BLACKROCK FILES FIRST BITCOIN BUFFER ETF

BlackRock asked the SEC on October 19 to launch the iShares Bitcoin Managed Protection ETF, ticker $PBIT, its first bitcoin fund built around a loss buffer instead of raw price exposure. Each monthly options tranche sets its protection level near 90% of bitcoin's value, capping losses at roughly 10% before fees. In return, gains get capped too: the tranche sells away upside once bitcoin rallies past a set strike price. Unlike BlackRock's existing spot bitcoin ETF, which simply tracks price up or down, $PBIT trades unlimited upside for a floor under the drop.