Key Takeaways
- • BlackRock filed with the SEC on Monday for the iShares Bitcoin Managed Protection ETF, which would seek upside exposure to the iShares Bitcoin Trust ETF (IBIT) up to an "approximate limit" while pursuing a stated level of downside protection.
- • The proposed fund would buy and sell call options on IBIT and hold fixed-income investments to generate interest income and help cushion losses.
- • The ETF seeks to list on Nasdaq under the ticker "PBIT."
- • BlackRock already offers two Bitcoin-related products: the spot IBIT and the iShares Bitcoin Premium Income ETF (BITA), which generates monthly premium income through an options strategy on IBIT.
- • IBIT holds over $66 billion in net assets according to SoSo Value and attracted $665 million in net inflows on Oct. 19.
Summary
BlackRock Inc. (BLK) filed with the U.S. Securities and Exchange Commission on Monday for a Bitcoin exchange-traded fund designed to pair potential gains with an intended layer of "downside protection," according to the filing as reported by TradingView. The product, the iShares Bitcoin Managed Protection ETF, would provide upside exposure to the iShares Bitcoin Trust ETF (IBIT) up to an "approximate limit," the filing states. In parallel, the fund would pursue a stated level of downside protection for investors.
To achieve this profile, the ETF would buy and sell call options on IBIT and hold fixed-income investments. The fixed-income holdings are intended to generate interest income and help cushion losses. The fund seeks to list on the Nasdaq stock exchange under the ticker "PBIT."
The filing extends BlackRock's existing Bitcoin lineup. The firm already offers IBIT, its spot Bitcoin vehicle, and the iShares Bitcoin Premium Income ETF (BITA), which tracks Bitcoin performance while generating monthly premium income through an options strategy on IBIT. According to SoSo Value, IBIT is the world's largest cryptocurrency investment vehicle, with over $66 billion in net assets, and attracted $665 million in net inflows on Oct. 19.
Market context at the time of reporting: according to Benzinga Pro, Bitcoin was down 1.50% over the prior 24 hours at $81,478.81. IBIT shares were down 0.58% in pre-market trading after closing 0.33% higher at $46.30 in Monday's regular session. Benzinga's Edge Stock Rankings place IBIT's price trend as stronger across short, medium, and long timeframes.
To achieve this profile, the ETF would buy and sell call options on IBIT and hold fixed-income investments. The fixed-income holdings are intended to generate interest income and help cushion losses. The fund seeks to list on the Nasdaq stock exchange under the ticker "PBIT."
The filing extends BlackRock's existing Bitcoin lineup. The firm already offers IBIT, its spot Bitcoin vehicle, and the iShares Bitcoin Premium Income ETF (BITA), which tracks Bitcoin performance while generating monthly premium income through an options strategy on IBIT. According to SoSo Value, IBIT is the world's largest cryptocurrency investment vehicle, with over $66 billion in net assets, and attracted $665 million in net inflows on Oct. 19.
Market context at the time of reporting: according to Benzinga Pro, Bitcoin was down 1.50% over the prior 24 hours at $81,478.81. IBIT shares were down 0.58% in pre-market trading after closing 0.33% higher at $46.30 in Monday's regular session. Benzinga's Edge Stock Rankings place IBIT's price trend as stronger across short, medium, and long timeframes.
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