最新报道：Investment firm Calamos has launched a new investment strategy designed to limit Bitcoin's downside potential. Bitcoin (BTC) is increasingly attractive to institutional investors, but many still consider it too risky. To this end, global investment firm Calamos launched its "Protected Bitcoin" strategy on June 7, which aims to limit both downside and upside exposure to Bitcoin. The company noted that despite Bitcoin's valuation reaching $2 trillion, institutional investors remain concerned about its volatility. As a result, most institutional investors only allocate 1–2% of their portfolios to BTC to avoid excessive exposure. Calamos has structured its strategy to provide some upside participation while managing risk by combining Bitcoin futures with U.S. Treasuries. Specifically, the firm purchases zero-coupon U.S. Treasury bonds that mature at the end of the year. These bonds act as a protective floor in a pre-defined worst-case scenario, limiting losses to 0%, 10%, or 20%, depending on the level of risk. At the same time, Calamos purchases call options on the Bitcoin index to capture potential gains. To fund this, the firm also sells over-the-counter call options, effectively capping the upside at between 25% and 60%. Each risk-reward tier is benchmarked to familiar asset classes. The 100% protected Bitcoin tier mirrors the risk profile of U.S. Treasuries, providing capital preservation with little downside risk. The second tier is comparable to gold or alternative assets, while the third tier is in line with stocks in terms of expected returns and volatility. Calamos believes this structured approach can enhance Bitcoin's appeal relative to traditional assets. However, timing remains critical. Traders must hold positions to expiration to benefit from downside protection; exiting early could result in a loss of principal. While rare, another risk includes potential sovereign debt defaults, which the firm notes are highly unlikely.