At a glance
FBTC charges 0.25% a year, below the 0.37% average of the 7 funds most like it (the 5th cheapest of 8). It has $10.31B in assets, the 2nd largest of that group. Over the past year it returned −30.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Fidelity Wise Origin Bitcoin Fund (FBTC) is an exchange-traded grantor trust. It holds bitcoin directly and aims to track the Fidelity Bitcoin Reference Rate, minus expenses. Its 0.25% sponsor fee is below the 0.37% average for similar spot bitcoin funds but above several rivals, such as Grayscale Bitcoin Mini Trust at 0.15%. Fidelity's own digital-asset bank, Fidelity Digital Assets, N.A., holds all of the trust's bitcoin.
Price history
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FBTC -30.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FBTC price data to Oct 27, 2026 | -7.9% | -30.0% | — | — | — | +21.4% |
- Over the year to Oct 27, 2026, FBTC returned -30.0%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (-6.6%); its best was 2025 (-6.6%).
- The deepest fall in its price history was 53.4% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.9% |
| 2025 | -6.6% |
| 2024 | +99.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds bitcoin directly, worth $10.31B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
Fidelity Wise Origin Bitcoin Fund invests in one thing: bitcoin. It aims to track bitcoin's price in US dollars, as measured by the Fidelity Bitcoin Reference Rate, minus costs such as its 0.25% yearly sponsor fee. It is passively managed and will not use derivatives such as futures. If a split in the Bitcoin network creates a new coin, the trust needs regulatory approval to claim it; any coin it claims is sold and the cash paid to shareholders.
Fidelity Product Services LLC designed the rate, and Coin Metrics, Inc. calculates it. Every 15 seconds, it pulls prices from eligible bitcoin exchanges and takes the median price, weighted by trading volume, over a rolling hour-long window. Using a median limits the pull of any one exchange or stray trade. The trust values its shares daily at 4:00 p.m. Eastern time using the same method.
FBTC is a trust registered under the Securities Act of 1933, not a fund regulated under the Investment Company Act of 1940, so it lacks some investor protections that mutual funds and most stock and bond ETFs have. Fidelity Digital Assets, N.A., a national trust bank affiliated with the sponsor, FD Funds Management LLC, holds all its bitcoin. Shares are created and redeemed only in blocks of 25,000; most investors simply trade them on the Cboe BZX Exchange.
What it really costs
- FBTC charges 0.25% a year, versus an average of 0.37% for the similar funds below (5th of 8, cheapest first).
Structure and tax notes
- 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.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
FBTC holds a single, highly volatile asset that produces no income, so it fits at most as a small, higher-risk position beside a diversified core.
FBTC launched in January 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its short history shows big swings. It rose 99.6% in 2024 (from its January launch), fell 6.6% in 2025 and was down 7.9% for 2026 through October 27. Its deepest drop was 53.4%, from October 6, 2025 to June 30, 2026. It had not recovered as of October 27, 2026. Volatility over the year to that date was 48.5%. Someone who needed cash during that slide would have been cashing out at roughly half the peak value. The fund pays no distributions, so any money taken out has to come from cashing out shares. The sponsor fee is 0.25% a year. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small bitcoin position in a regular brokerage or retirement account without handling private keys or crypto exchanges.
- Those who like that a Fidelity affiliate holds the bitcoin, at a 0.25% fee below the 0.37% peer average.
- Long-horizon investors who could sit through drops like the 53.4% fall from October 2025 to June 2026 without needing to cash out.
Look elsewhere if
- Retirees seeking income: the trust holds no income-producing assets and has made no distributions.
- Cost-focused bitcoin investors: Grayscale Bitcoin Mini Trust (0.15%), Bitwise Bitcoin ETF (0.20%) and ARK 21Shares Bitcoin ETF (0.21%) charge less.
- Investors wanting 1940 Act fund protections or a long track record: FBTC is a grantor trust with history only since January 2024.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FBTC this fund | 0.25% | $10.31B | -30.0% | — |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| GBTC Grayscale Bitcoin Trust ETF | 1.5% | $8.14B | -30.8% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
| BTCO Invesco Galaxy Bitcoin ETF | 0.25% | $315.9M | -30.0% | — |
Compared head to head: FBTC vs IBIT · all comparisons →
Questions investors ask
Is FBTC good for retirement?
FBTC may fit a retirement portfolio only as a small, higher-risk position. It holds nothing but bitcoin and pays no income. It fell 53.4% from October 6, 2025 to June 30, 2026 and had not recovered as of October 27, 2026. Its one-year return to that date was -30%. With history only since January 2024, it has not been tested in a long stock bear market. Anyone who may need cash soon faces real timing risk.
What's the difference between FBTC and IBIT?
Not much in strategy. Both hold bitcoin directly and charge a 0.25% sponsor fee. The main difference is size. iShares Bitcoin Trust ETF (IBIT) had about $43.4 billion in net assets, compared with FBTC's $10.3 billion, as of June 30, 2026. FBTC tracks the Fidelity Bitcoin Reference Rate, and Fidelity Digital Assets holds its bitcoin. One-year returns were close: -30% for FBTC through October 27, 2026, and -27.2% for IBIT through October 29, 2026.
Does FBTC pay dividends?
No. FBTC has made no distributions. It holds only bitcoin, which pays no interest or dividends. Any return comes from changes in bitcoin's price, minus the 0.25% sponsor fee. Investors who want cash from the position have to cash out shares. That could mean doing so after a sharp fall, such as the 53.4% decline between October 2025 and June 2026.
How much does FBTC cost compared to other bitcoin ETFs?
FBTC charges a 0.25% annual sponsor fee. That matches iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO). It is below the 0.37% average for similar spot bitcoin funds and ranks 5th lowest of 8. Grayscale Bitcoin Mini Trust (0.15%), Bitwise Bitcoin ETF (0.20%) and ARK 21Shares Bitcoin ETF (0.21%) cost less. Grayscale Bitcoin Trust ETF (GBTC) charges 1.5%. The fee comes out of the trust's assets.
Does FBTC actually own bitcoin?
Yes. FBTC is a grantor trust that holds bitcoin directly and does not use derivatives. Fidelity Digital Assets, N.A. keeps all of its bitcoin. It is a national trust bank affiliated with the sponsor, FD Funds Management LLC. Shares represent a fractional interest in the trust's assets. The trust issues and redeems shares only in blocks of 25,000, so most investors trade shares on the Cboe BZX exchange. It is not a 1940 Act fund.