Fidelity Wise Origin Bitcoin Fund (FBTC) is a U.S. spot bitcoin exchange-traded product sponsored by FD Funds Management LLC, a Fidelity Investments company. It holds bitcoin and seeks to track the Fidelity Bitcoin Reference Rate, less expenses and other liabilities. Shares trade on Cboe BZX Exchange.
How FBTC works
FBTC provides bitcoin price exposure through a brokerage account without requiring investors to manage a crypto wallet. The fund is passively managed. Fidelity lists its inception date as January 10, 2024; exchange trading began on January 11, 2024.
Fidelity Digital Assets, N.A. safeguards the fund’s bitcoin. Retail investors buy and sell shares on the exchange and cannot redeem individual shares for bitcoin. Authorized participants can create or redeem 25,000-share baskets using cash or bitcoin under the fund’s procedures.
Fees and risks
The annual sponsor fee is 0.25%, accrued daily. Taxes and certain extraordinary expenses can be additional costs. Investors may also incur brokerage charges and bid/ask spreads when trading shares.
FBTC is a grantor trust and is not registered under the Investment Company Act of 1940. Its value is concentrated in bitcoin, which can experience sharp price swings and periods of reduced liquidity. Shares may trade above or below net asset value, and investors can lose their entire investment.
See Fidelity’s fund overview and the prospectus for full terms and risks.
