Bitwise launches BPRO currency debasement ETF
Bitwise Asset Management has launched the Bitwise Proficio Currency Debasement ETF, trading on the New York Stock Exchange under the ticker BPRO. The fund is designed as a portfolio hedge against the long-term loss of purchasing power in fiat currencies and combines exposure to Bitcoin, precious metals and mining equities. According to the company, the product began trading on January 22 and carries a management fee of 0.96%.Portfolio structure and management approach
BPRO is positioned as an actively managed ETF rather than a static allocation product. Its core holdings include gold, silver, platinum and palladium, alongside shares of companies involved in mining and metals production. The strategy also incorporates exposure to Bitcoin through market instruments designed to track its price movements, giving the fund a digital asset component alongside traditional hard assets.A key structural rule of the ETF is that gold must represent at least 25% of the portfolio at all times. Bitwise said this requirement is intended to ensure a постоян anchor in a historically defensive asset, regardless of broader market conditions. Asset weights may be adjusted as macroeconomic conditions change, including shifts in inflation trends, interest rate expectations and investor risk appetite.
The strategy was developed in collaboration with Proficio Capital Partners, which Bitwise said has more than a decade of experience managing portfolios focused on currency debasement risk. According to company disclosures, Proficio was founded in 2014 and managed roughly $5 billion in assets by the end of 2025. Bitwise stated that the partnership combines its digital asset expertise with Proficio’s background in metals and macro-oriented allocation strategies.
Fund materials note that BPRO does not guarantee positive returns and may experience volatility across different market cycles. Exposure to Bitcoin may be implemented indirectly through exchange-traded products or related instruments, meaning the fund’s performance may differ from that of spot Bitcoin or pure precious-metals ETFs. Investors are cautioned that returns will depend on both asset selection and management decisions.
Rationale tied to currency debasement concerns
Bitwise framed the launch of BPRO around what it described as a long-term erosion in fiat currency value. The firm cited estimates showing that the US dollar has lost roughly 40% of its purchasing power over the past two decades, while US national debt has risen from about $7.5 trillion to approximately $38 trillion. In its communications, Bitwise described this trend as a tangible cost to savers rather than a theoretical risk.The company also referenced a joint Bitwise and VettaFi survey in which 22% of financial advisers identified currency debasement as one of the dominant investment themes for 2026. Bitwise said BPRO was structured with advisers and wealth managers in mind, offering diversified exposure to hard assets within a single exchange-traded product. This approach is intended to simplify portfolio construction for clients concerned about inflation and long-term currency stability.
In outlining the strategy, Bitwise pointed to broader market data indicating that gold-linked ETFs still represent a relatively small share of household financial assets. Company representatives said the mandatory gold allocation is designed to address that imbalance, while the inclusion of Bitcoin reflects growing interest in digital scarcity as a potential hedge alongside traditional stores of value.
How BPRO differs from spot Bitcoin ETFs
Unlike spot Bitcoin ETFs, which provide near-direct exposure to a single asset, BPRO is structured as a multi-asset fund with discretionary management. The design targets investors who want Bitcoin exposure but prefer it to be balanced with metals and mining equities, potentially reducing reliance on any one source of return. However, the mix of asset classes also means performance will reflect varying reactions to macroeconomic events.The 0.96% management fee places BPRO above the cost of many passive ETFs, a difference Bitwise attributes to active management and tactical rebalancing. Market participants will likely focus on whether the strategy can justify that cost through consistent execution across different economic environments. Over time, investor assessment is expected to center on portfolio transparency, allocation changes and how effectively the fund meets its stated goal of protecting purchasing power.
The launch of BPRO highlights a broader trend toward packaging crypto exposure within familiar ETF structures and linking such products to macroeconomic narratives. As disclosures and regular reports are released, investors will gain clearer insight into how the fund adjusts its holdings and how closely its real-world performance aligns with its currency debasement thesis.
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