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Calamos bets protected Bitcoin ETFs can outlast crypto market swings
As more than $1 billion exited spot Bitcoin ETFs last week, Calamos says investors are rotating into Bitcoin products with built-in downside protection.
May 28, 2026, 10:03 p.m. 2 min read
What advisors are asking: Wealth managers are becoming more sophisticated in how they evaluate crypto exposure.
- Kaufman said advisors previously focused on whether Bitcoin belonged in portfolios at all.
- Now, advisors are asking how to improve risk-adjusted returns and portfolio construction using crypto exposure.
- Calamos positions its products as alternatives to traditional portfolio allocations, including broad equities, bonds and cash.
- Kaufman said some investors are moving from cash-like products into fully protected Bitcoin ETFs tied to Bitcoin performance but without downside exposure.
Reading between the lines: The crypto ETF market is evolving beyond simple spot exposure.
- Kaufman said the industry is increasingly dividing crypto ETF strategies into three categories: protection, income and growth.
- Calamos previously launched auto-callable income ETFs and is exploring additional crypto-related strategies.
- Other ETF issuers have focused on generating yield from Bitcoin volatility through options-based products.
- “You don’t just have to sit in the spot vehicle anymore and ride out those waves,” Kaufman said.
What comes next: Calamos expects Bitcoin volatility to remain a defining feature of the asset.
- Kaufman said he expects Bitcoin to revisit previous highs despite recent market turbulence.
- He argued Bitcoin’s volatility profile creates opportunities for structured products and options-based strategies.
- “I think we’re going higher,” Kaufman said.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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