Calamos Attracts $100M with Bitcoin Funds, But ETH and Meme Coins Not on the Radar

Global asset manager Calamos Investments, overseeing $41.3 billion in assets, made its crypto debut this year with the launch of three bitcoin-focused funds. Designed to shield investors from Bitcoin (BTC) volatility, these structured ETFs have already attracted over $100 million, largely from financial advisors.

The three funds—Calamos Bitcoin Structured Alt Protection ETF (CBOJ), Calamos Bitcoin 90 Series Structured Alt Protection ETF (CBXJ), and Calamos Bitcoin 80 Series Structured Alt Protection ETF (CBTJ)—offer 80–100% downside protection and a capped upside ranging between 10–55%. This is achieved through a strategy involving U.S. Treasuries and options on the CBOE Bitcoin US ETF Index.

Despite the early success, Calamos is not planning to expand into other cryptocurrencies just yet. In an interview with CoinDesk, Matt Kaufman, head of ETFs at Calamos, said Ethereum (ETH) does not currently meet the firm’s criteria for effective risk management. He cited low liquidity and the lack of available options on Ethereum ETFs as major limitations.

Kaufman emphasized that Calamos prioritizes risk-managed products, stating, “We build things we know will work.” He also ruled out any future involvement in meme coins, noting they don’t align with the firm’s conservative investment strategy.

While exchanges like Cboe have filed to list options for Ether ETFs, regulatory delays from the U.S. SEC have stalled any further development. A final decision is expected by May.

As interest in crypto ETFs grows, Kaufman cautions investors to perform due diligence. “Freedom gives you choice, and with choice comes responsibility,” he added, urging investors to understand the risks before diving in.