Delaware Life Insurance Company has introduced a new fixed index annuity, or FIA, tied to a cryptocurrency-focused benchmark, becoming the first U.S. insurance carrier to offer this type of structure. Instead of giving clients direct custody of Bitcoin, the annuity links to the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index. That structure is important because it lets retirement investors gain indirect Bitcoin exposure while still keeping the principal-protection feature that has long defined traditional annuity products.
In practice, this launch brings together two worlds that usually appeal to very different investor groups. Fixed indexed annuities are generally designed for retirement savers who want protection, predictable product rules, and some upside tied to market performance. Bitcoin, by contrast, is known for sharp price swings and a much higher risk-return profile. Delaware Life is trying to bridge that gap by packaging crypto-related exposure inside a more familiar insurance wrapper rather than asking retirees to buy and hold BTC directly.
The underlying index uses a blended allocation. It assigns 74% to the iShares Core S&P 500 ETF, 25% to the iShares Bitcoin Trust ETF, or IBIT, and 1% to cash. The benchmark is also built around a 12% target volatility. To keep risk closer to that level, the strategy uses dynamic cash adjustments, which are meant to soften the impact of Bitcoin’s price swings without removing Bitcoin exposure entirely. That makes the product less about maximizing pure crypto upside and more about adding controlled digital-asset participation to a retirement-oriented allocation.
BlackRock’s Global Head of Digital Assets, Robert Mitchnick, said the launch reflects both the success of IBIT and the level of client demand surrounding the product. In his view, the new annuity-linked index gives insurance clients a way to add Bitcoin exposure as part of a broader indexed annuity strategy. He also emphasized that the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index was designed as a measured solution, allowing policyholders to participate in digital assets while maintaining the downside protection they typically expect from annuity products.
Delaware Life framed the product as part of a broader push toward financial innovation in retirement planning. Colin Lake, the company’s CEO of Marketing, said Delaware Life was proud to partner with BlackRock as the first insurance carrier to offer cryptocurrency exposure through a fixed index annuity. He added that the retirement-planning landscape is evolving, and that the company is trying to innovate thoughtfully in order to meet the needs of financial professionals and their clients. In his description, the core value proposition remains straightforward: growth opportunity paired with protection.
Balancing Bitcoin return potential with equity growth
The key idea behind the BlackRock index is not to turn an annuity into a pure Bitcoin bet. Instead, it mixes conventional equity exposure with a smaller but meaningful allocation to Bitcoin through an ETF. The S&P 500 component provides a traditional engine for long-term market growth, while IBIT introduces the possibility of stronger upside when Bitcoin performs well. The cash sleeve and volatility-control process then work as stabilizers, helping the benchmark fit more naturally into a retirement-income and annuity context.
Performance data included in the report shows both the attraction and the limits of that approach. As of December 31, 2024, the index posted a six-month return of 1.88%. At the same time, Bitcoin’s weakness over the more recent three-month period weighed on results, contributing to a 3.16% decline over that span. Those figures illustrate an important point: even with risk controls and blended exposure, Bitcoin still matters materially to outcomes. The strategy can moderate volatility, but it does not erase market risk.
The BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index is now available through three Delaware Life FIA products: Momentum Growth™, Momentum Growth Plus™, and DualTrack Income™. Offering the same index across multiple annuity products gives clients more flexibility in how they integrate Bitcoin-related exposure into retirement planning. Some investors may be more focused on growth accumulation, while others may prefer structures aligned with future income needs.
The choice of IBIT is also significant. The report describes it as the largest and most liquid Bitcoin exchange-traded product. That matters for traditional insurance and retirement clients because it offers professionally managed market access without requiring direct ownership of cryptocurrency. Investors do not need to buy BTC on a crypto exchange, manage wallet security, store private keys, or handle self-custody. Instead, the Bitcoin exposure comes through an established exchange-traded vehicle embedded in an index strategy.
From an industry perspective, this launch marks a first. According to the article, this is the first time a life insurance company has allowed policyholders to select a product that includes Bitcoin. That does not mean every insurer is about to adopt crypto-linked annuities, but it does show how Bitcoin is moving deeper into mainstream financial distribution. After gaining ground through ETFs and wealth products, digital-asset exposure is now entering retirement-planning and insurance channels as well.
At the time referenced in the report, BTC was priced at $87,774, down 2% over the previous 24 hours, with $64 billion in 24-hour trading volume. That market backdrop is a useful reminder that even when Bitcoin exposure is delivered through a more conservative and structured financial product, the underlying asset remains volatile. For retirement investors, the difference between downside protection in the product wrapper and zero risk in the underlying theme remains essential to understand.