Fidelity’s Wise Origin Bitcoin Fund (FBTC) tracks cryptocurrency with a competitive 0.25% annual expense ratio, making it one of the most cost-efficient ways for mainstream investors to gain bitcoin exposure through a traditional brokerage account. Launched on January 11, 2024, FBTC has grown to approximately $11 billion in assets under management as of mid-July 2026, establishing itself as a major player in the spot bitcoin ETF market.
A spot bitcoin ETF holds actual bitcoin reserves and tracks the cryptocurrency’s price directly, rather than using futures contracts or other derivatives. According to Investopedia, spot bitcoin ETFs mirror the performance of bitcoin by tracking the CME’s reference rate, which is calculated once per day. Fidelity’s fund specifically seeks to track the Fidelity Bitcoin Reference Rate, adjusted for the trust’s expenses and other costs, meaning investors get exposure to bitcoin’s price moves without owning the cryptocurrency directly or dealing with digital wallets.
The 0.25% expense ratio became effective on August 1, 2024, after Fidelity waived the fee during the fund’s first six months. According to AAII, this fee is 75% lower than the category average for digital assets ETFs, positioning FBTC competitively among spot bitcoin products. While some newer entrants like Grayscale Bitcoin Mini (BTC) charge 0.15%, and Bitwise Bitcoin ETF (BITB) charges 0.20%, FBTC’s rate remains in the lower tier of the market. Grayscale’s original Bitcoin Trust (GBTC), by contrast, charges 1.50%, demonstrating how much the fee landscape has shifted since spot bitcoin ETFs arrived.
Fidelity uses its own custody services to hold the bitcoin backing each share, reducing counterparty risk for investors. The fund is passively managed, meaning it simply tracks bitcoin’s performance rather than making active trading decisions. This passive approach, combined with the low expense ratio, appeals to investors seeking straightforward bitcoin exposure without the complexity of buying and storing cryptocurrency directly.
FBTC’s growth reflects broader institutional adoption of spot bitcoin ETFs since their SEC approval in January 2024. According to ETF.com, the fund recorded $418 million in inflows during 2025 and has accumulated over $12 billion in total inflows since inception. As of July 2025, CoinGecko reported that FBTC accounts for over 9% of all spot bitcoin ETF assets globally, holding more than 206,000 bitcoin worth approximately $24 billion at that time.
Sources
- Fidelity Newsroom — Confirmed FBTC launch date (January 11, 2024) and 0.25% expense ratio
- AAII — Verified 0.25% expense ratio is 75% lower than category average
- Investopedia — Explained how spot bitcoin ETFs track the CME reference rate
- ETF.com — Reported $21.4 billion in assets under management and $418 million in 2025 inflows
- Morningstar — Provided current assets under management figure (~$11 billion)
- CoinGecko — Reported FBTC holds over 206,000 bitcoin and represents over 9% of spot bitcoin ETF assets
- NerdWallet — Compared expense ratios across spot bitcoin ETFs
