BlackRock files protected bitcoin ETF

What happened

BlackRock, the world's largest asset manager, filed with the US Securities and Exchange Commission on Monday, 19 October, for a new fund called the iShares Bitcoin Managed Protect ETF, The Block reported. The news travelled fast: "bitcoin" was among the top Google searches in Türkiye on 21 October, with the filing as the linked story. According to the filing, the fund aims to give investors upside exposure to the iShares Bitcoin Trust ETF (IBIT), or similar bitcoin exposure, "up to an approximate limit", while also seeking "a level of downside protection".

What the filing does and does not say

The document leaves the key numbers open. CoinDesk noted that it gives no level of downside protection, no upside cap, no outcome period and no fee, and no ticker or launch date has been announced. James Seyffart of Bloomberg Intelligence pointed out on X that this is BlackRock's third bitcoin ETF filing, and that the firm still offers only bitcoin and ether products. The new fund would sit on top of IBIT, which manages more than $65 billion and is the largest US spot bitcoin ETF since the category launched in January 2024.

The rival fund that held up

The filing follows a hard year for the bitcoin price. CoinDesk reported that bitcoin fell as much as 52% from its record of roughly $126,000 over the past year. Over the same period, the Calamos Bitcoin Structured Alt Protection ETF, whose one-year protection period began in October 2025, lost just 1%, according to a Calamos spokesperson quoted by CoinDesk. The fund puts about 90% of its assets in US Treasuries and uses the rest to buy bitcoin-linked options, so investors take part in gains up to a cap while losses are limited over a set period. Calamos launched its first three protected bitcoin ETFs in early 2025, with versions offering full protection or losses capped at 10% or 20%.

Background: a growing bitcoin ETF shelf

Protection is the latest twist on the bitcoin ETF idea. In June, BlackRock launched an income fund that holds bitcoin and IBIT shares and sells call options on roughly 25% to 35% of its portfolio to pay monthly income, CoinDesk reported. Jay Jacobs, BlackRock's US head of equity ETFs, told the outlet that some investors want income while keeping a largely long position in bitcoin. Calamos's head of ETFs, Matt Kaufman, said in May that its protected funds had drawn $10 million to $15 million over several weeks, even as spot bitcoin ETFs saw outflows.

Why it matters for payments and crypto users

A protected ETF is a wrapper. The investor owns fund shares, the upside is capped and nobody holds the coins in their own wallet. That is a different choice from owning crypto directly or using it to move value. Searches in our field show both sides of the interest: "bitcoin ETF" and "bitcoin price" sit next to "what is a stablecoin" among the most typed phrases. A stablecoin is a crypto token designed to track a currency such as the US dollar, which is why people use USDT and USDC for stablecoin payments and transfers rather than as a bet on price.

What to watch next

Watch for an amended filing with the protection level, the cap, the outcome period and the fee, and for a ticker and listing date. Whether other large issuers follow with their own buffered bitcoin products, and how much money they attract compared with plain spot ETFs, will show how much demand there is for crypto exposure with limits.

What it means for Odix Pay users

Odix Pay does not offer ETFs and does not give investment advice. If you prefer to hold coins yourself, the Odix hardware wallet keeps your keys offline and supports thousands of coins and tokens. If you want stablecoins, you can buy USDT or USDC with a debit or credit card from your bank in the app through our licensed partner; the partner carries out the purchase. Crypto prices can go down as well as up. Availability depends on your country, and fees are shown in the app. More stories are in the Odix Pay newsroom.