Bitwise Launches ‘Debasement’ ETF (BPRO) as Gold Rallies 79%
Bitwise partners with Proficio Capital to launch an actively managed ETF rotating between Bitcoin, Gold, and miners to hedge fiat debasement.
Bitwise Asset Management launched the Bitwise Proficio Currency Debasement ETF (NYSE: BPRO) on January 22, targeting investors hedging against global monetary expansion. The fund, developed in partnership with Boston-based Proficio Capital Partners ($5 billion AUM), actively rotates between physical and digital stores of value rather than holding a static basket.
The Hard Asset Thesis
BPRO mandates a minimum 25% allocation to gold at all times. The remaining exposure fluctuates between Bitcoin, silver, platinum, palladium, and mining equities based on market conditions. This active structure differentiates it from passive competitors that lock in fixed ratios of Bitcoin and gold.
"For decades, investors have relied on a simple mix of stocks and bonds to protect their wealth, but that traditional playbook is struggling in an era of rapid monetary expansion," stated Matt Hougan, CIO at Bitwise.
The launch capitalizes on a specific macro trend: Gold prices climbed 79% over the past year, while Silver rallied 207% to record heights. Despite this, Proficio CIO Bob Haber noted that gold ETFs still represent just 0.17% of private financial holdings.
The Stats
The fund carries a total expense ratio of 0.96%, significantly higher than Bitwise’s spot Bitcoin ETF (0.20%), reflecting the costs of active management and physical metal custody. Early trading volume reached $13.2 million on Day 1, with the fund securing approximately $52.4 million in assets under management by market close.
Bitwise indicated the strategy targets the "active tax" of currency debasement, citing a proprietary survey where 22% of financial advisors labeled fiat purchasing power a critical 2026 concern.
