Bitwise Asset Management has launched an actively managed ETF that pairs bitcoin with gold and other commodity-linked exposures, as asset managers broaden bitcoin’s role in macro portfolios.
On Thursday, Bitwise unveiled the Bitwise Proficio Currency Debasement ETF, trading on the NYSE under ticker BPRO.
The fund is designed to hedge against declining purchasing power in fiat currencies by allocating across bitcoin, precious metals, and mining equities.
Fund structure and allocations
Unlike single-asset spot bitcoin products, BPRO allows discretionary allocation across bitcoin and commodity-linked assets.
The fund maintains a minimum allocation of 25% in gold at all times and carries an expense ratio of 0.96%.
Capital preservation framing
Bitwise positioned BPRO around capital preservation rather than upside, reflecting how institutional narratives around bitcoin are being packaged.
Bob Haber, chief investment officer at Proficio Capital Partners, argued that gold is underrepresented in portfolios.
Haber cited Goldman Sachs research suggesting gold ETFs account for only a fraction of 1% of private financial holdings:
“Gold remains a ghost in the modern portfolio.”
Debasement and the hedge debate
Fiat currency debasement has long been a core concern in the bitcoin community.
Bitcoin is often promoted as a long-term hedge given its fixed supply. However, many note that bitcoin has recently underperformed gold, and an analysis by Karel Mercx of Beleggers Belangen argued bitcoin has failed to act as a reliable debasement hedge in the current macro environment.
