BlackRock Submits Application for Third Bitcoin ETF, Launches "Buffered" Product PBIT

According to Bloomberg analyst James Seyffart (@JSeyff), BlackRock has submitted a new Bitcoin ETF application titled “iShares Bitcoin Managed Protection ETF,” with the ticker symbol PBIT. The product is a “buffered” ETF that provides downside protection, but investors must forego some upside returns. Operating as a 1940 Act fund, it uses IBIT as its underlying asset and utilizes the purchase and sale of related options to achieve predefined payoff outcomes. This marks the third Bitcoin-related ETF filing by BlackRock, whose current product lineup remains limited to Bitcoin and Ethereum, without covering other crypto assets. Seyffart also noted that firms such as Calamos and First Trust have previously launched similar buffered/defined outcome Bitcoin ETFs.