BlackRock files for third Bitcoin ETF, still no Solana or XRP
BlackRock’s proposed Bitcoin fund would use options to limit potential losses and gains, adding another strategy to its existing Bitcoin and Ether ETF lineup.
BlackRock has submitted a preliminary prospectus to the US Securities and Exchange Commission for its third Bitcoin ETF, the iShares Bitcoin Managed Protection ETF (PBIT). This new fund would employ options linked to BlackRock's existing iShares Bitcoin Trust ETF (IBIT) to limit potential losses while capping gains. IBIT, the world's largest spot Bitcoin ETF by assets, currently holds Bitcoin directly and offers exposure to investors via brokerage accounts, with $65.7 billion in net assets as of the latest report.
BlackRock, the world's largest asset manager, has not yet launched US spot ETFs tracking other cryptocurrencies like Solana or XRP, despite market speculation. The asset manager has faced criticism for its limited crypto fund lineup.
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