BlackRock filed with the SEC on October 19 the prospectus for the iShares Bitcoin Managed Protection ETF, a new Bitcoin ETF with ticker PBIT offering partial downside protection in exchange for capped upside participation. The fund does not hold Bitcoin directly but uses call spread options strategies on IBIT with a floor generally set around 90 % of the reference value. The ETF could begin trading in early 2027 after a 75-day regulatory waiting period. Bitcoin was trading around $82,000 on Tuesday, down 35 % from its record high of $126,000, while spot Bitcoin ETFs saw $229 million in outflows during the week of October 12-16.
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