Overview
- BlackRock filed with the SEC for the iShares Bitcoin Managed Protection ETF, which it submitted on Monday, October 19, 2026, and listed the proposed ticker PBIT.
- The filing describes an options-based 'buffer' made of three overlapping monthly tranches that would buy call options on IBIT or similar exposure and sell higher strikes to help fund protection that typically starts by limiting initial tranche losses to about 10%.
- PBIT would not hold bitcoin directly and would also hold fixed-income assets to earn interest, so investor returns would depend on option costs, tranche timing and any fund fees rather than the spot bitcoin price alone.
- Key terms remain unspecified in the filing, including final protection levels, upside caps, the management fee and a launch date, and the ETF must clear the SEC registration process before it can trade.
- The filing follows BlackRock’s IBIT and BITA products and comes as IBIT drew $665.2 million in inflows on October 19, 2026, a sign of ongoing investor demand that could give BlackRock scale advantages if the buffered product is approved.