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The Fidelity Wise Origin Bitcoin Fund (FBTC) is an exchange-traded fund designed to reflect the performance of Bitcoin’s spot-market price. The ETF is managed by Fidelity Digital Assets and trades under the ticker FBTC on the Cboe BZX Exchange.
Classified as a cryptocurrency ETF with spot Bitcoin exposure, the fund seeks to track the performance of Bitcoin before fees and expenses. FBTC does not primarily rely on futures contracts for exposure, instead holding Bitcoin directly in custody to support its shares.
The ETF follows a passive structure based on the physical custody of digital assets. The fund’s performance is linked to Bitcoin’s market price, taking into account custody arrangements, pricing mechanisms, and the creation and redemption process carried out by authorized participants.
Composition / Exposure profile
FBTC maintains concentrated exposure primarily associated with:
• Bitcoin.
• Cryptocurrency markets.
• Digital assets.
• Blockchain infrastructure.
• Global cryptoasset liquidity.
• Digital financial technology.
The ETF’s performance is sensitive to cryptocurrency-market volatility, global monetary conditions, and investor risk sentiment. Changes in Federal Reserve monetary policy, international liquidity conditions, regulatory developments, and institutional adoption of digital assets may also affect the fund’s behavior.
In addition, factors related to digital-asset custody, cybersecurity, and cryptocurrency trading dynamics may influence the ETF’s performance.
Structure and costs
FBTC shares trade on the secondary market on the Cboe BZX Exchange during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).
The fund charges a management fee as described in its prospectus and does not apply a performance fee. Because the ETF maintains direct Bitcoin exposure, its structure depends on institutional custody services designed for digital-asset storage.
FBTC does not seek to provide recurring dividend or interest distributions, since Bitcoin does not generate traditional cash flows like equities or fixed-income securities.
History and evolution of the ETF
The Fidelity Wise Origin Bitcoin Fund was launched in 2024 during a period marked by broader regulatory approval of spot Bitcoin ETFs in the U.S. market and increasing integration between traditional financial institutions and the digital-asset industry.
Since inception, the fund has reflected movements associated with the cryptocurrency market, including Bitcoin price fluctuations, regulatory developments, and changes in global monetary conditions.
In recent years, Bitcoin-related ETFs have gained broader visibility within the U.S. market amid growing institutional adoption of digital assets, discussions surrounding inflation and global liquidity, and increasing participation by large asset managers in the cryptocurrency sector.
Additional Information
Fidelity Wise Origin Bitcoin Fund (United States) is an exchange-traded fund (ETF), with assets under management totaling $11.43 billion.
Over the past 12 months, Fidelity Wise Origin Bitcoin Fund recorded a return of -44.73%, with its price trading between $50.82 and $109.44 during the same period.
The ETF is traded under the ticker FBTC.
