Bitwise Asset Management is expanding its ETF suite beyond pure-play crypto exposure, launching a first-of-its-kind strategy that bundles Bitcoin with traditional stores of value like gold, silver, and mining equities.
The Bitwise Proficio Currency Debasement ETF (NYSE: BPRO), which began trading today, pitches itself as a "new weapon" for investors looking to shield their portfolios from what the firm describes as the "unstoppable train of reckless spending" by global governments.
The ‘debasement’ trade
The launch of BPRO comes as the "fiscal dominance" narrative, the idea that government debt levels are forcing central banks to perpetually devalue their currencies, gains traction in both crypto and traditional finance circles.
Bitwise CEO Hunter Horsley took note of the convergence of these asset classes. Bitcoin, precious metals, and miners are often viewed as distinct sectors, but they share a common investment thesis: "All are ways investors position to benefit from currency debasement."
In its launch announcement, Bitwise cited stark macroeconomic figures to justify the product’s existence/ The U.S. dollar has lost roughly 40% of its purchasing power since 2006. U.S. federal debt has quintupled over the last two years to nearly $40 trillion. Interest payments on that debt now exceed $1 trillion annually.
Active management
Unlike Bitwise’s passive spot Bitcoin ETF (BITB), BPRO is an actively managed vehicle. The fund seeks to rotate exposure between Bitcoin, physical metals, and mining stocks based on market cycles and relative valuation.
To execute this strategy, Bitwise has partnered with Proficio Capital Partners, a multi-family office and investment advisory firm with $5 billion in assets under management (AUM).
Founded in 2014, Proficio has spent over a decade refining this specific "debasement strategy" for high-net-worth families and foundations. The partnership signals Bitwise’s intent to package institutional-grade "hard money" strategies for the retail ETF market.
The convergence of hard money
The launch of BPRO represents a significant structural shift in how asset managers are packaging "store of value" assets. Historically, investors had to choose between being a "gold bug" or a "bitcoiner." BPRO attempts to unify these camps under a single ticker, acknowledging that both assets are ultimately distinct bets against the same counterparty: the central bank printing press.
Alex Dovbnya
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