BlackRock Files for Third Bitcoin ETF With Options-Based Downside Protection
BlackRock filed with the SEC on October 19 for the iShares Bitcoin Managed Protection ETF (PBIT), a buffer fund that would use options on IBIT to limit losses to roughly 10% per tranche while capping gains.
Why it matters
The filing signals BlackRock's continued expansion in crypto ETFs beyond simple spot exposure, introducing defined-outcome strategies that could attract risk-averse investors. It also highlights the asset manager's absence from spot ETFs for other cryptocurrencies like Solana and XRP.
Where the sources disagree
Whether PBIT directly holds IBIT as an underlying asset
Will hold IBIT as underlying asset and write/buy options around it
CoinGape
Would not directly hold Bitcoin or Bitcoin exchange-traded products; would use options contracts and fixed-income securities
Bitcoin.com News, Crypto.News, Cointelegraph, Unchained, Decrypt, CryptoSlate
CoinGape reports PBIT will hold IBIT as the underlying asset and write/buy options around it, while Bitcoin.com News, Crypto.News, Cointelegraph, Unchained, Decrypt, and CryptoSlate state the fund would not directly hold Bitcoin or Bitcoin exchange-traded products.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
amount taken (losses)
10%
Decrypt
50%
CoinDesk
Decrypt reports 10%, CoinDesk reports 50% (80% apart).
reported value (asset's reference)
90%
Decrypt
10%
CryptoSlate
Decrypt reports 90%, CryptoSlate reports 10% (89% apart).
reported value (reference)
90%
Finbold
10%
CryptoSlate
Finbold reports 90%, CryptoSlate reports 10% (89% apart).
Key facts
BlackRock filed a registration statement with the SEC on October 19, 2026 for the iShares Bitcoin Managed Protection ETF (PBIT).
Reported by CoinGape
PBIT would be BlackRock's third Bitcoin ETF filing, alongside the iShares Bitcoin Trust ETF (IBIT) and a Bitcoin income ETF introduced in June 2026.
Reported by CoinGape
The fund would use a long call-spread options strategy referencing IBIT or similar Bitcoin exposure across three overlapping tranches with staggered monthly start dates.
Reported by CoinGape
Each tranche targets approximately 10% initial downside exposure before fees, with the lower strike near 90% of the reference asset's value.
10 %Disputed figureReported by Bitcoin.com News
Calamos' Bitcoin Structured Alt Protection ETF (CBOO) lost only 1% since October 2025 while Bitcoin fell over 50% from its peak.
1 %Disputed figureReported by CoinDesk
What happened
BlackRock submitted a registration statement for the iShares Bitcoin Managed Protection ETF (ticker PBIT), marking its third Bitcoin ETF filing. The fund would not hold Bitcoin directly but would use a long call-spread options strategy referencing the iShares Bitcoin Trust ETF (IBIT) across three overlapping monthly tranches, targeting approximately 10% initial downside exposure while capping upside. Most outlets report the fund would hold no Bitcoin or spot ETPs directly, instead using options, cash, money-market instruments, and short-term fixed-income securities. CoinGape reports PBIT would hold IBIT as the underlying asset, while Bitcoin.com News, Crypto.News, Cointelegraph, Unchained, Decrypt, and CryptoSlate state it would not directly hold Bitcoin or Bitcoin exchange-traded products. The filing follows Calamos' protected Bitcoin ETF which lost only 1% during a 50%+ Bitcoin drawdown. Management fee, listing exchange, and launch date remain undisclosed.
How the story developed
- Update
BlackRock files PBIT registration statement with SEC
Preliminary prospectus submitted as amendment to iShares Trust registration for iShares Bitcoin Managed Protection ETF (PBIT).
- First report
First report by CoinGape
Breaking: BlackRock Files For Another Bitcoin ETF, Check Key Details
- Update
CoinGape breaks news of PBIT filing
First public report on BlackRock's third Bitcoin ETF filing, citing Bloomberg Intelligence analyst James Seyffart.
- Official statement
Official statement from Bitcoin.com News
Blackrock Files for Bitcoin ETF Designed to Limit Investor Losses
- Update
Bitcoin.com News publishes independent confirmation
Reports key details including 10% loss threshold per tranche and options/fixed-income strategy.
- Correction
Bitcoin Insider highlights contradiction on IBIT holding
Identifies conflicting accounts between CoinGape and Bitcoin.com News on whether PBIT directly holds IBIT.
- Update
Multiple outlets confirm filing details throughout October 20
Crypto.News, BTC-ECHO, Cointelegraph, Unchained, Decrypt, Finbold, and CryptoSlate publish independent reports confirming options structure, tranche design, and lack of direct Bitcoin holdings.
- Update
CoinDesk adds context on Calamos competitor product
Reports Calamos' protected Bitcoin ETF lost only 1% during 50%+ Bitcoin drawdown, framing BlackRock's move as competitive response.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 20 Oct 2026, 01:05 UTC: CoinGape — 1 independent source, 1 reports
- 20 Oct 2026, 01:25 UTC: Bitcoin.com News, official — 2 independent sources, 2 reports
- 20 Oct 2026, 01:35 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 20 Oct 2026, 05:24 UTC: U.Today — 4 independent sources, 4 reports
- 20 Oct 2026, 05:45 UTC: Crypto.News — 5 independent sources, 5 reports
- 20 Oct 2026, 07:00 UTC: BTC-ECHO — 6 independent sources, 6 reports
- 20 Oct 2026, 08:12 UTC: Cointelegraph — 7 independent sources, 7 reports
- 20 Oct 2026, 08:15 UTC: Unchained — 8 independent sources, 8 reports
- 20 Oct 2026, 09:13 UTC: Decrypt — 9 independent sources, 9 reports
- 20 Oct 2026, 09:35 UTC: NewsBTC — 10 independent sources, 11 reports
- 20 Oct 2026, 10:09 UTC: Finbold — 11 independent sources, 12 reports
- 20 Oct 2026, 10:50 UTC: CryptoSlate — 12 independent sources, 14 reports
- 20 Oct 2026, 14:28 UTC: CoinDesk — 13 independent sources, 17 reports
- 20 Oct 2026, 15:04 UTC: Altcoin Buzz — 14 independent sources, 18 reports
- 20 Oct 2026, 16:26 UTC: Bitcoin Magazine — 15 independent sources, 20 reports
Affected entities
Also mentioned: XRP, United States, Federal Reserve, Fidelity, Grayscale, Dogecoin, Commodity Futures Trading Commission
Original sources
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