BlackRock files for bitcoin ETF with loss protection features

BlackRock has filed to launch the iShares Bitcoin Managed Protect ETF, offering investors exposure to bitcoin price gains while seeking to limit losses. The move follows Calamos Investments' protected ETF, which lost just 1% since October 2025 despite bitcoin dropping over 50% from its peak. BlackRock's filing does not specify the level of downside protection or upside cap for the new fund.