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FBTC vs GBTC

Fidelity Wise Origin Bitcoin Fund

FBTCBCboe

Grayscale Bitcoin Trust ETF

GBTCCNYSE Arca

Overlap

Expense ratio

FBTC −1.25pt a year

FBTC0.25%GBTC1.50%

Avg volume · 30D

FBTC 2.1×the volume

FBTC3.65MGBTC1.76M

FBTC vs GBTC Performance

Nov 6, 2025 – Nov 6, 2026

−25.1%FBTC−26.0%GBTC

Nov 6, 2025 to Nov 6, 2026. FBTC −25.1%. GBTC −26.0%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
FBTC 0.25%, better
GBTC 1.50%
Fund size
FBTC $13.5B
GBTC $9.39B
1Y total return
FBTC −25.1%, better
GBTC −26.0%
Yield (12M)
FBTC No data
GBTC 0.00%
Holdings
FBTC 1
GBTC 1
Avg volume (30D)
FBTC 3.65M sh, better
GBTC 1.76M sh
NAV per share
FBTC $65.88
GBTC $58.46
52W range

ETF.net Grade

FBTC: Cost 35, Risk 45, Mission 100, Tradability 78, Holdings not scored, Durability 76. GBTC: Cost 2, Risk 41, Mission 100, Tradability 89, Holdings not scored, Durability 77.
Pillar letters and Scores for FBTC, GBTC, with each pillar’s weight
PillarFBTCGBTC
Cost30% weightD35HigherF2
Mission25% weightA100A100
Risk15% weightC45HigherC41
Tradability15% weightA78A89Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA76A77Higher

Rank among Spot Bitcoin funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FBTC and GBTC are both graded against the same 12 Spot Bitcoin funds, so their Grades compare head to head.

Spot Bitcoin⁠

Category · 12 funds
See all 12 ›

FBTC ranks 7th and GBTC 10th of 12 funds in the Spot Bitcoin Category.

  1. Rank 6BARKBARK 21Shares Bitcoin ETFScore 68
  2. Rank 7BFBTCFidelity Wise Origin Bitcoin FundScore 64
  3. Rank 8BIBITiShares Bitcoin Trust ETFScore 63
  4. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  5. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  6. Rank 11CBTCWWisdomTree Bitcoin FundScore 53

Our read on each fund

ETF.net Research

FBTCBFidelity Wise Origin Bitcoin Fund

GBTCCGrayscale Bitcoin Trust ETF

In short

FBTC No data

GBTC The original bitcoin fund. GBTC dates to 2013, years before US spot bitcoin ETFs existed, and it still holds the coin directly. At 1.50% a year, it is also the most expensive door to that same asset.

Stated mandate

FBTC No data

GBTC The product is identified as a Bitcoin investment product.

Why people hold it

FBTC No data

  • GBTC Started in 2013, long before spot bitcoin ETFs were permitted in the US. The longest operating record of anything in the spot bitcoin group.
  • Holds spot bitcoin itself, not futures, and its price has tracked the coin closely.
  • Actively traded with a multi-billion-dollar asset base, so trading friction tends to be modest for a crypto product.

Worth knowing

FBTC No data

  • GBTC The 1.50% expense ratio sits far above the roughly 0.25% typical for the group. On an identical asset, fees are most of what separates these funds.
  • Grayscale's own Mini Trust (BTC) holds the same coin at 0.15%, and BITB and HODL charge 0.20%.
  • No distributions. Bitcoin pays nothing, so the ride is price only, and the fund follows the coin down as fully as up.

Full FBTC profile⁠

Full GBTC profile⁠

FBTC vs GBTC Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FBTC vs GBTC Cost

Overpaying GBTC vs FBTC

$21,124

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FBTC 0.25%

    $5,159

  • GBTC 1.50%

    $26,283

$10,000
30 years

Cost over time

  • FBTC 0.25%
  • GBTC 1.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530GBTC $26,283FBTC $5,159

Year by year

YearFBTCGBTCOverpaying
10$455$2,590$2,135
20$1,769$9,519$7,750
30$5,159$26,283$21,124

Expense ratio

  • 0.25%FBTC, cheaper
  • 1.50%GBTC
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

FBTC 7th cheapest of 12 funds

GBTC 12th cheapest of 12 funds

FBTC vs GBTC Dividends

Last 12 months to Nov 6, 2026
Yield (12M)
FBTC No data
GBTC 0.00%
Payout (12M)
FBTC None
GBTC None

Distribution history

FBTCAll FBTC payments⁠

No distribution history available.

GBTCAll GBTC payments⁠

No distribution history available.

FBTC vs GBTC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FBTC 53.4%since Feb 2024GBTC 51.9%
Return per unit of riskSharpe ratio, 3 years
FBTC 0.56since Feb 2024GBTC 0.67
Worst fallMax drawdown, 5 years
FBTC −53.4%since Jan 2024GBTC −85.4%
Market sensitivityBeta, 5 years
FBTC 2.17GBTC 2.04

FBTC and GBTC in the news

All news⁠

Popular comparisons

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