BlackRock Is Building a Bitcoin ETF for Investors Who Can't Stomach the Swings

BlackRock filed a preliminary prospectus for the iShares Bitcoin Managed Protection ETF (PBIT), a buffered Bitcoin fund designed to limit losses while capping gains. The fund uses options on IBIT and Treasury bills to provide downside protection of roughly 10% per tranche, but crucial details like management fees remain blank. The product targets risk-averse investors but involves complex tax implications and could launch as early as January 2027.