CoinMeta data: Blackstone has officially submitted a Bitcoin ETF application aimed at limiting losses. This ETF is named iShares Bitcoin Managed Protection ETF, and it plans to provide upside potential on its $65 billion IBIT while seeking “a certain degree of downside protection,” according to the documents submitted to SEC. IBIT and BITA, Blackstone’s covered subscription income funds, are still exposed to the risk of Bitcoin declining in value. This ETF will buy and sell IBIT subscription options and hold fixed-income assets to help buffer losses. The proposed ticker symbol is PBIT.