Leading U.S.-based digital asset manager Bitwise Asset Management, in partnership with Proficio Capital Partners, a Boston-based investment advisory firm managing $5 billion in client assets, has announced the launch of a new exchange-traded fund (ETF) designed to hedge against the debasement of fiat currencies, particularly the U.S. dollar.
The Bitwise Proficio Currency Debasement ETF, now trading on the NYSE under the ticker BPRO, is an actively managed fund that seeks to address the declining purchasing power of fiat currencies through a portfolio that invests in Bitcoin (BTC), precious metals, and mining equities.
New BPRO ETF blends bitcoin, gold and miners as debasement hedge
Unlike traditional spot crypto ETFs, BPRO is capable of adjusting its exposure across crypto and commodity-linked assets in relation to market conditions. This structure targets wealth managers who seek Bitcoin exposure without committing to a single-asset product, particularly amid persistent concerns about inflation.
The fund seeks capital appreciation by investing in assets that may benefit from currency debasement, maintaining a minimum stake of 25% in gold at all times, alongside strategic allocations to silver, platinum, palladium, Bitcoin, and mining equities. It allows for discretionary allocation, while ensuring the portfolio is guided by Bitwise’s expertise in handling digital assets and Proficio’s longstanding specialty in precious metals.
Today, the debasement trade has a new weapon in its arsenal.
— Bitwise (@BitwiseInvest) January 22, 2026
Introducing the Bitwise Proficio Currency Debasement ETF (NYSE: BPRO), a first-of-its-kind, actively managed investment strategy targeting assets poised to benefit from the eroding purchasing power of fiat currencies… pic.twitter.com/kpKPFK26p0
BPRO has an expense ratio of 0.96%, making it more costly for investors to hold than the Bitwise Bitcoin ETF (BITB), which has an expense ratio of just 0.2% and is the fifth-largest spot Bitcoin exchange-traded fund in the U.S., with $3.49 billion in assets under management according to data from SoSoValue.
Rather than emphasizing upside potential, the fund is designed with capital preservation as its primary objective. Its debut comes as gold and silver have seen their prices climb 79% and 207%, respectively, over the past year to record highs. At the same time, BTC suffered a 15% dip despite hitting an all-time high of $126,000 in October 2025.
Bitwise’s chief investment officer, Matt Hougan, noted in a press statement that investors have historically relied on a simple mix of stocks and bonds to protect their wealth; however, that “traditional playbook” is struggling in an era of rapid monetary expansion.
he said.
“By combining the historical scarcity of gold with the modern, digital scarcity of Bitcoin, BPRO offers a powerful new way to hedge against the persistent decline of fiat currency. We believe this ‘hard asset’ approach is the missing piece for the modern portfolio,”
Financial advisors flag debasement trade as top 2026 theme
Over the past two decades, the dollar has lost roughly 40% of its purchasing power, while the U.S. national debt climbed from $7.5 trillion in 2004 to a whopping $38 trillion in 2025. In a recent survey conducted by Bitwise and VettaFi, financial advisors cited the debasement trade as one of the most important investment themes to watch in 2026, with 22% of participants arguing that it is a crucial area of focus.
The past year has seen debasement grow in prominence, bolstered by fears that global governments, particularly the United States, will continue to finance massive deficits through expansionary monetary policy, such as quantitative easing and money printing, resulting in inflation and currency devaluation.
Speaking to crypto media outlet Decrypt, Hougan said that currency debasement has the potential to destroy a lot of wealth really fast.
“My view is the biggest risk to the long-term financial health of a wealthy family is actually debasement. I’m not saying that the dollar is going in that direction, but it’s lost a lot of value over the last 15 years, and that loss of value is accelerating.”
Bob Haber, CIO at Proficio, warned that currency debasement isn’t just a theoretical risk, but an active tax on every dollar an investor saves. He also pointed out that despite its “stellar” recent performance, gold remains a “ghost” in the modern investor portfolio and is still under-owned. According to data from Goldman Sachs, gold ETFs account for just 0.17% of private financial holdings.
The Proficio executive said BPRO represents an evolution of the company’s wealth preservation strategy by continually shifting between precious metals and digital stores of value to provide a flexible capital protection shield as the purchasing power of global currencies continues to erode.
At the time of writing, Bitcoin (BTC) is trading at $89,514 – down 0.42% in 24 hours. Gold (XAU) is currently at $4,955 an ounce – up 0.94% in 24 hours, and Silver (XAG) is changing hands at $98.87 an ounce – up 2.08% in 24 hours.
