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FBTC on CBOE

Fidelity Wise Origin Bitcoin Fund

American commodity contracts brokers and dealers company based in Boston2

In its 2026 annual report the company says: “Fidelity Wise Origin Bitcoin Fund is a Delaware statutory trust formed on March 17, 2021.”4 Its shares trade on CBOE under the symbol FBTC.2

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Last updated Oct 21, 2026.

Overview

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  • TickerFBTC on CBOE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address245 Summer Street, Boston, Ma 022103
  • Filer categoryLarge accelerated filer3
  • Legal formBusiness Trust2
  • Kind of organizationInvestment fund2
  • LEI254900ICT5W5WU7K9J502
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC DELAWARE TRUST COMPANY, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00018523172

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Fidelity Wise Origin Bitcoin Fund (the “Trust”) is a Delaware statutory trust formed on March 17, 2021. The Trust issues common shares of beneficial interest (“Shares”), which represent fractional undivided beneficial interest in and ownership of the Trust. The Shares of the Trust are listed on the Cboe BZX Exchange, Inc. (“Cboe BZX” or the “Exchange”). FD Funds Management LLC (the “Sponsor”) is the sponsor of the Trust, CSC Delaware Trust Company (the “Trustee”) is the trustee of the Trust, State Street Bank and Trust Company (“State Street” or the “Transfer Agent”) is the Trust’s transfer agent (in such capacity, the “Transfer Agent”) and cash custodian (in such capacity, the “Cash Custodian”), and Fidelity Digital Assets, N.A. (formerly Fidelity Digital Asset Services, LLC) (“FDA” or the “Custodian”) is the custodian for the Trust, and holds all of the Trust’s bitcoin on the Trust’s b…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5-$1.6B in 2025
-$2.5B0$2.5B$5.0B$7.5B2023: $0$020232024: $6.9B$6.9B20242025: -$1.6B-$1.6B2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Investment income$0$0$0
Sponsor fee$50.7M$26.6M
Total Expenses Before Waiver$50.7M$26.6M
Sponsor fee waived$0$11.6M
Net Expenses$50.7M$15.0M
Net Investment Income (Loss)-$50.7M-$15.0M$0
Net realized gain (loss) on investment in bitcoin sold for redemptions-$442.2M-$390.6M$0
Net realized gain (loss) on investment in bitcoin distributed for redemptions-$5.6M$0$0
Net realized gain (loss) on investment in bitcoin transferred to pay the Sponsor fee-$1.2M-$1.5M$0
Net change in unrealized appreciation (depreciation) on investment in bitcoin-$1.1B$7.4B$0
Net Realized and Change in Unrealized Gain (Loss) on Investment in Bitcoin-$1.5B$7.0B
Net Increase (Decrease) in Net Assets Resulting from Operations-$1.6B$6.9B$0

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Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • President of the SponsorCynthia Lo Bessette named Dec 20, 20249
  • Treasurer of the SponsorHeather Bonner named Dec 20, 20249

Former names

  • Wise Origin Bitcoin TrustMar 24, 2021 to Oct 17, 20233

Timeline

  1. Feb 5, 20268-K Entered a material agreement; Executive or director change10
  2. Jul 23, 20258-K Bylaws or fiscal year changed11
  3. Mar 17, 2021Founded Fidelity Wise Origin Bitcoin Fund is founded2

Filings

60 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 2 major events, 1 private raises, 46 other. The latest 20:

  1. Aug 6, 202610-Q EDGAR
  2. May 6, 202610-Q EDGAR
  3. Apr 29, 2026424B3 EDGAR
  4. Mar 26, 2026424I EDGAR
  5. Feb 25, 202610-K EDGAR
  6. Feb 5, 20268-K EDGAR
  7. Nov 7, 202510-Q EDGAR
  8. Aug 8, 202510-Q EDGAR
  9. Jul 31, 2025EFFECT EDGAR
  10. Jul 31, 2025424B3 EDGAR
  11. Jul 31, 2025CORRESP EDGAR
  12. Jul 23, 20258-K EDGAR
  13. Jul 21, 2025CORRESP EDGAR
  14. Jul 21, 2025S-3/A EDGAR
  15. Jun 26, 2025UPLOAD EDGAR
  16. Jun 18, 2025CORRESP EDGAR
  17. Jun 5, 2025UPLOAD EDGAR
  18. May 23, 2025S-3 EDGAR
  19. May 9, 202510-Q EDGAR
  20. Mar 28, 2025424I EDGAR

The 60 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$129.4M 2024–2024
Money received by yearMoney received by year, 2024–2024: $129.4M in all. Private raises (Form D) $129.4M.$0$50M$100M$150M2024 · Private raises (Form D): $129.4M2024
Figures by year
YearPrivate raises (Form D)Total
2024$129.4M$129.4M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Dec 6, 2024Raised $129.4 million in a private offering of equity9 Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Cantor Fitzgerald, L. P.2,561,862$130.8M1.3%+1,280,931
Schonfeld Strategic Advisors LLC1,974,767$100.8M0.5%−555,469
Almitas Capital LLC1,364,522$69.7M16.7%−172,115
Millennium Management LLC1,349,522$68.9M0.0%−1,410,701
Patient Capital Management, LLC1,217,595$62.2M2.1%+863,764
ParaFi Capital LP1,050,000$53.6M19.4%No change
Morgan Stanley953,772$48.7M0.0%+100,823
Jane Street Group, LLC886,736$45.3M0.0%−1,067,438
Pine Ridge Advisers LLC834,367$42.6M2.6%No change
Consolidated Portfolio Review Corp834,367$42.6M3.5%No change
Envestnet Asset Management Inc661,034$33.7M0.0%+51,954
Mariner, LLC636,321$32.5M0.0%+8,787
United Capital Management of KS, Inc.543,285$27.7M3.6%−20,462
EverSource Wealth Advisors, LLC458,888$23.4M0.8%+6,513
Beaumont Financial Advisors, LLC453,008$23.1M1.5%+7,705
Kaleidoscope Capital LP431,682$22.0M8.1%+16,957
Susquehanna International Group, Llp421,773$21.5M0.0%−105,969
HighTower Advisors, LLC421,335$21.5M0.0%+35,323
Cresset Asset Management, LLC417,180$21.3M0.1%−81,344
Means Investment Co., Inc.415,000$21.2M1.6%+116,394
Cetera Investment Advisers412,507$21.1M0.0%+5,443
Tidal Investments LLC326,110$16.6M0.0%−217,671
Legacy Wealth Asset Management, LLC301,367$15.4M3.4%−862
Citadel Advisors LLC298,386$15.2M0.0%New
BlackRock, Inc.288,188$14.7M0.0%−5,645

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Fidelity Wise Origin Bitcoin Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFidelity Wise Origin Bitcoin Fund1
  • CIK0001852317
  • Employer ID (EIN)86-66063794
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address245 Summer Street, Boston, MA 022101
  • Phone(617)-392-22111
  • Shares outstanding197,403,476 as of Jul 31, 20267
  • Public float$21.5B as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMar 24, 20211
  • Filings61 in all: CORRESP (13), 10-Q (8), UPLOAD (7), S-1/A (6), 424B3 (4), 10-K (3), CERT (3), EFFECT (3)1
    All 17 form types

    FWP (3), 424I (2), 8-K (2), POS AM (2), 8-A12B (1), D (1), S-1 (1), S-3 (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Latest 8-K (8-K) Feb 5, 2026

Securities registered for trading

ClassSymbolExchange
Fidelity® Wise Origin® Bitcoin Fund SharesFBTCCboe BZX Exchange, Inc.

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Fidelity Wise Origin Bitcoin Fund names in Item 1A of its 10-K filed Feb 25, 2026: 76 risks under these headings, as written.4

  • The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • Digital assets such as bitcoin have a limited operating history relative to traditional asset classes, and the medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.
  • Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.
  • It may be illegal now, or in the future, to acquire, own, hold, sell or use digital assets in one or more countries.
  • Risks Associated with Bitcoin and the Bitcoin Network
  • Bitcoin is a relatively new technological innovation with a limited operating history.
  • Spot markets on which bitcoin trades are relatively new and largely unregulated or may not be complying with existing regulations and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust.
  • Momentum pricing.
  • A decline in the adoption of bitcoin could negatively impact the Trust.
  • Irrevocable nature of blockchain-recorded transactions.
The other 65 risks
  • The loss or destruction of a private key required to access bitcoin may be irreversible.
  • A disruption of the internet may affect bitcoin operations, which may adversely affect the bitcoin industry and an investment in the Trust.
  • Potential amendments to the Bitcoin network’s protocols and software could, if accepted and authorized by the Bitcoin network community, adversely affect an investment in the Trust.
  • The open-source structure of the Bitcoin network protocol means that the core developers and other contributors are generally not directly compensated for their contributions in maintaining and developing the Bitcoin network protocol. A failure to properly monitor and upgrade the Bitcoin network protocol could damage the Bitcoin network and an investment in the Trust.
  • Decentralized governance of the Bitcoin network could have a negative impact on the performance of the Trust.
  • The inability to recognize the economic benefit of a “fork” or an “air drop” could adversely impact an investment in the Trust.
  • Network Forks.
  • In the event of a hard fork of the Bitcoin network, the Sponsor will, as permitted by the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.
  • Bitcoin is subject to cybersecurity risks, which could adversely affect an investment in the Trust or the ability of the Trust to operate.
  • If miners expend less processing power on the Bitcoin network, it could increase the likelihood of a malicious actor obtaining control.
  • If bitcoin mining operators divert capital, power, facilities, or personnel away from bitcoin mining to support artificial intelligence and other high‑performance computing workloads, the Bitcoin network’s processing power could decline, at least for a period of time, which may negatively affect network security, transaction processing, and market confidence, and thereby adversely affect the value of the Shares.
  • Cancer nodes.
  • Double-spending risks.
  • Flaws in source code.
  • Mathematical or technological advances could undermine the Bitcoin network’s consensus mechanism.
  • The Bitcoin network faces scaling challenges and efforts to increase the volume of transactions may not be successful.
  • New competing digital assets may pose a challenge to bitcoin’s current market position, resulting in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin and may have a negative impact on the performance of the Trust.
  • Competition from central bank digital currencies (“CBDCs”) could adversely affect the value of bitcoin and other digital assets.
  • Prices of bitcoin may be affected by stablecoins, the activities of stablecoin issuers and their regulatory treatment.
  • Operational cost may exceed the award for solving blocks or transaction fees. Increased transaction fees may adversely affect the usage of the Bitcoin network.
  • To the extent that any miners exclude some or all transactions, significant increases in fees and widespread delays in the recording of transactions could result in a loss of confidence in the Bitcoin network, which could adversely impact an investment in Shares.
  • Miners could act in collusion to raise transaction fees, which may adversely affect the usage of the Bitcoin network.
  • As technology advances, miners may be unable to acquire the digital asset mining hardware necessary to develop and launch their operations. A decline in the bitcoin mining population could adversely affect the Bitcoin network and an investment in the Trust.
  • If profit margins of bitcoin mining operations are not high, miners may elect to immediately sell bitcoin earned by mining, resulting in a reduction in the price of bitcoin that could adversely affect an investment in the Trust.
  • Bitcoin mining activities are energy-intensive, which may restrict the geographic locations of miners and have a negative environmental impact and consequently affect the price of bitcoin.
  • Large-Scale Sales or Distributions.
  • Congestion or delay in the Bitcoin network may delay purchases, sales or transfers of bitcoin by the Trust.
  • If the digital asset award for mining blocks and transaction fees for recording transactions on the Bitcoin network are not sufficiently high to incentivize miners, or if certain jurisdictions continue to limit or otherwise regulate mining activities, miners may cease expanding processing power or demand high transaction fees, which could negatively impact the value of bitcoin and the value of the Shares.
  • If the Bitcoin network is used to facilitate illicit activities or evade sanctions, businesses that facilitate transactions in bitcoin could be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of bitcoin and the value of the Shares.
  • Risks Associated with Investing in the Trust
  • Investment-Related Risks.
  • The NAV may not always correspond to the market price of bitcoin.
  • Different from directly owning bitcoin.
  • Index tracking risk.
  • Liquidity risk.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of bitcoin.
  • An Authorized Participant’s, or its Authorized Participant Designee’s, buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares.
  • The inability of Authorized Participants and market makers to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.
  • Arbitrage transactions intended to keep the price of Shares closely linked to the price of bitcoin may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.
  • The use of cash creations and redemptions, to the extent used by Authorized Participants, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of bitcoin and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • The Authorized Participants serve in such capacity for several competing exchange-traded bitcoin products, which could adversely affect the Trust’s operations and the secondary market for the Shares.
  • Security threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.
  • The Trust’s risk management processes and policies may prove to not be adequate to prevent any loss of the Trust’s bitcoin.
  • The Trust’s Custodian could become insolvent or become subject to a receivership or bankruptcy proceeding, which may result in a loss of or delay in access to Trust assets.
  • Loss of a critical banking relationship for, or the failure of a bank used by, the Trust could adversely impact the Trust’s ability to create or redeem Baskets, or could cause losses to the Trust.
  • The Trust is subject to risks due to its concentration of investments in a single asset class.
  • The lack of active trading markets for the Shares may result in losses on Shareholders’ investments at the time of disposition of Shares.
  • Several factors may affect the Trust’s ability to achieve its investment objective on a consistent basis.
  • The amount of bitcoin represented by the Shares will decline over time.
  • The Sponsor may need to find and appoint a replacement custodian quickly, which could pose a challenge to the safekeeping of the Trust’s bitcoin.
  • Limited recourse.
  • The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor, the Trustee, the Transfer Agent or the Custodian.
  • Intellectual property rights claims may adversely affect the Trust and the value of the Shares.
  • Unforeseeable risks.
  • The Sponsor’s policies and procedures may not fully mitigate the risk of conflicts of interest.
  • Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its Shareholders.
  • Risks Associated with the Index and Index Pricing
  • Right to change index.
  • Risks related to pricing.
  • Regulatory Risk
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or commodity pools under the Commodity Exchange Act.
  • Future and current regulations by a United States or foreign government or quasi-governmental agencies could have an adverse effect on an investment in the Trust.
  • Future regulations may require the Trust or the Sponsor to become registered, which may cause the Trust to liquidate.
  • The ongoing activities of the Trust may generate tax liabilities for Shareholders.
  • The tax treatment of bitcoin and transactions involving bitcoin for United States federal income tax purposes may change.
  • The tax treatment of bitcoin and transactions involving bitcoin for state and local tax purposes is not settled.
  • A hard “fork” of the Bitcoin Blockchain could result in Shareholders incurring a tax liability.
  • The intended tax treatment of the Trust will limit the flexibility of the Trust’s investment decisions.

Sources

The numbers on this page point here. Each one links to the record it came from.

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