In a move that signals BlackRock is seeking to appeal to risk‑averse investors, the firm has filed for the iShares Bitcoin Managed Protection ETF, provisionally named PBIT. The proposed product would combine spot Bitcoin exposure with a structured option overlay that caps downside risk while still allowing for some upside participation. By adding a protection layer to its existing spot ETF, IBIT, BlackRock aims to broaden the appeal of Bitcoin investing beyond current trending themes and to compete with other players who are experimenting with buffered or defined‑outcome ETFs.