Bitwise Asset Management has launched a new exchange-traded fund (ETF) designed to protect against currency depreciation, highlighting how digital assets are increasingly being integrated into broader macro investment strategies following the success of spot Bitcoin ETFs.
Thursday, Bitwise revealed the Bitwise Proficio Currency Debasement ETF, which trades on the NYSE under the symbol BPRO. The actively managed fund seeks to address the declining purchasing power of fiat currencies with a portfolio including Bitcoin (BTC), precious metals and mining stocks.
Contrary to spot Bitcoin ETFsBPRO allows discretionary allocation between crypto- and commodity-related assets. The structure appears aimed at wealth managers seeking exposure to Bitcoin without committing to a single-asset crypto product, particularly amid ongoing inflation concerns.
The fund maintains a minimum allocation of 25% to gold at all times and has an expense ratio of 0.96%.
Rather than emphasizing upside potential, the fund is positioned around preservation of capitala framework that reflects the evolution of crypto narratives in institutional markets.
Bob Haber, chief investment officer at Proficio Capital Partners, said that despite its long-term performance, “gold remains a ghost in the modern portfolio,” citing a Goldman Sachs study showing that gold ETFs represent only a fraction of 1% of private financial holdings.
Related: Bitwise files with US SEC for 11 “strategic” single-token crypto ETFs
Debasement Captures Crypto Imagination and Investing Style
The depreciation of fiat currency, the gradual erosion of purchasing power over time, has long been a fundamental concern within the Bitcoin community.
Bitcoin has often been touted as a long-term hedge against devaluation, given its fixed supply and strong performance since its inception. However, despite these attributes, Bitcoin has recently underperformed goldraising questions about its effectiveness as a hedge against devaluation in the current macroeconomic environment.
In a recent analysis, investment specialist Karel Mercx of Dutch consultancy firm Beleggers Belangen argued that Bitcoin Failed to Deliver as a reliable hedge against currency depreciation.
According to Mercx, the most striking signal came when Bitcoin underperformed even as US President Donald Trump publicly undermined the independence of the Federal Reserve.
Political pressures on a central bank can raise concerns about monetary credibility and long-term inflation risks, conditions that have historically benefited assets considered stores of value. While gold responded to these signals, Bitcoin did not, weakening its position as a short-term hedge against currency depreciation.
Related: Bitcoin mining review for 2026: AI pivots, pressure on margins and fight for survival
