What do the expense ratios for BTC and FBTC mean?

The expense ratio is the annual fee charged by the fund. BTC has an expense ratio of 0.15%, while FBTC has 0.25%. This represents a 0.10 percentage point difference. Over time, this means holding BTC would theoretically incur lower costs than FBTC, all else being equal. Investors should note that lower fees generally preserve more of the investment returns, but the primary focus should remain on understanding the underlying asset and its risks rather than cost alone.

How do ETFs like BTC and FBTC track Bitcoin?

BTC and FBTC are exchange-traded funds designed to provide exposure to the price movements of Bitcoin. While the data does not specify an index tracked for either fund, they generally hold Bitcoin or derivatives to mirror the performance of the underlying cryptocurrency. Investors should understand that these are not direct purchases of Bitcoin wallets but regulated investment vehicles. Their performance is expected to correlate closely with Bitcoin prices, minus fees and potential tracking errors, offering a way to gain exposure through traditional brokerage accounts.

Why is top holdings data unavailable for these funds?

The fund data indicates that top holdings are 'not available' for both BTC and FBTC. This often occurs with asset-backed funds where the primary asset is a commodity or cryptocurrency rather than a diversified portfolio of stocks. In such cases, the fund essentially holds the underlying asset itself. The lack of detailed holding data limits transparency on portfolio composition, meaning investors rely more on the trust or issuer structure and the stated objective rather than a list of specific securities held within the ETF.

How do the net assets of BTC and FBTC compare?

FBTC has net assets of $14.0 billion, whereas BTC has net assets of $5.1 billion. Larger net assets often provide higher liquidity, meaning it may be easier to buy or sell shares without significantly affecting the share price. While BTC’s $5.1 billion provides moderate liquidity, FBTC’s substantially larger size may offer tighter bid-ask spreads. Investors considering entry or exit size should weigh these liquidity differences, as larger funds typically attract more institutional participation and trading volume, potentially reducing transaction costs for retail investors.

What is the difference in fund inception dates?

FBTC was established on 10 January 2024, while BTC began operations on 31 July 2024. This gives FBTC a longer operational history, allowing for more historical data analysis regarding its performance and stability. BTC is a newer fund, which means investors have less time-series data to evaluate its tracking accuracy and management over various market cycles. A longer inception date does not guarantee better future performance, but it can provide more context for how the fund has responded to previous market conditions.

Are there any shared top holdings between BTC and FBTC?

The data states that there are no shared top holdings listed for these ETFs, partly because detailed top holdings are 'not available' for both. This is typical for single-asset ETFs where the primary exposure is to one specific commodity or digital asset, rather than a basket of various stocks. Therefore, comparing portfolio overlap is not relevant in the traditional sense. Both funds aim to replicate Bitcoin’s price action, so their economic exposure is largely identical despite the lack of listed stock holdings.

Which fund has a higher dividend yield?

Both BTC and FBTC have a dividend yield of 0.00%. This means neither fund currently distributes dividends to shareholders. ETFs focused on non-income-producing assets like Bitcoin typically do not pay dividends, as they do not generate cash flow from underlying holdings such as interest or dividends. Investors should not expect regular income from these vehicles. Any returns are derived from capital appreciation, which depends entirely on the fluctuating market price of Bitcoin, rather than periodic distributions from the fund.

Does the issuer information affect credibility?

FBTC is issued by Fidelity, a well-known financial institution, which can enhance perceived credibility and trust. In contrast, the issuer information for BTC is 'not available' in the provided data, which may limit transparency regarding the specific entity managing the trust structure. While Grayscale is the provider of the Mini Trust, the data does not list this under the issuer field for BTC. Investors often consider issuer reputation a factor in stability, but the lack of explicit issuer data for BTC requires additional due diligence to understand the management structure fully.

How does the category classification impact risk?

Both BTC and FBTC are classified under the 'Digital Assets' category. This classification indicates that their primary exposure is to the volatile cryptocurrency market, specifically Bitcoin. Unlike equity funds tied to specific sectors like technology or healthcare, digital assets are subject to unique risks including regulatory changes, technological vulnerabilities, and extreme price swings. The category itself does not differentiate between the funds, as both carry similar systemic risks associated with holding Bitcoin. Investors must assess their risk tolerance for digital assets independently of the fund structure.

What role does the index tracked play in selection?

The data shows that index tracked is 'not available' for both BTC and FBTC. Many ETFs replicate a specific benchmark, but some active or commodity-based funds may not reference a standard index in their public data. For investors, this means there is no benchmark to explicitly compare tracking error against. Instead, performance is judged relative to the spot price of Bitcoin. The absence of a named index requires investors to rely on the fund’s stated objective and historical price correlation with Bitcoin rather than index-conformity metrics.

Are these funds suitable for income investors?

No, these funds are not designed for income investors. Both BTC and FBTC report a dividend yield of 0.00%, indicating they do not provide regular distributions. They are capital appreciation vehicles linked to the price of Bitcoin. Investors seeking income should look for funds with established dividend yields. Those considering these ETFs should understand that their primary goal is exposure to Bitcoin’s price movements. Consequently, returns rely solely on the asset’s market value increasing, with no passive income component to offset potential volatility or price declines.

BTC vs FBTC

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare Grayscale Bitcoin Mini Trust ETF (BTC) and Fidelity Wise Origin Bitcoin Shares (FBTC). This page examines their fees, holdings, dividends, and how each fund tracks its market. See how the $5.1 billion BTC with a 0.15% expense ratio stacks up against the $14.0 billion FBTC with a 0.25% fee. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

BTC

Metric

FBTC

0.15%

Expense Ratio

0.25%

0.00%

Dividend Yield

0.00%

$5.10B

Net Assets

$14.03B

Holdings

Jul 31, 2024

Inception Date

Jan 10, 2024

–

Index Tracked

–

Digital Assets

Fund Category

Digital Assets

BTC costs about $10.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

BTC

Pros

Expense ratio is 0.15 percent, lower than many competitors.
Net assets of 5.1 billion provide moderate liquidity.
Inception date of 31 July 2024 offers recent operational data.

Considerations

Issuer is not available, limiting transparency.
No index tracked information provided.
Top holdings are not available, preventing transparency on portfolio composition.

FBTC

Pros

Net assets of 14.0 billion provide high liquidity.
Inception date of 10 January 2024 offers more operational history than newer funds.
Issuer is Fidelity, enhancing credibility.

Considerations

Expense ratio is 0.25 percent, higher than some alternatives.
No index tracked information provided.
Top holdings are not available, limiting transparency.

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About BTC and FBTC

BTC (BTC)

The Grayscale Bitcoin Mini Trust ETF (BTC) is a digital asset fund that offers investors exposure to Bitcoin without requiring them to manage private keys or use exchanges. As of July 2024, it tracks the price of one Bitcoin, with a net asset value designed to reflect the performance of Bitcoin minus the fund’s expenses. The fund charges a low 0.15% expense ratio, which may appeal to cost-conscious investors, and does not pay dividends. With USD 5.10 billion in net assets, it provides a liquid way to include Bitcoin in a diversified portfolio. However, it’s important to remember that Bitcoin’s price can be highly volatile, and the fund’s value can drop as well as rise. Investors should consider their risk tolerance and financial circumstances before investing.

FBTC (FBTC)

FBTC is presented here only as a ticker symbol; no issuer or company details were provided. Before considering any exposure, investors should confirm what asset FBTC represents — an ordinary share, an exchange-traded product, a fund, or something else — and consult the official prospectus or issuer website. Key things to check include the underlying holdings, management or custody arrangements, fees, listing venue and liquidity. If FBTC is linked to digital assets or cryptocurrencies, expect materially higher volatility, 24/7 market behaviour and evolving regulatory treatment. Assess how it fits your time horizon, risk tolerance and diversification needs. Costs, tax treatment and operational risks can materially affect returns. This summary is educational only and not personalised advice; values can fall as well as rise, and past performance is not a reliable indicator of future results. Seek professional advice if you are unsure about suitability.

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BTC vs FBTC

Fund Snapshot