TL;DR: BlackRock has proposed another Bitcoin-linked ETF, this time using options to pursue some protection against losses while giving up part of the potential upside.

BlackRock’s latest Bitcoin fund filing takes a different approach from the familiar buy-and-hold exposure offered by its iShares Bitcoin Trust. Instead of simply following the price of Bitcoin, the proposed iShares Bitcoin Managed Protection ETF would use an options strategy linked to IBIT or similar exposure.

The ambition is straightforward enough: participate in some of Bitcoin’s gains and seek a measure of protection during a decline. The trade-off is equally important. Gains could be capped, and the protection is neither unconditional nor guaranteed. The structure is designed around overlapping options positions, meaning an investor’s outcome could depend on when the shares are purchased as well as what Bitcoin does next.

That makes this a different kind of product, not a safer version of holding spot Bitcoin in every circumstance. Options costs, fund expenses and changing market prices all affect what shareholders receive.

The filing arrives as issuers work to move beyond basic spot exposure. Income-oriented and buffered Bitcoin products try to give financial advisers additional ways to fit an unusually volatile asset into conventional portfolios.

For investors, the missing details matter as much as the proposed strategy. An SEC filing does not mean the fund has been approved or launched. Its eventual fees, live portfolio and actual protection terms will determine whether the structure delivers a useful alternative to IBIT.

Written by the News Desk and edited by Samuel Rae.

Bitcoin Magazine

David Lawant: Bitcoin Entering New “Bullish Regime” According to Options Market

Bitcoin futures open interest is back above $50 billion for the first time this year. Is that healthy leverage or a warning sign? David Lawant, head of research at Anchorage Digital, says it’s a sign of vitality, and explains why rising spot volume and thinning order books point to the early stages of a Bitcoin market upturn.

Chapters:
0:00 Bitcoin Futures Open Interest Tops $50B – Healthy or a Warning Sign?
1:26 Reading Bitcoin’s Market Structure Beyond Open Interest
3:23 Rising Spot Volume, Thinning Order Books, and the Anthropic IPO
4:15 The Liquidity Absorption Ratio Explained
6:52 How to Spot a Bitcoin Market Regime Change
7:36 The $60B Bitcoin Options Market and the Volatility Curve
8:57 Why Short-Dated Bitcoin Volatility Stayed Elevated in 2026
10:09 What Bitcoin Options Tell You That Price Can’t
11:28 Lessons From Anchorage’s 37,000 Covered Call Backtests
13:29 How ETFs and Treasury Companies Are Changing Price Discovery

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post David Lawant: Bitcoin Entering New “Bullish Regime” According to Options Market first appeared on Bitcoin Magazine and is written by Patrick Green.