BlackRock files for Bitcoin ETF with downside buffer and capped upside

BlackRock has filed with the SEC for the iShares Bitcoin Managed Protection ETF (PBIT), which would provide regulated bitcoin exposure through options and fixed-income strategies rather than direct ownership. The fund aims to cap investors' upside while offering limited downside protection, targeting investors who want bitcoin exposure without full volatility. In 2025, bitcoin's price dropped just 50% from its all-time high, its least volatile year on record, compared to drops of up to 80% in past cycles.