The industry's first anti-devaluation ETF, Bitwise combines Bitcoin and gold into one basket

Bitwise and Proficio Capital Partners have launched a new actively managed ETF product, BPRO, which is the industry’s first ETF specifically targeting currency devaluation risk. The product invests in traditional anti-devaluation assets such as Bitcoin, gold, and silver, with an expense ratio of 0.96%, of which no less than 25% is allocated to gold. This new product reflects a deepening recognition among institutional investors of crypto asset allocation and also marks Bitwise’s further expansion in the field of crypto asset management.

Why is Bitwise launching this product now

Changes in market background

According to Bitwise’s recent Q4 2025 market report, the crypto industry is in a special phase. The report notes that Ethereum’s price fell 29% in Q4, but on-chain transaction volume hit a record high; crypto-related stocks declined about 20%, but revenue growth for crypto companies is expected to be three times that of other industries. This “high contrast” divergence has historically been seen at market bottoms, suggesting that a new recovery cycle may be brewing.

In this context, launching an ETF that hedges against currency devaluation makes more sense. As global central banks continue to inject liquidity and inflation pressures persist, investor demand for assets that combat devaluation is increasing. The market cap of stablecoins has surpassed $300 billion, with whales actively accumulating supply, all reflecting genuine market demand for hedging tools.

Logic behind product design

Bitwise Chief Investment Officer Matt Hougan emphasized that the fund combines gold’s historical scarcity with Bitcoin’s digital scarcity to build a modern investment portfolio. This statement is key, illustrating Bitwise’s approach: using traditional hedging assets (gold) together with emerging hedging assets (Bitcoin) to create a portfolio with both historical validation and future potential.

What does this product reflect

Institutional recognition of crypto assets is deepening

Bitwise itself serves as a good observation window. The company has already launched spot ETFs for multiple crypto assets such as Bitcoin, Ethereum, and XRP, all of which have attracted considerable capital inflows. According to the latest data, the total net inflow of Bitwise XRP ETF has reached $316 million, indicating increasing acceptance among institutional investors for such products.

Looking at the evolution of Bitwise’s product line—from single-asset ETFs to multi-asset portfolio ETFs—reflects the gradual maturity and segmentation of crypto asset management. The launch of an anti-devaluation portfolio ETF signifies that crypto assets are no longer just speculative tools but are being viewed as part of a diversified investment portfolio.

Real demand for hedging

The launch of this product is not just a whim but based on real market demand. The fact that stablecoin market cap has surpassed $300 billion shows strong investor demand for stable value. Products like BPRO are an upgrade based on this demand—they aim not only for stability but also for hedging against currency devaluation.

A fee ratio of 0.96% is not high compared to other actively managed funds, indicating that Bitwise is confident in this market and has priced it relatively reasonably.

Summary

Bitwise’s launch of the BPRO ETF represents a new direction in crypto asset management. It is not just a product release but also reflects three trends: first, institutional investors’ recognition of crypto assets is shifting from “optional” to “necessary”; second, crypto assets are evolving from mere speculative instruments to hedging tools; third, market demand for combating inflation and hedging risks is rising.

From an investor’s perspective, the emergence of such products provides a more convenient way for traditional investors to allocate crypto assets and anti-devaluation assets. Whether for Bitwise’s product line or the entire crypto asset management industry, this is a signal worth paying attention to.