Bitwise launches actively managed ETF pairing Bitcoin with gold

Bitwise just dropped a new ETF that's basically a hedge against your fiat money losing value. The Bitwise Proficio Currency Debasement ETF (ticker: BPRO) launched on the NYSE and it's actively managed — meaning they can shift allocations between Bitcoin, precious metals, and mining stocks. This isn't just another spot Bitcoin ETF; it's a full macro play.

The fund has a minimum 25% allocation to gold at all times and carries an expense ratio of 0.96%. It's framed around capital preservation, not just upside chasing — showing how crypto narratives are evolving for institutional players. Wealth managers can get Bitcoin exposure without going all-in on a single-asset product, especially with inflation still a concern.

Bob Haber, CIO at Proficio Capital Partners, pointed out that "gold remains a ghost in the modern portfolio," citing Goldman Sachs research showing gold ETFs make up less than 1% of private financial holdings.

Fiat currency debasement — the slow erosion of purchasing power — has been a core Bitcoin thesis forever. BTC was supposed to be the ultimate hedge, but recently it's been underperforming gold, raising questions about its effectiveness in the current macro environment.

Investment specialist Karel Mercx from Dutch advisory firm Beleggers Belangen argued that Bitcoin has failed as a reliable hedge against debasement. The most telling signal? When Trump publicly undermined the Fed's independence — a move that should spike inflation fears — gold reacted, but Bitcoin didn't. That weakens BTC's case as a near-term store of value.

So Bitwise's new ETF is essentially betting that combining Bitcoin with gold and mining equities creates a stronger, more resilient hedge than either asset alone. It's a recognition that crypto is maturing from a speculative bet into a legitimate component of macro strategy.