At a glance
FBTC and IBIT are both trusts that hold bitcoin directly, so what sets them apart is cost, size and trading. Both charge 0.25% a year, $250 on every $100,000. FBTC has $10.31B in assets and IBIT $43.40B. Over the past year FBTC returned −30.0% and IBIT −30.4%.
Key differences
| FBTC | IBIT | |
|---|---|---|
| Fund | Fidelity Wise Origin Bitcoin Fund | iShares Bitcoin Trust ETF |
| Sponsor | FD Funds Management LLC | iShares |
| Structure | Grantor trust | Grantor trust |
| Type | Bitcoin | Bitcoin |
| Launched | Jan 10, 2024 | Jan 5, 2024 |
| Expense ratio | 0.25% | 0.25% |
| Cost a year on $100,000 | $250 | $250 |
| Net assets | $10.31B | $43.40B |
| Price data from | Jan 11, 2024 | Jan 11, 2024 |
Structure and tax notes
- Both: Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Both: Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
Holdings and overlap
Both trusts hold bitcoin directly rather than stocks or bonds, so there is no holdings list to compare: each share is a claim on the same asset, and the difference between them is what each charges, how large it is and how its shares trade.
Returns
$10,000 put into FBTC on Jan 31, 2024 was worth $18,848 on Oct 27, 2026, and in IBIT $17,844 (+26.0% and +23.6% a year). That is as far back as the price data for both goes.
| 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|
| FBTC price data to Oct 27, 2026 | -30.0% | — | — | — |
| IBIT price data to Nov 2, 2026 | -30.4% | — | — | — |
Calendar years
| Year | FBTC | IBIT | Difference |
|---|---|---|---|
| 2026 | -7.9% * | -12.7% * | FBTC +4.8 |
| 2025 | -6.6% | -6.4% | IBIT +0.1 |
| 2024 | +99.6% | +99.2% | FBTC +0.4 |
Downturns and recovery
| FBTC | IBIT | |
|---|---|---|
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before it launched | Before it launched |
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before it launched | Before it launched |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before it launched | Before it launched |
| Worst fall in the price data | −53.4% (Oct 6, 2025 – Jun 30, 2026) | −53.3% (Oct 6, 2025 – Jun 30, 2026) |
Costs
Both funds charge 0.25% a year. The fee comes out of each fund's assets, so it is already in the returns above.