BlackRock Files for Buffer Bitcoin ETF Offering Downside Risk Protection

BlackRock filed an SEC registration statement on October 19, 2026, to launch the iShares Bitcoin Managed Protection ETF under the ticker PBIT. The proposed fund provides structured downside protection with an initial target loss limit of approximately 10% per tranche, paired with a predetermined cap on upside performance. Rather than holding Bitcoin directly, PBIT will track BlackRock's flagship spot ETF, the iShares Bitcoin Trust (IBIT), using FLEX options and fixed-income assets. The filing represents BlackRock's third Bitcoin-focused ETF, expanding an offering anchored by IBIT's more than $65 billion in net assets.