ETF Versus

FBTC vs GBTC

Fidelity Wise Origin Bitcoin Fund vs Grayscale Bitcoin Trust ETF

Last updated: 2026-04-10

FBTC

Fidelity Wise Origin Bitcoin Fund (FBTC) is an exchange-traded fund that provides exposure to cryptocurrency securities. It charges a moderate expense ratio of 0.25%. Launched in 2024, the fund has a 2-year track record.

AUM: $13.4B ER: 0.25% Yield: N/A Since: Jan 10, 2024
GBTC

Grayscale Bitcoin Trust ETF (GBTC) is an exchange-traded fund that provides exposure to cryptocurrency securities. It charges a high expense ratio of 1.50%. Launched in 2024, the fund has a 2-year track record.

AUM: $11.0B ER: 1.50% Yield: N/A Since: Jan 11, 2024

Quick Verdict

FBTC is significantly cheaper at 0.25% vs 1.50% expense ratio, saving you approximately $2,323 per $10,000 invested over 10 years. FBTC has edged ahead over the past year (-9.4% vs -10.7%).

Key Metrics

Metric FBTC GBTC
Expense Ratio 0.25% 1.50%
Dividend Yield N/A N/A
Fund Family N/A N/A
Category Cryptocurrency Cryptocurrency

Performance Chart

Indexed to 100 at start (5-year comparison)

15 64 113 162 211 260 2024-01 2024-07 2025-02 2025-09 2026-04
FBTC +53.7%
GBTC +20.0%

Performance Comparison

Period FBTC GBTC Difference
1 Month +2.05% +1.93% +0.12%
3 Months -21.16% -21.43% +0.27%
6 Months -37.82% -38.25% +0.43%
YTD -19.64% -20.00% +0.36%
1 Year -9.41% -10.68% +1.27%
3 Years +53.69% +250.53% -196.84%
5 Years +53.69% +19.96% +33.73%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period FBTC Fees GBTC Fees You Save
$10,000 10 years $495 $2,818 $2,323
$10,000 20 years $2,111 $11,373 $9,262
$10,000 30 years $6,758 $34,483 $27,725
$50,000 10 years $2,473 $14,089 $11,616
$50,000 30 years $33,792 $172,415 $138,623
$100,000 30 years $67,584 $344,829 $277,245

Risk Metrics

Based on 5 years of daily returns

Metric FBTC GBTC
Annualized Volatility 51.0% 63.9%
Max Drawdown -49.3% -85.8%
Sharpe Ratio 0.55 0.31

Dividend Comparison

Metric FBTC GBTC
Annual Dividend (per share) $0.00 $0.00
Dividend Yield 0.00% 0.00%
Distribution Frequency None None

Which One Should You Choose?

Choose FBTC if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Either works if...

you just need broad cryptocurrency exposure. Both are solid options — pick whichever your brokerage offers commission-free.

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