Bitwise launched the Bitwise Proficio Currency Debasement ETF (ticker: BPRO), and the fund began trading on the New York Stock Exchange. The actively managed vehicle combines Bitcoin, gold, other precious metals and mining equities to offer investors a single product aimed at hedging fiat currency depreciation.
BPRO pairs the digital scarcity of Bitcoin with the traditional store-of-value role of gold, according to Bitwise and Proficio Capital Partners. The fund is actively managed; portfolio managers can increase gold weight during periods of macro uncertainty or raise Bitcoin exposure during favorable digital-asset cycles. The vehicle also includes mining equities and other precious-metals exposures to broaden return drivers and provide potential leveraged upside to metal price moves.
Bitwise framed the ETF as “a first-of-its-kind actively managed investment strategy targeting assets poised to benefit from the eroding purchasing power of fiat currencies,” a press release said. The partnership combines Bitwise’s crypto product expertise with Proficio’s experience in precious-metals wealth preservation.
The structure matters for investors and compliance teams: the fund carries a total expense ratio of 0.96% and commits to a minimum 25% allocation to gold, while managers retain discretion to shift exposure between digital and traditional hard assets.
Practical details for investors and product teams
Key, verifiable features of the listing provide immediate operational clarity for allocators and compliance officers. The ETF trades on the NYSE under ticker BPRO, making it accessible through standard brokerage channels. The stated expense ratio of 0.96% positions the fund as costlier than many passive ETFs, reflecting active management and multi-asset custody and trading needs.
Custody, execution and operational controls will be central to due diligence. Bitwise’s brand recognition in crypto products may ease some custody questions for institutional buyers, but the hybrid nature of BPRO means compliance teams must reconcile both crypto and commodity controls, reporting and counterparty assessments.
From a portfolio-construction perspective, BPRO offers a consolidated way to access “hard assets” that the issuer views as less tied to single-nation monetary policy. Including miners provides an equity-like sensitivity to metal prices, which can increase volatility but also potential upside versus spot metal holdings.
Investors will likely treat early inflows and allocation changes in the weeks after the January 22, 2026 listing as the first test of the product’s appeal and the managers’ ability to time shifts between gold and Bitcoin. For allocators assessing access and cost, the principal considerations are liquidity via the NYSE listing, the 0.96% fee, and the fund’s operational design to custody and trade both crypto and physical/commodity-linked assets.
