BlackRock files for buffer-style bitcoin ETF under PBIT

BlackRock has filed a preliminary prospectus with the SEC for the iShares Bitcoin Managed Protection ETF (PBIT), a "buffer" bitcoin fund that uses options on its IBIT bitcoin ETF to soften downside losses in exchange for capped upside. The filing, made as an amendment to the iShares Trust registration, targets launch around early January 2027.

• The fund would not hold bitcoin directly; it would combine call-option spreads on IBIT with short-term fixed-income investments, per analysts and the prospectus.
• No trading can begin until the SEC declares the registration statement effective.