product PBIT

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BlackRock has filed a new Bitcoin ETF application for the iShares Bitcoin Managed Protection ETF (PBIT), according to TechFlow. The product is a buffered ETF that provides downside protection and capped upside gains. It is a 40 Act fund that uses IBIT as its underlying asset and options to generate returns. This is BlackRock’s third Bitcoin ETF, joining its existing Bitcoin and Ethereum offerings. James Seyffart noted similar products from Calamos and First Trust. The move adds to the ongoing stream of Bitcoin ETF news and underscores continued interest in Bitcoin-related financial products.

According to Bloomberg analyst James Seyffart (@JSeyff), BlackRock has filed a new Bitcoin ETF application named the “iShares Bitcoin Managed Protection ETF,” with the ticker PBIT. This product is a “buffered” ETF that provides downside protection, but investors must give up some upside potential. The fund is a 40 Act fund that uses IBIT as its underlying asset and achieves predetermined return outcomes through the buying and selling of related options.
This is BlackRock’s third Bitcoin-related ETF; its product lineup currently includes only Bitcoin and Ethereum, with no other crypto assets. Seyffart also noted that institutions such as Calamos and First Trust have previously launched similar buffered/defined-outcome Bitcoin ETFs.

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