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On Thursday, Bitwise introduced the Bitwise Proficio Currency Debasement ETF, which trades on the NYSE under the ticker symbol BPRO. The actively managed fund touts itself as a “new weapon” for investors looking to protect their portfolios from what Bitwise describes as the “unstoppable train of reckless spending” by world governments.
Bitwise Rolls Out BPRO ETF To Counter Currency Debasement
According to the Thursday press release, the ETF is issued in partnership with Proficio Capital Partners, a Boston-based investment advisory firm that manages approximately $5 billion in assets.
BPRO, which adjusts exposure to various assets based on market conditions, aims to maintain a minimum allocation of 25% in gold at all times, alongside strategic allocations to silver, platinum, palladium, mining equities, and Bitcoin.
Unlike U.S.-listed spot Bitcoin exchange-traded funds (ETFs), BPRO allows for discretionary allocation across crypto and commodity-linked assets. The product is designed for financial advisors seeking Bitcoin exposure without committing to a single-asset crypto product, especially amid serious inflation fears.
 
The new ETF carries an expense ratio of 0.96%, indicating that it’s more expensive for investors to hold than Bitwise’s passive $3.5 billion spot BTC fund BITB, which has a 0.2% expense ratio. That fund is the fifth-biggest spot Bitcoin fund in the U.S. by assets under management.
BPRO’s launch comes as gold and silver extended their January rallies on Thursday, with gold nearing $5,000 an ounce and silver just below $99, capping yearly gains of 80% and 205%, respectively.
Bitcoin, meanwhile, has plummeted 14% over the past year despite setting a new all-time high of $126,080 in October 2025, according to CoinGecko.
The Debasement Trade
Bitwise’s new product is designed around capital preservation rather than emphasizing upside potential—a mechanism that reflects how crypto narratives are changing in institutional markets.
Proficio Capital Partners’ chief investment officer, Bob Haber, noted that despite its impressive long-term performance, “gold remains a ghost in the modern portfolio,” citing a Goldman Sachs report that shows gold exchange-traded funds account for only a fraction of 1% of private financial holdings.
Over the past year, the so-called debasement trade has become popular, buoyed by fears that governments, specifically the U.S., could attempt to fund deficits with cheaper money. The trade is also linked to expectations of money printing and runaway inflation, which could erode wealth quickly, according to Bitwise Chief Investment Officer Matt Hougan.