BlackRock wants to cushion Bitcoin losses. What does its new ETF give up?

BlackRock has proposed a Bitcoin fund that seeks to soften some losses by giving up part of the gains when the price rises. Its options would reference IBIT, while the fund itself would hold no Bitcoin. The word “protection” describes a strategy with changing terms, not an insured account or a fixed promise to shareholders. BlackRock filed the proposed PBIT fund with the SEC on October 19, 2026. Its usual options tranche starts with approximately 10% exposure to declines in the reference asset. Three overlapping tranches would normally begin one month apart within a calendar quarter.

Source: crypto.news