BlackRock Files Third Bitcoin ETF, No Solana or XRP Funds

BlackRock filed a preliminary prospectus Monday with the US Securities and Exchange Commission for the iShares Bitcoin Managed Protection ETF, which would trade under the ticker PBIT.

The fund would use options linked to BlackRock’s iShares Bitcoin Trust ETF, known as IBIT, rather than holding Bitcoin directly. Investors would gain exposure through standard brokerage accounts.

PBIT would use three overlapping groups of options contracts, with one group generally replaced each month. Each group would initially target maximum loss exposure of about 10% to the underlying Bitcoin-linked asset, before fees and expenses.

The strategy would cap potential gains. BlackRock cautioned that PBIT would not offer a fixed protection starting value, floor or cap. Investors could therefore lose more than the targeted amount.

ETF analyst James Seyffart described PBIT as BlackRock’s third Bitcoin ETF filing. Calamos, First Trust and Innovator already offer similar buffered Bitcoin ETFs, which seek to limit losses in exchange for restricting gains.

IBIT, BlackRock’s largest spot Bitcoin ETF by assets, held $65.7 billion in net assets as of Monday. The fund holds Bitcoin directly. BlackRock launched IBIT in January 2024.

BlackRock also operates the iShares Ethereum Trust ETF, known as ETHA, which held $8 billion in net assets as of Monday. The fund launched in July 2024. BlackRock added the iShares Staked Ethereum Trust ETF, or ETHB, in March 2026 and the iShares Bitcoin Premium Income ETF, or BITA, in June 2026.

ETHB provides Ether exposure and staking rewards. BITA uses options trading to seek income. The proposed PBIT would add another Bitcoin strategy without adding exposure to a new cryptocurrency.

BlackRock has not filed US spot ETFs tracking Solana or XRP. In a post on X, ETF Store President Nate Geraci wrote, “Still shocked they’re sitting out on spot ETFs for SOL, XRP, HYPE, etc.” He added that BlackRock appeared to have “high conviction in only sticking with BTC and ETH. For now.”