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Calamos Unveils New Research on Protected Bitcoin Strategies, Challenges Traditional Bitcoin Portfolio Allocation Recommendations
John Koudounis, President and CEO of Calamos, a leading alternatives manager, announced the release of groundbreaking new research titled, "Protected Bitcoin: Improving Portfolios Utilizing a Stable Risk Framework". The new whitepaper introduces three distinct Protected Bitcoin Strategies, each offering upside Bitcoin exposure and downside protection levels of 100%, 90%, and 80%, over a one-year period. Through rigorous back-testing, the research challenges conventional Bitcoin allocation recomm
About this update from Bitcoin
[{"type":"text","content":"METRO CHICAGO, Ill., July 7, 2025 /PRNewswire/ -- John Koudounis, President and CEO of Calamos, a leading alternatives manager, announced the release of groundbreaking new research titled, "Protected Bitcoin: Improving Portfolios Utilizing a Stable Risk Framework". The new whitepaper introduces three distinct Protected Bitcoin Strategies, each offering upside Bitcoin exposure and downside protection levels of 100%, 90%, and 80%, over a one-year period. Through rigorous back-testing, the research challenges conventional Bitcoin allocation recommendations and demonstrates the potential benefits to a traditional portfolio by adding exposure to Protected Bitcoin Strategies. The findings present a compelling case for rethinking how Bitcoin can be systematically and responsibly integrated into diversified portfolios.","length":853,"tagName":"p"},{"type":"text","content":"Most provocative is the whitepaper's challenge to the conventional 1–2% Bitcoin allocation guidance, a limit largely driven by concerns over volatility and fiduciary risk. This conservative sizing reflects the absence of a systematic approach to incorporating Bitcoin without increasing overall portfolio risk. The key insight from the new research: by replacing a portion of traditional asset allocations—whether equities, fixed income, or gold —with up 10% in Protected Bitcoin Strategy, advisors and investors may increase returns and reduce overall risk. This represents a significant evolution in portfolio construction theory, demonstrating that meaningful Bitcoin allocations can be achieved without compromising risk profiles, or exposing portfolios to significant drawdowns—offering a compelling path forward for innovation and stability.","length":856,"tagName":"p","attribs":{}},{"type":"text","content":""Bitcoin has matured into a globally recognized store of value, now exceeding $2 trillion in market capitalization," said Koudounis. "Our research provides a practical framework for Bitcoin exposure to benefit any portfolio, regardless of risk appetite, bridging the gap between volatility and opportunity."","length":327,"tagName":"p","attribs":{}},{"type":"text","content":"The Stable Risk Framework introduced by Calamos offers a disciplined, risk-calibrated methodology that enables portfolios to allocate 3–10% ...