Bitwise launches the Bitwise Bitcoin and Gold ETF (BPRO) on the NYSE, an actively managed fund blending Bitcoin, physical gold, and mining stocks to offer a new hybrid asset exposure.

Market context notes gold and silver gains over the past year and Bitcoin’s volatility, with experts pointing to a debasement trade amid deficits and money printing.

Bitwise CIO Matt Hougan frames currency debasement as a major risk, discussing central-bank dynamics and Bitcoin’s supply-demand factors, alongside gold’s ongoing demand from central banks.

Implications for households and institutions include the potential for spot Bitcoin ETFs and sustained institutional demand that has been central to Bitcoin’s supply dynamics since its debut.

While central banks haven’t bought Bitcoin, analysts foresee ETF-driven demand potentially lifting Bitcoin prices if demand exceeds supply, echoing gold dynamics.

Industry context highlights the rise of spot Bitcoin ETFs and growing interest in hybrid funds as crypto markets mature.

BPRO maintains a default allocation of at least 25% to gold and carries an expense ratio of 0.96%, underscoring a focus on capital preservation alongside growth.

The launch responds to demand for hybrid strategies and spot Bitcoin ETF interest, with advisors increasingly viewing currency debasement as a core 2026 concern.

The fund is pitched as a sophisticated, single-vehicle solution for gaining exposure to both digital and traditional assets, with diversification baked in through its gold and mining-stock components.

BPRO sits within a broader move to incorporate crypto assets into macro strategies, particularly amid inflation concerns and debates about Bitcoin’s role as a debasement hedge.

The strategy aims to create a new class of alternatives not tied to government currencies, driven by geopolitical tensions and rising sovereign debt.

Industry voices, including Ray Dalio and BlackRock, frame gold and Bitcoin within hedging narratives, shaping investor expectations around debasement-resistant assets.