Bitwise has unveiled a new exchange-traded fund designed to offer investors exposure to both Bitcoin and precious metals, framing the product as a hedge against the long-term erosion of fiat currencies such as the US dollar. The actively managed fund, known as the Bitwise Proficio Currency Debasement ETF, began trading on the New York Stock Exchange on Thursday under the ticker symbol BPRO.
The ETF was launched in partnership with Proficio Capital Partners, a Boston-based investment advisory firm overseeing roughly $5 billion in assets. According to Bitwise, the product is aimed primarily at financial advisers seeking a diversified way to protect client portfolios from what it sees as one of the most underappreciated risks in modern finance: currency debasement.
Under its mandate, the fund will maintain a minimum allocation of 25 per cent to gold, while dynamically adjusting exposure across a broader basket that includes silver, platinum, palladium, mining equities, and Bitcoin. By actively rebalancing in response to market conditions, the ETF aims to capture upside from assets traditionally viewed as stores of value during periods of monetary expansion or inflationary pressure.
The timing of the launch reflects diverging performances across hard assets and digital currencies. Over the past year, gold and silver prices have surged to record levels, with gains of 79 per cent and 207 per cent, respectively. Bitcoin, by contrast, has declined by around 15 per cent over the same period, despite reaching a new all-time high above $126,000 in October. Bitwise believes this divergence does not undermine the broader “debasement trade” but instead highlights the different demand drivers behind each asset.
Bitwise chief investment officer Matt Hougan argues that currency debasement poses a structural threat to long-term wealth, particularly for families and institutions with little exposure to assets that can offset declining purchasing power. While he stopped short of predicting a collapse of the dollar, Hougan noted that its value has steadily eroded over the past 15 years—a trend he believes is accelerating. He pointed to historical examples of hyperinflation to illustrate how quickly wealth can be destroyed when confidence in a currency breaks down.
The new ETF carries an expense ratio of 0.96 per cent, making it significantly more expensive than Bitwise’s spot Bitcoin ETF, which charges 0.2 per cent and manages around $3.5 billion in assets. Bitwise positions the higher fee as a trade-off for active management and multi-asset exposure.
The launch also comes amid growing debate over the respective roles of gold and Bitcoin in defensive portfolios. Hedge fund veteran Ray Dalio has repeatedly urged investors to allocate to both assets, though he has expressed scepticism about Bitcoin’s appeal to central banks. Hougan agrees that central bank buying has been a key driver behind gold’s recent surge, but believes institutional demand for Bitcoin via spot ETFs could create a similar supply-demand imbalance over time.
According to Hougan, spot Bitcoin ETFs have collectively been absorbing more Bitcoin than is mined each day since early 2024. If that trend continues, he argues, Bitcoin could eventually experience the same kind of explosive move that gold has seen—driven not by fear alone, but by simple economics.
