BlackRock has filed for the iShares Bitcoin Managed Protection ETF (ticker PBIT), a buffer fund that limits losses to approximately 10% in exchange for capping gains. The fund would not buy Bitcoin directly, but call options on IBIT and fixed-income investments. IBIT, the largest spot Bitcoin ETF with $66.37 billion in net assets, saw net inflows of $665.2 million on Monday, the only one of 12 U.S. spot Bitcoin ETFs to post positive flows. Other funds such as Fidelity’s FBTC (outflow of $83.6 million) and Grayscale’s GBTC (outflow of $54.9 million) saw net outflows. Since their launch in January 2024, these funds have attracted cumulative net flows of $57.4 billion.
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