Calamos Bitcoin 90 Series Structured Alt Protection ETF - April

CBXA

Market cap $6.39M

Considering how bitcoin performed across the first few months of 2026, some investors may have decided to distance themselves from the asset class for now. However, the cryptocurrency's recent price performance indicates a more layered story than one may have expected.

The weather isn't the only thing getting warmer as of late — the crypto winter may finally be over. At least, that's what some analysts are hoping is currently happening.

Considering just how poorly the price of bitcoin has performed as of late, it's not unrealistic to argue that lower-risk bitcoin strategies are currently offering a stronger use case.

Interest in creating special reserves for bitcoin has been expanding beyond the federal government. Toward the end of April, members of the Arizona Legislature approved a bill to establish a strategic bitcoin reserve that would have allowed the state to invest up to 10% of its public funds in digital assets.

While crypto adoption will likely always be price-driven to some extent, regulatory and political tailwinds have driven a steady influx of launches throughout the year despite price volatility. We are not even halfway through 2025 and have already seen around 27 crypto ETF launches.

April has proven itself to be a difficult month for many market strategies, and cryptocurrency is no exception. Driven by market uncertainty, the price of bitcoin dropped below $77K on April 7.

On April 7, Calamos Investments expanded its suite of Protected Bitcoin ETFs with the launch of three new funds. Each Protected Bitcoin ETF provides different levels of bitcoin returns and downside security.