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FBTC

Fidelity Wise Origin Bitcoin Fund
7 filings tracked
financialsasset managementLARGE ($10B-200B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

The Fidelity Wise Origin Bitcoin Fund (FBTC) continues to position itself as the premier institutional vehicle for Bitcoin exposure, leveraging a structural framework designed for maximum tax efficiency and cost leadership.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the narrative of cost leadership, the latest quarterly filing reveals a stark erosion of the fund's economic base.…

Risk Factors

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Synthesis (Verdict & Resolution)

The quarterly report for FBTC highlights the tension between institutional-grade structural advantages and the raw volatility of the underlying asset. On one hand, the Grantor Trust status and Sponsor-absorbed expense model provide a high-quality, low-friction wrapper for Bitcoin. On the other hand, the fund's performance is entirely tethered to Bitcoin's price, as evidenced by the multi-billion dollar decline in net assets and the resulting net outflows during the period ended March 31, 2026. Ultimately, the filing confirms that FBTC is operating as intended—as a passive, transparent tracker of Bitcoin. While the massive drop in NAV is a reflection of market conditions rather than operational failure, the net redemptions suggest a cooling of investor sentiment or a tactical shift by authorized participants. For investors, the trade-off remains a choice between the convenience and tax efficiency of the fund versus the inherent risks of a non-diversified, single-asset portfolio.

Selected Quarter

Core Takeaway

While the fund's structural tax and cost advantages remain intact, significant price depreciation and net redemptions have slashed the fund's total asset base by nearly 28%.

Investor Lens

Investors must weigh the convenience of the Fidelity wrapper against the risk of total concentration in a single volatile asset.

Watch Next

The trend of 'Shares issued' vs 'Shares redeemed' in the next 10-Q to see if institutional inflows return.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)-0.43Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%
bearishMay 6

Significant decline in net assets and NAV per share driven by Bitcoin price drop.

margin compression
70%
neutralMay 6

Ongoing 0.25% sponsor fee remains the primary cost drag on NAV.

dividend change
10%
bearishMay 6

Net redemptions of shares exceeded new issuances during the quarter.

capital raise
60%

Filing History

10-QMay 6, 2026
Expand Sequence

The quarterly report for FBTC highlights the tension between institutional-grade structural advantages and the raw volatility of the underlying asset. On one hand, the Grantor Trust status and Sponsor-absorbed expense model provide a high-quality, low-friction wrapper for Bitcoin. On the other hand, the fund's performance is entirely tethered to Bitcoin's price, as evidenced by the multi-billion dollar decline in net assets and the resulting net outflows during the period ended March 31, 2026. Ultimately, the filing confirms that FBTC is operating as intended—as a passive, transparent tracker of Bitcoin. While the massive drop in NAV is a reflection of market conditions rather than operational failure, the net redemptions suggest a cooling of investor sentiment or a tactical shift by authorized participants. For investors, the trade-off remains a choice between the convenience and tax efficiency of the fund versus the inherent risks of a non-diversified, single-asset portfolio.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.