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iShares Bitcoin Trust ETF (NASDAQ:IBIT) and Fidelity Wise Origin Bitcoin Fund (NYSEMKT:FBTC) both deliver pure-play bitcoin exposure with identical expense ratios, but differ in assets under management, trading statistics, and subtle variations in historical performance and risk.
Both iShares Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund are designed for investors seeking straightforward access to bitcoin price performance through traditional brokerage accounts, avoiding the technical and custody challenges of holding cryptocurrency directly. This comparison highlights the practical differences that may matter most for those weighing these two leading spot bitcoin ETFs.
|
Metric |
IBIT |
FBTC |
|---|---|---|
|
Issuer |
IShares |
Fidelity |
|
Expense ratio |
0.25% |
0.25% |
|
1-yr return (as of 2026-01-30) |
(20.5%) |
(20.4%) |
|
AUM |
$64.8 billion |
$17.7 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
Both funds are priced at 0.25% annually, making them more affordable than most actively managed vehicles targeting alternative assets. With no dividend or yield offered by either ETF, cost efficiency is the primary differentiator on fees.
|
Metric |
IBIT |
FBTC |
|---|---|---|
|
Max drawdown (2 y) |
(33.38%) |
(33.28%) |
|
Growth of $1,000 over 2 years |
$1,954 |
$1,961 |
Fidelity Wise Origin Bitcoin Fund is a straightforward vehicle for bitcoin exposure, holding 99.98% of assets in Bitcoin (XBTUSD) and the remainder in net other assets. Sector allocation is not reported, but with just two holdings and over two years on the market, the fund is focused exclusively on tracking bitcoin’s price. There are no notable quirks or leverage resets, and the fund does not track a named index.
iShares Bitcoin Trust ETF is even more concentrated, with 100% of its portfolio in bitcoin and cash, and no sector diversification. Its assets under management (AUM) are much larger, at roughly $64.8 billion, and the fund’s top holdings mirror FBTC’s, with bitcoin dominating the exposure. Like FBTC, IBIT is structured for simplicity, with no additional overlays or quirks.
For more guidance on ETF investing, check out the full guide at this link.
These are the two largest spot bitcoin ETFs available to investors, but IBIT is far and away the largest at around $65 billion in assets under management. FBTC is a distant second with about $17.7 billion.
There really is no difference in holdings, as both are 100% invested in bitcoin and have basically identical returns. Both are down about 16.3% year-to-date and 26% over the past 12 months, as of Feb. 4.
The similarities don’t end there, as the two ETFs carry the same expense ratio of 0.25%. IBIT had a lower ratio to start, but it is now 0.25% for new investors.
So, what, if anything, would give the edge to one of these ETFs over the other? Obviously, if you are a Fidelity brokerage customer, it would be more convenient to buy on the Fidelity platform and have custody handled in-house. It would also be kept with your other investments.
The advantage IBIT has is that it provides greater liquidity from significantly more trading volume. This typically results in lower trading costs and faster trade execution.
So, in reality, there is not a huge difference between the two aside from convenience for Fidelity brokerage customers and the liquidity edge for the iShares ETF.
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