Bitwise launches Bitcoin-gold ETF, betting on currency debasement

Asset manager Bitwise has launched an exchange-traded fund (ETF) that combines Bitcoin and gold, stepping up its bet on the so-called “currency debasement” trade. The move comes even as Bitcoin has recently lagged gold, underscoring Bitwise’s focus on its role as a long-term store of value.

According to AMBcrypto on the 24th (local time), Bitwise rolled out the “Bitwise Proficio Debasement ETF (BPRO),” which invests in both Bitcoin and gold. The product targets a strategy that pairs gold and Bitcoin as safe-haven assets in an environment of widening U.S. fiscal deficits and currency debasement.

Through this ETF, Bitwise expects demand to grow for scarce assets such as gold, silver and Bitcoin. The strategy is based on the view that rising U.S. government debt—and the resulting currency debasement—can erode purchasing power and asset values.

Matt Hougan, Bitwise’s chief investment officer (CIO), said, “By combining gold’s historic scarcity with Bitcoin’s digital scarcity, BPRO offers a new hedging tool against the decline in fiat-currency value.” He added that traditional stocks and ETFs failed to adequately protect asset values during periods of surging money supply.

Bitwise emphasized that debasement risk is a tangible threat, citing U.S. national debt nearing about $40 trillion and the dollar’s purchasing power falling roughly 40% over the past 20 years. The launch came just days after rival 21Shares introduced a similar Bitcoin-gold ETF.

BPRO posted about $13.2 million in trading volume and $52.4 million in assets under management (AUM) on its first day. Bitwise said that, in a recent institutional investor survey, “alternative hedges against fiat-currency debasement” ranked as the top area of interest after stablecoins.

Still, the short-term correlation between Bitcoin and gold remains unstable. Over the past year, gold rose about 78% while Bitcoin fell about 14%, highlighting a divergence. Analysts say the correlation between Bitcoin and gold turned negative after the sharp drop in October 2025, and recovery attempts have failed so far in 2026 amid geopolitical tensions and instability in Japan’s government bond market.