Crypto asset manager Bitwise debuted an exchange-traded fund on Thursday that offers exposure to cryptocurrency and precious metals, positioning the product as a way for investors to capitalize on the debasement of fiat currencies, including the U.S. dollar. The Bitwise Proficio Currency Debasement ETF, which trades on the NYSE under the ticker symbol BPRO, is issued in partnership with Proficio Capital Partners, a Boston-based investment advisory firm that manages around $5 billion in assets, according to ...

Core Viewpoint - Bitwise Asset Management launched the Bitwise Proficio Currency Debasement ETF (BPRO) on NYSE Arca, combining Bitcoin with gold and other precious metals to hedge against currency devaluation [1][7]. Company Overview - Bitwise manages over $15 billion in client assets and partnered with Proficio Capital Partners, which manages approximately $5 billion in client assets [2][3]. - Proficio's co-founder Bob Haber has a notable background, having served as Chief Investment Officer of Fidelity Investments Canada for 12 years [3]. Fund Strategy - The BPRO ETF maintains at least 25% in gold and includes additional precious metals and mining stocks, with fund managers adjusting holdings based on market conditions [1][6]. - Bitwise's Chief Investment Officer, Matt Hougan, emphasized the fund's combination of gold's historical scarcity and Bitcoin's modern digital scarcity, addressing concerns over the traditional stock and bond mix [4]. Market Context - BPRO enters a competitive market with existing products like Quantify Funds' BTGD and 21Shares' BOLD, with BPRO's expense ratio of 0.96% being lower than BTGD's 1.05% [5]. - The launch aligns with a growing investor interest in physical assets like gold, which recently reached record prices above $4,900 per ounce amid discussions on currency devaluation [7].