- Calamos CEO John Koudounis remains bullish on Bitcoin, citing growing institutional confidence in digital assets.
- The firm launched three Bitcoin Structured Alt Protection ETFs with downside protection and capped upside potential.
- Managed by Eli Pars, the ETFs aim to bridge traditional finance and crypto through structured, risk managed exposure.
Calamos Investments CEO John Koudounis has expressed optimism about Bitcoin’s future, citing continued institutional interest in the cryptocurrency. Leading a global investment firm managing $45 billion in assets, Koudounis said he remains “bullish” on Bitcoin, noting that its roughly $2.3 trillion market value demonstrates its long-term resilience. His comments come as Calamos introduces a new suite of Bitcoin-focused Structured Protection ETFs, providing investors defined downside protection while maintaining upside exposure.
Calamos Expands ETF Lineup
Calamos Investments announced the launch of three Bitcoin Structured Alt Protection ETFs, CBOO, CBXO, and CBTO, on October 8, 2025. According to the firm, these products provide varying levels of downside protection at 100%, 90%, and 80%, allowing investors to balance risk and return more precisely. The CBOO ETF offers full downside protection with an 8.47% initial cap rate, while the CBXO and CBTO funds offer cap rates of 23.43% and 41.62%, respectively.
The ETFs are designed to reset annually, giving investors new upside caps and refreshed protection against negative returns for each 12 month cycle. This structure, according to Calamos, enables participation in Bitcoin’s potential growth while managing volatility, a key concern for traditional investors.
Institutional Adoption
Koudounis emphasized that institutional adoption of Bitcoin is likely to accelerate, indicating rising confidence in digital assets. He said the crypto has proven its staying power, which continues to attract large financial players. This view aligns with a broader change among asset managers who now consider Bitcoin a legitimate addition to diversified portfolios.
Calamos’ move into Bitcoin linked products shows that established investment firms are finding structured ways to engage with crypto markets. By integrating defined protection strategies, the company aims to offer exposure without the high volatility traditionally associated with digital assets.
Traditional Finance and Digital Assets
The new ETFs, managed by Co-Chief Investment Officer Eli Pars and the Calamos Alternatives Team, aim to bridge the gap between conventional finance and crypto based investments.
The Structured Protection ETF suite is one of the most comprehensive of its kind, offering monthly entry points and capital protected growth strategies tied to major U.S. equity benchmarks and Bitcoin.Through this launch, Calamos becomes one of the first major firms to introduce Bitcoin exposure with defined downside protection. This shows how institutional asset managers are continuing to adapt to investor demand for innovative yet controlled ways to participate in the changing digital asset sector.
