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.

Updated October 16, 2026

How these figures are calculated: methodology.

Best for

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

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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.

FBTC has outpaced GBTC over the trailing twelve months, posting a -24.92% total return against -25.81%. Measured from Jan 2024 — the start of shared available history — FBTC has compounded at 22.03% a year versus 21.47% 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 cumulative	1Y cumulative	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
FBTC	-7.06%	-24.92%	22.03%	45.2%	-0.73	-1.00	-49.1%
GBTC	-7.97%	-25.81%	21.47%	45.2%	-0.76	-1.04	-49.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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

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. GBTC (Grayscale Bitcoin Trust ETF) has no distribution rate on file and its distribution frequency is None. GBTC 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	FBTC	GBTC
Full name	Fidelity Wise Origin Bitcoin Fund	Grayscale Bitcoin Trust ETF
Issuer	Fidelity Investments	Grayscale Investments
Last Close	$70.85 as of October 16, 2026	$62.91 as of October 16, 2026
Distribution rate	—	—
Distribution Safety Score™	—	—
Expense ratio	0.25%	1.50%
AUM	$14.7B	$10.4B
Distribution frequency	None	None
Underlying index	Bitcoin	Bitcoin
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
Ex-dividend date	—	12/03/2017

Bottom lineFBTC and GBTC both offer very similar bitcoin spot exposure, 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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Income calculator

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

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 ETFs from Fidelity Investments

Grayscale Investments

ETFs18

Total AUM$21.8B

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 ETFs from Grayscale Investments

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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 ($14.7B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

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

FBTC yield—

GBTC yield—

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

Both FBTC and GBTC 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 1.8779 for FBTC and 1.8866 for GBTC — effectively similar market sensitivity.

FBTC beta1.8779

GBTC beta1.8866

Fund details

FBTC is managed by Fidelity Investments (launched 01/10/2024) with $14.7B in assets. GBTC is managed by Grayscale Investments (launched 09/25/2013) with $10.4B in assets.

FBTC AUM$14.7B

GBTC AUM$10.4B

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Frequently asked questions

Which of FBTC or GBTC pays more dividend income?

Neither FBTC nor GBTC 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 FBTC and GBTC?

Both FBTC (Fidelity Wise Origin Bitcoin Fund) and GBTC (Grayscale Bitcoin Trust ETF) 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 (0.25% vs 1.50%), and issuer (Fidelity Investments vs Grayscale Investments).

Can I hold both FBTC and GBTC?

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, 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 does not pay distributions, so there is no cash income to estimate. GBTC does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, FBTC or GBTC?

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FBTC vs GBTC — at a glance

Generated October 17, 2026.

Overview

Both FBTC and GBTC are ETFs offering direct exposure to bitcoin held in trust. FBTC is Fidelity's newer entrant, launched in January 2024, while GBTC has operated since 2013 under Grayscale's structure. The defining difference is cost: FBTC charges 0.25%, while GBTC's fee stands at 1.50%, a gap that compounds significantly over time for buy-and-hold investors.

How they differ

The primary distinction is the expense ratio. This matters because neither ETF distributes; all returns flow from price appreciation. Over a decade, that fee gap alone represents meaningful drag on cumulative performance. GBTC boasts much longer track record—13 years since 09/25/2013—versus FBTC's 2 years since 01/10/2024, which means GBTC has weathered multiple crypto cycles. AUM favors FBTC at $14.7B compared to GBTC's $10.4B, suggesting recent investor preference for the lower-cost option. Both carry nearly identical beta of around 1.87–1.89, meaning they move in lockstep with bitcoin price swings.

GBTC: Fits investors with existing Grayscale holdings or those who value the operational history and established custodial infrastructure of a trust that has survived multiple market cycles, even at a higher fee. Over 20 years of zero distributions, that compounds into a material headwind for GBTC, assuming similar bitcoin performance.

Extreme price volatility: Both ETFs carry a beta near 1.88, meaning a 10% bitcoin move produces roughly an 18.8% move in the ETF's price. Bitcoin's intraday and weekly swings can be severe, making these unsuitable for investors uncomfortable with drawdowns exceeding 40–50% in short timeframes.

Bitcoin custody and regulatory risk: Both rely on secure bitcoin custody and regulatory clarity around spot bitcoin ETFs. A future regulatory clampdown on domestic bitcoin holdings or loss of custodial bitcoin could impair both equally, though GBTC's longer operating history provides some comfort on institutional custody setup.

Bottom line

If you prioritize cost efficiency and recent market validation, FBTC's 0.25% fee is a material advantage over GBTC's 1.50% for long-term bitcoin accumulation. Neither approach guarantees bitcoin price appreciation, and past performance does not predict future results.

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

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The metrics behind this comparison, explained in the Academy.

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These comparisons follow the Dividend Vision methodology.