BlackRock, the world’s largest investment manager, filed with the SEC for a new Bitcoin-linked ETF called iShares Bitcoin Managed Protection ETF (PBIT). This fund would use an options-based strategy to offer investors exposure to Bitcoin while reducing the impact of falling prices, with initial downside exposure of approximately 10%. This protection does not guarantee a 10% cap on losses, and investors would have to give up some gains in case of a sharp rise in Bitcoin. IBIT tracks Bitcoin’s price directly while PBIT would use options contracts linked to IBIT. IBIT recorded inflows of $665.2 million on October 19th, its largest since October 2025.
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