BlackRock 申请推比特币保护型 ETF 初始损阈约 10%

黑Rock搞个保本产品，就是怕亏超 10% 吗？感觉有点多此一举。

BlackRock 这次推 PBIT，初始损阈设了 10%，但文案明确说阈值可能变动，实际亏损能超限制。这逻辑有点绕，卖出看涨期权虽锁了下行，但也cker住了上行收益。管理费若最终敲定，得看机构是否愿意接受这种收益剪刀差。

BlackRock's PBIT structure caps upside via call options while allocating cash to short-term debt. The 10% initial loss threshold is misleading since losses calculated against higher market values can exceed this limit, leaving investors exposed to partial or total loss risks. Does the fund's reliance on options and fixed income actually protect principal better than direct spot holdings? The math suggests significant downside risk remains despite the marketing narrative.