BlackRock’s proposed Bitcoin ETF would hold no Bitcoin or spot ETF shares
BTC when published $81,382Now $80,595 ▼ −0.97% since it was published
BlackRock filed with the SEC on Oct. 19 for the iShares Bitcoin Managed Protection ETF (PBIT), a fund that would hold options and fixed-income securities and gain Bitcoin exposure through derivatives. The preliminary prospectus excludes direct Bitcoin and spot Bitcoin ETP holdings. The securities cannot be sold until the registration statement becomes effective. Money that enters PBIT could reach Bitcoin through the dealers on the other side of its options. The filing registers the proposed fund under the Investment Company Act of 1940, and the prospectus describes three overlapping long call-spread tranches with staggered monthly starts, with one tranche typically replaced each month.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
