Bitwise has launched a new exchange-traded fund called the Bitwise Proficio Currency Debasement ETF, or BPRO. The fund trades on the New York Stock Exchange and is designed to help investors protect their money from inflation and the long-term decline in the value of paper currencies like the U.S. dollar.

The idea behind BPRO is simple. Many investors still rely on stocks and bonds to grow and protect their wealth. Bitwise believes that approach may no longer work as well in a world where governments are printing more money and running large deficits.

Matt Hougan, Chief Investment Officer at Bitwise, said:

He added that the new fund offers a different approach by focusing on assets with limited supply.

BPRO is built around what investors call the “debasement trade.” This idea is based on governments spending heavily and expanding the money supply, which leads to currencies losing purchasing power.

According to several reports, the U.S. dollar has lost about 20% of its purchasing power over the last 5 years alone. During that same time, the national debt has grown from around $25 trillion to nearly $40 trillion. These trends have made many investors worried about how to preserve wealth over the long term. BPRO aims to benefit from these concerns by investing in assets that tend to hold value when currencies weaken.

BPRO is an actively managed fund, meaning its managers can adjust the portfolio as market conditions change. The fund must keep at least 25% of its assets in gold at all times.

The rest of the fund can be invested in assets such as bitcoin, silver, platinum and palladium. These assets are often seen as stores of value because their supply is limited. The fund also looks to invest in mining stocks. Bitwise says the fund does not always hold bitcoin directly. Instead, it may gain bitcoin exposure through other investment products or derivatives.

Gold plays a key role in the BPRO ETF. Bitwise and its partner, Proficio Capital Partners, describe gold as the fund’s main anchor because it has been used as a store of value for centuries.

Bitcoin adds a modern element to the strategy. Bitwise believes bitcoin’s fixed supply makes it similar to gold, but in digital form. “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,” Hougan said.

Bitwise partnered with Proficio Capital Partners, a Boston-based investment firm that manages about $5 billion for wealthy families and institutions. Proficio has spent more than a decade developing strategies focused on protecting wealth from currency debasement.

“Currency debasement isn’t just a theoretical risk; it is an active tax on every dollar an investor saves,” said Proficio CIO Bob Haber. He said BPRO brings together traditional precious metals strategies with newer digital assets.

Interest in BPRO was strong at launch. On its first day of trading, the fund saw over $13 million in trading volume and quickly reached more than $50 million in assets.

This comes at a time when gold and silver have performed much better than bitcoin. Over the past year, gold and silver prices have surged, while bitcoin has declined despite reaching a record high in late 2025.

This has raised questions about bitcoin’s short-term role as a safe haven. Still, Bitwise believes bitcoin’s long-term value story remains intact, especially as institutional demand through ETFs continues to grow.