CoinGape and Bitcoin.com News both cover BlackRock's PBIT ETF filing but give conflicting accounts of whether the fund directly holds IBIT.
What all sources agree on
- BlackRock filed with the SEC for the iShares Bitcoin Managed Protection ETF, ticker PBIT.
- The fund uses a 'buffer'/protective options strategy tied to IBIT or bitcoin-linked assets.
- Investors would trade capped upside gains for downside loss protection.
- The filing was submitted around October 19-20, 2026.
Where the reports disagree
1Whether PBIT directly holds IBIT as an underlying asset
Also, this product will hold $IBIT as the underlying asset and will write/buy options around it to generate the defined outcomes.
Unlike traditional spot bitcoin ETFs, PBIT would not directly hold bitcoin or bitcoin exchange-traded products. Instead, it would use options contracts and fixed-income securities.
What would settle it: The SEC registration statement/prospectus for the iShares Bitcoin Managed Protection ETF (PBIT).
What to make of it
Treat the existence of the PBIT filing and its buffer/capped-gain structure as established, but do not assume a specific answer on whether the fund directly holds IBIT until the SEC filing itself is checked.
Treat the existence of the PBIT filing and its buffer/capped-gain structure as established, but do not assume a specific answer on whether the fund directly holds IBIT until the SEC filing itself is checked.