BlackRock is making its third move in Bitcoin. Filed with the SEC on October 19, the iShares Bitcoin Managed Protection ETF (ticker: PBIT) offers a “buffer”: it uses IBIT options to set a downside floor of about 10% for each tranche, in exchange for capping gains—earning a little less in bull markets and losing a little less in bear markets. Bloomberg analyst Seyffart noted that this is BlackRock’s third Bitcoin ETF (after IBIT and BITA), and that its lineup still consists only of BTC and ETH products, with no SOL or XRP—the compliant money is all about this kind of thing. On the day of the filing, IBIT saw net inflows of $665.16 million, its biggest single-day total since October 2025. Traditional asset managers are no longer content with simply holding spot Bitcoin; they’re starting to “install shock absorbers” on it.

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