Breaking: BlackRock Files For Another Bitcoin ETF, Check Key Details

BlackRock has applied for another Bitcoin exchange-traded fund (ETF). The new product is designed to give investors some protection against losing money while still maintaining some of the possible gains. The filing is the latest indication of the asset manager’s increasingly active approach to investing in Bitcoin.

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BlackRock Files for PBIT Bitcoin ETF

BlackRock filed an application with the U.S. Securities and Exchange Commission (SEC) Monday to launch the iShares Bitcoin Managed Protection ETF. The fund will be listed on the exchanges under the symbol “PBIT”.

On X, Bloomberg Intelligence’s Senior Analyst James Seyffart posted a note on X explaining the filing. He termed the product a “buffer” Bitcoin ETF. Investors would get some protection against losses and forgo some reward for their investment.

The fund would be based on BlackRock’s iShares Bitcoin Trust ETF (IBIT), Seyffart said. These would define the fund’s investment outcomes, which would assist in the establishment of the fund’s defined investment outcomes.

He wrote, “Notably, this is the third Bitcoin ETF filing from them. Still only have Bitcoin and Ethereum products — no other cryptos.”

Notably, this is the third Bitcoin ETF filing from them. Still only have Bitcoin and Ethereum products — no other cryptos. Also, this product will hold $IBIT as the underlying asset and will write/buy options around it to generate the defined outcomes. It will be a 40 Act fund.

— James Seyffart (@JSeyff) October 19, 2026

The strategic structure of the fund is designed to be attractive to investors who are looking to get exposure to Bitcoin with defined risks. The level of protection and the upside limit, however, will be contingent on the ultimate conditions of the fund.

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IBIT Remains BlackRock’s Flagship Bitcoin ETF

BlackRock has introduced IBIT in January 2024. The fund has since more than doubled to $65.1 billion in assets under management, as tracked by The Block’s Bitcoin ETF tracker.

The asset manager continued to grow its products in June. It introduced its iShares Bitcoin Premium Income ETF, aiming to post monthly income via options and offer Bitcoin exposure.

PBIT would be another strategy to this list. While the primary exposure of the proposed fund will be Bitcoin, some option income could also be included with the goal of balancing potential gains with downside protection.

This structure does not offer investors complete protection from investment risk. The upside cap may also stifle returns if the price of Bitcoin rises sharply.

Asset Management Yet To Expand Beyond BTC & ETH

Additionally, Seyffart emphasized that BlackRock has only a few crypto products. In the last few years, other issuers have launched ETFs that are correlated with XRP, Solana, and Dogecoin.

BlackRock, however, is still sticking to its Bitcoin and Ethereum products. The PBIT filing does not bring about exposure to another cryptocurrency, but it does expand its Bitcoin offerings.

Now, the market’s eyes are on the ETF’s protection threshold, upside cap and management fee as the process of registration continues.