ETF Comparison

BITB vs FBTC: Which Is the Better Pick in 2026?

A head-to-head comparison of Bitwise Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund covering yield, cost, risk, and income potential.

Updated October 8, 2026

How these figures are calculated: methodology.

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

BITB has outpaced FBTC over the trailing twelve months, posting a -33.51% total return against -33.54%. Measured from Jan 2024 — the start of shared available history — FBTC has compounded at 22.63% a year versus 22.56% for BITB. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD cumulative	1Y cumulative	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
BITB	-8.55%	-33.51%	22.56%	45.5%	-1.00	-1.37	-52.5%
FBTC	-8.50%	-33.54%	22.63%	45.4%	-1.00	-1.36	-52.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2024” measures every fund from January 11, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Not a distribution payer

BITB (Bitwise Bitcoin ETF) has no distribution rate on file and its distribution frequency is None. BITB is not a payer. The blank yield is not a zero yield. FBTC (Fidelity Wise Origin Bitcoin Fund) has no distribution rate on file and its distribution frequency is None. FBTC is not a payer. The blank yield is not a zero yield.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	BITB	FBTC
Full name	Bitwise Bitcoin ETF	Fidelity Wise Origin Bitcoin Fund
Issuer	Bitwise Investments	Fidelity Investments
Last Close	$44.31 as of October 8, 2026	$71.08 as of October 8, 2026
Distribution rate	—	—
Distribution Safety Score™	—	—
Expense ratio	0.20%	0.25%
AUM	$3.23B	$15.4B
Distribution frequency	None	None
Underlying index	Bitcoin	Bitcoin
Objective	Tracks the value of bitcoin held in custody on behalf of the fund.	Bitcoin spot exposure through an exchange-traded bitcoin fund structure.
Asset class	Currency	Currency
Inception date	01/10/2024	01/10/2024
Beta	1.884	1.8779

Bottom lineBITB and FBTC are nearly interchangeable — both offer very similar bitcoin spot exposure with very similar cost and risk. The clearest tie-breaker is cost: BITB is cheaper at 0.20% vs 0.25%.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Crypto volatility. BITB and FBTC sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Bitwise Investments

ETFs15

Total AUM$7.56B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Bitwise Investments is known for pioneering cryptocurrency and digital asset ETFs, bringing exposure to bitcoin, ethereum, and other blockchain-based assets to mainstream investors. The firm's fund lineup spans digital assets—including single-asset and diversified cryptocurrency funds—alongside income-focused strategies that blend traditional dividend approaches with digital asset themes. The issuer has established a distinctive niche in the crypto ETF space while maintaining a footprint in conventional income investing, offering investors varied exposure levels to both emerging digital asset classes and yield-generating strategies.

See our curated list of related YouTube videos on BITB.

See all Bitwise Investments ETFs

Fidelity Investments

ETFs85

Total AUM$210B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FBTC.

See all Fidelity Investments ETFs

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Quick verdict

BITB (Bitwise Bitcoin ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both ETFs, but they take different approaches.

BITB is cheaper with an expense ratio of 0.20% compared to 0.25%.

FBTC is the larger fund by assets ($15.4B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, BITB has no reported distribution yield yet, so a cash estimate is not available, while FBTC has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.

BITB yield—

FBTC yield—

Cost & efficiency

Over 10 years on $10,000, BITB would cost approximately $200 in fees vs $250 for FBTC (simplified, not compounded). The $50.00 difference may be offset by yield or performance.

BITB ER0.20%

FBTC ER0.25%

Strategy & risk

Both BITB and FBTC wrap Bitcoin with similar strategies (crypto and crypto). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 1.884 for BITB and 1.8779 for FBTC — effectively similar market sensitivity.

BITB beta1.884

FBTC beta1.8779

Fund details

BITB is managed by Bitwise Investments (launched 01/10/2024) with $3.23B in assets. FBTC is managed by Fidelity Investments (launched 01/10/2024) with $15.4B in assets.

BITB AUM$3.23B

FBTC AUM$15.4B

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Frequently asked questions

Which of BITB or FBTC pays more dividend income?

Neither BITB nor FBTC currently reports a distribution yield, so neither is an income fund today. Compare them on holdings, cost, and total return instead.

What is the difference between BITB and FBTC?

Both BITB (Bitwise Bitcoin ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) track Bitcoin with similar approaches — the labels "crypto" and "crypto" describe closely related mechanics. The real differences show up in yield target (— vs —), expense ratio (0.20% vs 0.25%), and issuer (Bitwise Investments vs Fidelity Investments).

Can I hold both BITB and FBTC?

You can, but expect significant overlap. Both funds use similar strategies on Bitcoin, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which has lower fees, BITB or FBTC?

BITB has an expense ratio of 0.20% while FBTC charges 0.25%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BITB vs FBTC generate?

At current rates, BITB does not pay distributions, so there is no cash income to estimate. FBTC does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, BITB or FBTC?

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BITB vs FBTC — at a glance

Generated October 3, 2026.

Overview

BITB and FBTC are both spot bitcoin ETFs that track the price of bitcoin held in custody. They launched on the same day and offer direct bitcoin exposure without futures or derivatives. The key distinction is their issuer scale and fee structure: Fidelity's FBTC commands a larger asset base, while Bitwise's BITB charges a lower expense ratio.

How they differ

Both funds track identical underlying exposure (spot bitcoin) and carry nearly identical beta readings (1.884 for BITB vs 1.8779 for FBTC), so the differences are structural rather than strategic. FBTC has accumulated $15.4B in assets compared to $3.23B for BITB, a significant gap that reflects Fidelity's distribution reach and brand recognition in the bitcoin ETF market. The expense ratio gap is modest: 0.20% for BITB versus 0.25% for FBTC, a difference of 0.05% that compounds over time on larger positions. Neither fund makes distributions; both are pure price-appreciation vehicles.

Who each is best for

BITB: Fits investors who prioritize the lowest cost entry into spot bitcoin exposure and are indifferent to issuer brand or asset base size.

FBTC: Fits investors who value the liquidity and institutional credibility of a larger, Fidelity-backed bitcoin fund and are willing to accept a slightly higher fee for that positioning.

Key risks to know

Bitcoin price volatility: Both funds carry identical beta to bitcoin price moves. The 1.884 beta reading means a 10% move in bitcoin translates to roughly an 18.8% move in the fund's price, so these are high-volatility holdings unsuitable for investors with low risk tolerance or short time horizons.

Custody and operational risk: Both rely on third-party custodians to secure bitcoin holdings. While both issuers employ established custodial infrastructure, the loss, theft, or operational failure of a custodian could impair fund assets. Fidelity operates its own Fidelity Digital Assets custody operation, while Bitwise uses external custodians; this structural difference may matter to risk-averse investors.

Regulatory uncertainty for bitcoin ETFs: Bitcoin spot ETF regulatory approval is recent and the legal framework remains evolving. Changes to commodity classification, tax treatment, or SEC oversight could alter fund structure, fees, or tax efficiency in ways not yet foreseeable.

Liquidity concentration in bitcoin: Both funds are fully exposed to a single asset class with no diversification. Bitcoin's price is driven by sentiment, adoption narratives, and macroeconomic forces; a sustained downturn in crypto sentiment could produce drawdowns with no offsetting holdings.

Bottom line

If you prioritize minimizing fees on long-term bitcoin exposure, BITB's 0.20% ratio offers a measurable advantage over FBTC's 0.25%. Both are legitimate vectors for spot bitcoin; the choice hinges on cost sensitivity versus institutional preference. Past performance does not predict future results, and bitcoin's volatility means these vehicles are suitable only for investors with a high tolerance for drawdowns.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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These comparisons follow the Dividend Vision methodology.