ETF Comparison

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

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

Data updated August 14, 2026

Best for

FBTCInvestors who want straightforward Bitcoin exposure for the long run.
GBTCInvestors who want straightforward Bitcoin exposure for the long run.

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	FBTC	GBTC
Full name	Fidelity Wise Origin Bitcoin Fund	Grayscale Bitcoin Trust ETF
Issuer	Fidelity Investments	Grayscale Investments
Last Close	$54.74 as of August 14, 2026	$48.68 as of August 14, 2026
Distribution yield	0.00%	0.00%
Distribution Safety Score™	—	—
Expense ratio	0.25%	1.50%
AUM	$10.9B	$8.37B
Distribution frequency	None	—
Underlying index	—	—
Objective	Bitcoin spot exposure through an exchange-traded bitcoin fund structure.	Provides bitcoin exposure through shares backed by held bitcoin.
Asset class	Currency	Currency
Inception date	01/10/2024	09/25/2013
Beta	1.8779	1.8866
Last dividend	—	$0.0504

Bottom lineFBTC and GBTC are both for investors who want straightforward Bitcoin exposure for the long run — so strategy isn't the deciding factor here. Cost is: FBTC charges 0.25% against 1.50% for GBTC, and between two funds this similar that gap comes straight out of your return every year you hold.

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. FBTC and GBTC 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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Fidelity Investments

ETFs82

Total AUM$201B

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

Fidelity Investments is a major player in the ETF space, known for offering a comprehensive range of funds across diverse investment strategies and asset classes. Their lineup of 67 ETFs spans allocation, bond, dividend, equity, factor-based, income, index, international, and sector-focused strategies, with notable offerings including their Fidelity Factor and Fidelity Yield Enhanced families designed to capture specific market premiums and enhance income generation. The issuer serves both broad market investors and those seeking specialized exposure, with popular tickers like FBTC (their Bitcoin ETF) and various dividend and income-focused funds catering to different investor objectives and risk profiles.

See our curated list of related YouTube videos on FBTC.

See all Fidelity Investments ETFs

Grayscale Investments

ETFs17

Total AUM$15.9B

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

Grayscale Investments is known for pioneering digital asset investment vehicles, offering exposure to cryptocurrencies and blockchain-related assets through a range of trusts and ETFs. The fund lineup spans digital assets including Bitcoin, Ethereum, and other cryptocurrencies, along with thematic offerings focused on areas like solar energy, artificial intelligence, and metaverse-related investments, with tickers like GBTC, ETHE, GSOL, and HYPG among its lineup. The issuer has built a broad portfolio of specialized funds catering to investors seeking alternative asset classes and emerging technology themes rather than traditional equity or fixed-income strategies.

See our curated list of related YouTube videos on GBTC.

See all Grayscale Investments ETFs

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Key metrics

Projected income on $10K

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

Total returns

FBTC has outpaced GBTC over the trailing twelve months, posting a -48.97% total return against -49.61%. Measured from Jan 2024 — when the younger fund began trading — FBTC has compounded at 11.93% a year versus 11.46% for GBTC. 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	1Y	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
FBTC	-29.99%	-48.97%	11.93%	44.4%	-1.62	-2.11	-53.4%
GBTC	-30.60%	-49.61%	11.46%	44.3%	-1.65	-2.14	-53.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 14, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jan 2024” measures every fund from January 11, 2024 — the youngest fund's first trading day — 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.

Quick verdict

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

FBTC is cheaper with an expense ratio of 0.25% compared to 1.50%.

FBTC is the larger fund by assets ($10.9B), which generally means tighter spreads and better liquidity.

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Deep dive

Yield & income

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

FBTC yield0.00%

GBTC yield0.00%

Cost & efficiency

Over 10 years on $10,000, FBTC would cost approximately $250 in fees vs $1,500 for GBTC (simplified, not compounded). The $1,250.00 difference may be offset by yield or performance.

FBTC ER0.25%

GBTC ER1.50%

Strategy & risk

FBTC is an ETF, while GBTC is an ETF. Beta is 1.8779 for FBTC and 1.8866 for GBTC, indicating FBTC is less volatile relative to the market.

FBTC beta1.8779

GBTC beta1.8866

Fund details

FBTC is managed by Fidelity Investments (launched 01/10/2024) with $10.9B in assets. GBTC is managed by Grayscale Investments (launched 09/25/2013) with $8.37B in assets.

FBTC AUM$10.9B

GBTC AUM$8.37B

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Frequently asked questions

Which of FBTC or GBTC pays more dividend income?

GBTC currently reports a distribution yield, while FBTC has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between FBTC and GBTC?

FBTC (Fidelity Wise Origin Bitcoin Fund) is an ETF, while GBTC (Grayscale Bitcoin Trust ETF) is an ETF. They are issued by Fidelity Investments and Grayscale Investments respectively.

Can I hold both FBTC and GBTC?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, FBTC or GBTC?

FBTC has an expense ratio of 0.25% while GBTC charges 1.50%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, FBTC has not established a distribution history yet, so a monthly income estimate is not available. GBTC has not established a distribution history yet, so a monthly income estimate is not available.

Which has performed better historically, FBTC or GBTC?

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FBTC vs GBTC — at a glance

Generated August 15, 2026.

Overview

FBTC and GBTC both offer direct bitcoin exposure through ETF structures, but they differ fundamentally in age and cost. FBTC is Fidelity's newer entrant, launched in January 2024 with a spot bitcoin strategy and a 0.25% expense ratio. GBTC is Grayscale's established bitcoin trust, converted to an ETF in 2024 after over a decade as a closed-end fund, carrying a 1.50% expense ratio.

How they differ

The biggest difference is cost: FBTC charges 0.25% annually while GBTC charges 1.50%—a spread that compounds significantly over time on a $10 billion+ asset base. Both track bitcoin directly with nearly identical beta (FBTC at 1.8779, GBTC at 1.8866), so the performance difference hinges almost entirely on fees. FBTC is newer and smaller by AUM ($10.9B versus $8.37B), though both have crossed the $8 billion threshold needed for institutional scale. Neither fund distributes income, reflecting bitcoin's non-yielding nature. GBTC's longer track record—inception in September 2013—offers a decade-plus history, while FBTC brings Fidelity's operational infrastructure and compliance framework into a crowded bitcoin ETF space.

Who each is best for

FBTC: Fits investors seeking straightforward bitcoin exposure with minimal cost drag, particularly those building long-term cryptocurrency allocations in taxable accounts where fee efficiency compounds.

GBTC: Fits investors who prioritize Grayscale's established infrastructure and custodial track record over lowest fees, or those already holding shares from its closed-end fund era who value continuity.

Key risks to know

Bitcoin volatility and beta concentration: Both funds exhibit beta near 1.88, meaning a 10% move in bitcoin produces roughly an 18% move in fund shares. Bitcoin itself trades in wide intraday and weekly ranges, amplifying portfolio swings.

Fee drag on returns: The 125-basis-point expense ratio gap between FBTC and GBTC translates to meaningful drag over multi-year horizons; a 20% annual bitcoin return nets 19.75% in FBTC versus 18.5% in GBTC after fees.

Regulatory and custody risk: Both funds hold physical bitcoin, exposing shareholders to regulatory changes in U.S. crypto policy and the operational security of their respective custodians.

Ethereum and altcoin opportunity cost: Investors seeking cryptocurrency diversification beyond bitcoin may find single-asset exposure limiting if crypto market leadership shifts.

Bottom line

If minimizing cost drag is the priority, FBTC's 0.25% expense ratio offers a structural advantage over GBTC's 1.50%, particularly for long-term holders. If familiarity with Grayscale's operational history and custodial practices outweighs fee considerations, GBTC's track record since 2013 may appeal. Past performance doesn't predict future results, and bitcoin's regulatory environment remains unsettled.

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

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