BlackRock files for a third Bitcoin ETF, aiming to offer downside protection and upside exposure to IBIT.

BlockBeats news, October 20: BlackRock has filed an application with the U.S. SEC for the iShares Bitcoin Managed Protect ETF, aiming to provide a certain degree of downside protection while seeking upside returns from its flagship Bitcoin ETF—IBIT and/or similar Bitcoin exposure, though the upside returns are roughly capped.

BlackRock launched IBIT in January 2024, which currently has assets under management exceeding $65 billion and is the largest product of its kind. In June of this year, the company also launched the iShares Bitcoin Premium Income ETF, designed to provide Bitcoin exposure while generating monthly option premium income.

Bloomberg ETF analyst James Seyffart stated that this is BlackRock's third Bitcoin ETF filing. He noted that although other institutions have launched ETFs covering assets such as XRP, SOL, and DOGE, BlackRock currently still only has Bitcoin- and Ethereum-related products.