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10/21/2026

BlackRock Files for Downside-Protected Bitcoin ETF After Rival Survives 50% Crash

What happened: BlackRock Fund Advisors filed a post-effective amendment with the SEC for the iShares Bitcoin Managed Protection ETF (PBIT), which aims to provide upside exposure to bitcoin while cappi

BlackRock Files for Downside-Protected Bitcoin ETF After Rival Survives 50% Crash

What happened: BlackRock Fund Advisors filed a post-effective amendment with the SEC for the iShares Bitcoin Managed Protection ETF (PBIT), which aims to provide upside exposure to bitcoin while capping gains and offering downside protection through options overlays and fixed income. The fund does not hold spot bitcoin directly. This follows the Calamos Bitcoin Structured Alt Protection ETF (CBOO), which fell just 1% during a period when bitcoin dropped 52% from its peak.

Why it matters: BlackRock's move reflects growing demand for risk-managed crypto investment products, particularly after the sharp drawdowns seen in 2025–26. The proposed ETF could attract more conservative investors seeking bitcoin exposure with mitigated downside, though key details such as fees and protection levels remain undisclosed. The fund's approval and effectiveness are still subject to SEC review.

Source: CoinDesk