Bitwise launches BPRO Hedged ETF: 40 years of US dollar purchasing power shrunk by 40%, crypto assets officially enter mainstream allocation

Bitwise has launched a new actively managed ETF product, BPRO, on the NYSE, specifically targeting the risk of global fiat currency devaluation. The launch of this product reflects an important shift: cryptocurrencies are no longer just speculative tools but have officially entered the institutional asset allocation hedge toolset.

Core Design of the New Product

BPRO, short for Bitwise Proficio Currency Debasement ETF, is launched in partnership with Proficio Capital Partners, which manages $5 billion in assets. The fund employs an active management strategy, investing in gold, Bitcoin, silver, other precious metals, and mining stocks.

Notably, BPRO does not directly invest in cryptocurrencies but gains indirect exposure by investing in Crypto ETPs (Exchange-Traded Products). This design meets the compliance requirements of traditional institutional investors while maintaining exposure to crypto assets.

Macro Background of the Hedging Logic

Bitwise provides a clear macro rationale for the hedging logic in its product design. According to recent data:

• Since 2006, the purchasing power of the US dollar has declined by 40%
• US debt has approached $40 trillion
• Debt interest payments for fiscal year 2026 are projected to exceed $1 trillion

What do these figures indicate? The US federal government’s debt burden is rising rapidly, and the effectiveness of traditional bonds and cash as hedging tools is diminishing. Assets like gold and Bitcoin, which are difficult to manipulate or inflate, have become more effective tools for hedging rising deficits and monetary expansion risks.

Market Context: Basic Accumulation Amid Price Panic

From related news, the timing of BPRO’s launch is quite interesting. Bitwise’s recent market report points out that in Q4 2025, a “high contrast” phenomenon, commonly seen at bear market bottoms, appeared:

Prices are in panic, but data is accumulating. This contradiction creates a demand environment for hedge products like BPRO—investors are feeling the risks of short-term volatility but can see support from long-term fundamentals.

Shift in the Role of Crypto Asset Allocation

The launch of BPRO marks a formal shift in the role of crypto assets within asset allocation. Previously, Bitcoin and Ethereum were mainly viewed as alternative investments or high-risk assets. Now, they are being incorporated into hedge tools operated by mainstream asset management firms, alongside traditional safe-haven assets like gold and silver.

This is not just product innovation but a cognitive shift. The signal Bitwise conveys with this product is: in an era of rising macro uncertainty, crypto assets are not optional but a necessary component of allocation.

Performance of other Bitwise products also confirms this. According to the latest data, the Bitwise XRP ETF saw a single-day net inflow of $5.26 million on January 21, with total net inflows reaching $316 million. This indicates that investor recognition of Bitwise’s crypto products continues to grow.

Summary

The launch of BPRO has three noteworthy implications:

First, it is an official response from the asset management industry to macro risks. US debt pressure and currency devaluation are no longer fringe topics but core factors driving mainstream product design.

Second, crypto assets are upgrading from “alternative investments” to “essential allocations.” Gaining exposure through regulated tools like ETFs allows institutional investors to allocate more confidently.

Third, Bitwise is building a “comprehensive hedging ecosystem.” From Bitcoin ETFs to XRP ETFs and to products like BPRO, it is responding to market demand for multi-layered hedging tools through its product matrix.

In the short term, the market is still digesting macro uncertainties. But in the long term, the launch of such hedging products signifies that crypto assets are gaining increasing recognition and allocation at the institutional level.