BlackRock has filed for a new bitcoin exchange-traded fund which, if approved, would cap investors’ upside while limiting their losses. 

The iShares Bitcoin Managed Protection ETF, or PBIT, would aim “to create and manage bitcoin exposure,” according to a Monday filing with the Securities and Exchange Commission. 

It would work buying options and fixed-income strategies to give investors regulated bitcoin exposure with capped upside and some downside protection — but not direct bitcoin ownership. 

The fund would suit investors who want to invest in bitcoin but not experience all the volatility that comes with the top cryptocurrency. 

Bitcoin has attracted…

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