BlackRock applies for Bitcoin management protection ETF, offering IBIT downside protection

BlackRock, the world's largest investment management firm, submitted an application to the SEC on Monday to launch the iShares Bitcoin Managed Protect ETF. According to the filing, the fund aims to provide investors with upside returns from the iShares Bitcoin Trust ETF (IBIT) and similar Bitcoin exposure while seeking to offer a certain degree of downside protection.

The iShares Bitcoin Trust, managed by BlackRock, currently has assets under management exceeding $65 billion, making it the largest Bitcoin ETF in its category. BlackRock launched IBIT in January 2024 and introduced the iShares Bitcoin Premium Income ETF in June of this year, which aims to provide investors with Bitcoin exposure while generating monthly options premium income.

Bloomberg Intelligence analyst James Seyffart noted on the X platform that this is BlackRock's third Bitcoin ETF application, and its product line currently only covers Bitcoin and Ethereum, without venturing into other crypto assets. In recent years, other companies have launched ETFs tracking assets such as XRP, SOL, and DOGE.