FBTC — Fidelity Wise Origin Bitcoin Fund

FBTC Price Performance — Growth of $10,000

Value of a $10,000 investment in FBTC over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

FBTC Drawdown

The "underwater" chart: FBTC's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Fidelity Wise Origin Bitcoin Fund (FBTC) operates within the Crypto category, which ETFValuer tracks as containing 11 distinct funds. Issued by Fidelity Investments, the fund has accumulated assets under management of $10.2 billion while trading at a price of $55.83. It holds an overall rank of #430 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of D with a score of 35.8 out of 100. The fund carries an expense ratio of 0.25% and offers a dividend yield of 0.00%. The substantial asset size relative to the category count suggests significant investor adoption despite the fund's lower overall ranking and grade. This combination of high assets and a low grade highlights a divergence between market capitalization and the specific performance metrics used for the valuation.

Recent price action shows a daily decline of 0.99% followed by a marginal weekly gain of 0.02%. Over the one-month horizon, the fund posted a return of +7.26%, yet this short-term gain contrasts sharply with longer-term losses. The three-month return stands at -17.50%, while the six-month figure deepens to -28.27%. Year-to-date performance is recorded at -28.60%, and the one-year return has fallen to -46.00%. Data for the three-year period is not available. The trajectory indicates a pattern where short-term volatility has not translated into sustained positive returns over the annual timeframe.

The fund is assigned a Volatility label of Very High, reflecting significant price fluctuations. The Sharpe ratio is recorded at -1.15, indicating that the returns generated have not compensated for the risk taken. A maximum drawdown of -53.35% demonstrates the extent of potential loss from peak to trough during the measured period. Beta data is not provided for this security. The combination of a negative Sharpe ratio and a severe maximum drawdown suggests the fund experiences substantial downside risk that outweighs its recent performance. This profile implies the fund is highly sensitive to market movements without a clear risk-adjusted return advantage.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

FBTC Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.54% and average daily volume is 4.1M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $10.2B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: FBTC is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

FBTC Performance History

How FBTC Compares to Other Crypto ETFs