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BlackRock expands crypto ETF roster while keeping focus on Bitcoin and Ether

A new filing for a buffered Bitcoin fund highlights BlackRock's strategy of expanding structured crypto offerings without adding assets beyond BTC and ETH.

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BlackRock has filed preliminary registration documents with the US Securities and Exchange Commission for the iShares Bitcoin Managed Protection ETF (PBIT). The proposed product utilizes options contracts tied to its spot Bitcoin vehicle, IBIT, to offer buffered exposure with defined upside caps and downside protection.

The move reflects BlackRock's strategy of diversifying investment structures across its existing cryptocurrency offerings rather than expanding into other tokens. Its digital asset lineup currently features two Ether products—the $8 billion spot iShares Ethereum Trust (ETHA) launched in July 2024 and the iShares Staked Ethereum Trust (ETHB) launched in March 2026—alongside its growing family of Bitcoin funds.

Industry observers noted that BlackRock has refrained from pursuing spot ETFs for assets such as Solana or XRP. Nate Geraci, president of The ETF Store, commented that the firm maintains high conviction in Bitcoin and Ether products, while Bloomberg ETF analyst James Seyffart noted that buffered crypto funds have already been introduced by other managers, including Calamos.

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