Key Takeaways
- • The Fidelity Wise Origin Bitcoin Fund (ticker FBTC, listed on Cboe BZX) charges a 0.25% sponsor fee, with gross and net expense ratios both at 0.25%, and the sponsor may waive fees at its discretion.
- • Fidelity Digital Assets, N.A., an affiliate of the sponsor, is the primary bitcoin custodian, and the June 30, 2026 financial report states that all fund bitcoin was held with it.
- • BitGo Bank & Trust, N.A. is an additional bitcoin custodian available at the sponsor's discretion, but the April 29, 2026 prospectus reported no bitcoin allocated to BitGo and no then-current plan to transfer assets to it.
- • Individual retail shareholders cannot redeem shares for bitcoin; only authorized participants may create or redeem 25,000-share baskets, for cash or bitcoin.
- • The 30-day median bid/ask spread was 0.04% as of September 24, 2026, according to Fidelity Institutional, a published observation rather than a live quote.
Summary
The Fidelity Wise Origin Bitcoin Fund (FBTC) is a spot bitcoin exchange-traded product listed on Cboe BZX and issued by FD Funds Management LLC, a Fidelity Investments entity. The fund holds bitcoin directly and provides passive exposure to bitcoin prices, using the Fidelity Bitcoin Reference Rate as its benchmark. It is structured as a Delaware statutory trust treated as a grantor trust for U.S. federal income tax purposes and is not registered under the Investment Company Act of 1940.
The sponsor fee is 0.25%. The fee is calculated on the prior day's bitcoin holdings, as defined in the prospectus and net of liabilities, accrued daily and payable monthly. Fidelity reports both gross and net expense ratios at 0.25%. The sponsor may waive fees at its discretion, and taxes and certain extraordinary expenses are charged in addition to the sponsor fee. The fee terms were last checked on September 17, 2026.
Custody is divided among three institutions with distinct roles. Fidelity Digital Assets, N.A., formerly Fidelity Digital Asset Services, LLC and a sponsor affiliate, is the bitcoin custodian, and the June 30, 2026 financial report states that all fund bitcoin was held with it. BitGo Bank & Trust, N.A. is an additional bitcoin custodian available at the sponsor's discretion. However, the April 29, 2026 prospectus reported no bitcoin allocated to BitGo and no then-current plan to transfer assets to it. State Street Bank and Trust Company serves as cash custodian and transfer agent. Its appointment does not establish bitcoin custody.
Redemption mechanics are limited to large institutional participants. Retail shares cannot be redeemed for bitcoin. Authorized participants may create or redeem shares in baskets of 25,000 for either cash or bitcoin, under the procedures set out in the prospectus.
On trading costs, Fidelity Institutional reports a 30-day median bid/ask spread of 0.04% as of September 24, 2026. This is a published historical observation rather than a live spread. The review also addresses how the fund compares with BlackRock's iShares Bitcoin Trust (IBIT).
The sponsor fee is 0.25%. The fee is calculated on the prior day's bitcoin holdings, as defined in the prospectus and net of liabilities, accrued daily and payable monthly. Fidelity reports both gross and net expense ratios at 0.25%. The sponsor may waive fees at its discretion, and taxes and certain extraordinary expenses are charged in addition to the sponsor fee. The fee terms were last checked on September 17, 2026.
Custody is divided among three institutions with distinct roles. Fidelity Digital Assets, N.A., formerly Fidelity Digital Asset Services, LLC and a sponsor affiliate, is the bitcoin custodian, and the June 30, 2026 financial report states that all fund bitcoin was held with it. BitGo Bank & Trust, N.A. is an additional bitcoin custodian available at the sponsor's discretion. However, the April 29, 2026 prospectus reported no bitcoin allocated to BitGo and no then-current plan to transfer assets to it. State Street Bank and Trust Company serves as cash custodian and transfer agent. Its appointment does not establish bitcoin custody.
Redemption mechanics are limited to large institutional participants. Retail shares cannot be redeemed for bitcoin. Authorized participants may create or redeem shares in baskets of 25,000 for either cash or bitcoin, under the procedures set out in the prospectus.
On trading costs, Fidelity Institutional reports a 30-day median bid/ask spread of 0.04% as of September 24, 2026. This is a published historical observation rather than a live spread. The review also addresses how the fund compares with BlackRock's iShares Bitcoin Trust (IBIT).
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