BlackRock files for third Bitcoin ETF with downside protection

BlackRock has filed a preliminary prospectus with the SEC for the iShares Bitcoin Managed Protection ETF (PBIT), its third Bitcoin ETF offering. Unlike its spot Bitcoin ETF IBIT, PBIT uses options linked to IBIT to provide limited downside protection in exchange for capped gains. As of Monday, IBIT held $65.7 billion in net assets, making it the world's largest spot Bitcoin ETF. BlackRock also offers two Ether funds, ETHA and ETHB, but has not launched spot ETFs for Solana or XRP.