FBTC vs GBTC ETF comparison
FBTC vs GBTC
FBTC is the Fidelity bitcoin fund, the second largest here, holding bitcoin at a 0.25% fee, and GBTC is the oldest fund here, converted from a long-running Grayscale trust, with the highest fee in the group. Both trusts hold bitcoin and nothing else, so they follow the same price.
What separates them is the fee, the share price, the custodian, the benchmark rate each uses and how heavily each one trades. FBTC charges 0.25% and GBTC charges 1.50%. This page lines up what backs each share, what each trust costs, how each has performed and how each trades, with the date next to every number.
FBTC vs GBTC, the short answer
FBTC and GBTC hold the same asset. Both trusts hold bitcoin and nothing else, so they follow the same price. What separates them is the fee, the share price, the custodian, the benchmark rate each uses and how heavily each one trades.
Expense ratios are 0.25% and 1.50%, which is $25 and $150 a year per $10,000. NAV total returns, annualized: 1 year FBTC -30.59% (to Oct 31, 2026) and GBTC -28.05% (to Sep 30, 2026). Neither is better for everyone; the choice turns on cost, trading needs and how much bitcoin risk you want.
Want the full picture of one fund before you compare? Read the complete guide for each fund: FBTC guide and GBTC guide. Each guide covers fees, holdings, yield, returns and taxes.
FBTC vs GBTC overlap, if you own both
Overlap is normally measured stock by stock. Here there is only one holding: each trust owns bitcoin held by a custodian, so every dollar in FBTC and every dollar in GBTC is backed by the same asset. Owning both does not diversify anything; it only splits one position across two tickers.
The differences that remain are practical. FBTC charges 0.25% and GBTC charges 1.50%. One share of FBTC is backed by about 0.000870 bitcoin and one share of GBTC by about 0.000771, which only changes the share price, not the exposure. The custodian, the benchmark rate and the trading volume also differ, and those are compared below.
| FBTC | GBTC | |
|---|---|---|
| Asset held | Bitcoin | Bitcoin |
| Bitcoin behind one share | 0.000870 | 0.000771 |
| Expense ratio | 0.25% | 1.50% |
| Custodian | Not captured | Coinbase Custody Trust Company and Anchorage Digital Bank |
| Net assets | $13.47B (Oct 31, 2026) | $9.25B (Nov 9, 2026) |
FBTC vs GBTC, one goal, which fund?
FBTC vs GBTC, where the money goes
FBTC · Fidelity Wise Origin Bitcoin Fund
GBTC · Grayscale Bitcoin Trust ETF
FBTC vs GBTC returns compared on 1-year return and since launch
FBTC vs GBTC, what each fund costs a year
The data room
Every figure behind the FBTC vs GBTC cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
FBTC vs GBTC key facts
Evidence grade: Issuer issuer page · Mixed issuer plus provider · 3rd party| Metric | FBTC | GBTC | Grade and source |
|---|
Portfolio characteristics
| Metric | FBTC | GBTC | Grade and source |
|---|
Net assets are dated by fund (FBTC $13.47B on Oct 31, 2026; GBTC $9.25B on Nov 9, 2026). Figures an issuer page does not show are left out or marked Not captured, not estimated.
FBTC vs GBTC holdings, what backs each share
Issuer pages · Nov 2026| Item | FBTC | GBTC |
|---|---|---|
| What the trust holds | Bitcoin | Bitcoin |
| Other holdings | None reported, apart from small cash amounts for expenses | None reported, apart from small cash amounts for expenses |
| Bitcoin behind one share | 0.000870 | 0.000771 |
| Custodian | Not captured | Coinbase Custody Trust Company and Anchorage Digital Bank |
| Shares outstanding | 200.90M | 160.35M |
| Sponsor | Fidelity Management & Research | Grayscale Investments |
| Reference rate | Fidelity Bitcoin Reference Rate | CoinDesk Bitcoin Benchmark Rate |
A bitcoin trust has one holding, so there is no top-ten list. Each issuer publishes the bitcoin held for the trust. Custodian and share count are shown where the issuer page lists them, and gaps are marked Not captured.
FBTC vs GBTC tracking, fund against bitcoin
One-year NAV return, benchmark and market price, issuer pages| Period | FBTC NAV | FBTC market | Benchmark | GBTC NAV | GBTC market | Benchmark |
|---|---|---|---|---|---|---|
| 1 year to Oct 31, 2026 | -30.59% | -30.29% | -29.48% | |||
| 1 year to Sep 30, 2026 | -28.05% | -28.05% | -26.96% |
What you actually own
FBTC vs GBTC performance
Issuer pages, dates differAll rows come from the issuer pages. The funds are dated differently (FBTC Oct 31, 2026, GBTC Sep 30, 2026). NAV returns include fees; market price and benchmark returns are shown where the issuer gave them. “Since inception” starts in different months (FBTC 2024, GBTC 2013). Past performance does not guarantee future results.
Growth of a hypothetical $10,000 · NAV total return, 1 year
Derived from issuer NAV total returns (compounded). Fund expenses are already in NAV. Illustration, not a forecast.
FBTC vs GBTC yield, dividends and dividend growth
Yield and distribution facts| Measure | FBTC | GBTC |
|---|---|---|
| 30-day SEC yield | None | None |
| Distributions | None paid | None paid |
| How the fee is paid | Trust sells bitcoin | Trust sells bitcoin |
| Fee per $10,000 a year | $25 | $150 |
FBTC and GBTC have no yield. Bitcoin earns no interest and pays no dividend, so neither trust distributes income, and the whole return comes from the bitcoin price less the fee. Anyone who needs income from a portfolio has to get it elsewhere or sell shares. See what is dividend yield and yield vs total return.
FBTC vs GBTC trading and liquidity
Issuer fund pages · Nov 2026FBTC trades on Cboe BZX and GBTC on NYSE Arca. Spreads on the issuer pages were 0.04% for FBTC and 0.02% for GBTC, and a spread of 0.02% is about $20 between the buy and sell price on $100,000. Larger trusts usually trade with tighter spreads, which matters more for frequent traders than for long-term holders. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.
FBTC vs GBTC expense ratio and fees in dollars
As stated by each issuer| Balance | FBTC (0.25%) | GBTC (1.50%) | Gap per year |
|---|---|---|---|
| $10,000 | $25 | $150 | $125 |
| $50,000 | $125 | $750 | $625 |
| $100,000 | $250 | $1,500 | $1,250 |
The expense ratio is taken from the trust by selling bitcoin, not billed to you. Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.
FBTC vs GBTC, what each trust holds and how it is valued
Structure, in plain languageFBTC · Fidelity Bitcoin Reference Rate
FBTC is a grantor trust that holds bitcoin and values it using the Fidelity Bitcoin Reference Rate. It was launched in Jan 10, 2024 and charges 0.25%. Custody terms are described in the prospectus and on the issuer page.
GBTC · CoinDesk Bitcoin Benchmark Rate
GBTC is a grantor trust that holds bitcoin and values it using the CoinDesk Bitcoin Benchmark Rate. It was launched in Sep 25, 2013 and charges 1.50%. Custody terms are described in the prospectus and on the issuer page.
Custody, valuation and fee terms sit in each prospectus; read them before relying on this summary.
FBTC vs GBTC, why yield and returns differ
The fee explains most of the gapBoth trusts hold bitcoin and nothing else, so they follow the same price. What separates them is the fee, the share price, the custodian, the benchmark rate each uses and how heavily each one trades.
A bitcoin trust has no manager choosing securities. Its NAV follows a bitcoin reference rate (Fidelity Bitcoin Reference Rate for FBTC and CoinDesk Bitcoin Benchmark Rate for GBTC), and the main reason it trails that rate is the fee. That is why the tracking comparison above matters more than any single stretch of returns.
How to decide between FBTC and GBTC
A step-by-step frameworkStart with what separates them: Both trusts hold bitcoin and nothing else, so they follow the same price. What separates them is the fee, the share price, the custodian, the benchmark rate each uses and how heavily each one trades.
- Step 1 · Asset: both hold bitcoin, so this step is settled.
- Step 2 · Cost: FBTC 0.25% vs GBTC 1.50%, or $25 vs $150 a year per $10,000.
- Step 3 · Trading: if you trade often or use options, the larger trust usually has tighter spreads; if you buy and hold, the fee matters more.
- Step 4 · What you own: check whether you already hold bitcoin through another fund with the Diversification Calculator.
Size the position against your whole portfolio. Bitcoin pays no income and can fall sharply, so it usually plays a small, deliberate role.
FBTC vs GBTC for Canadian investors
Currency and account typeFBTC and GBTC are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.
Neither trust pays dividends, so U.S. dividend withholding tax is not the main issue here. Tax on gains depends on the account type and your own situation. Confirm the rules for your account with a tax professional. This is general education, not tax advice.
Risks of FBTC and GBTC
What can go wrongShared risks
- Bitcoin prices can fall sharply and stay low for long periods; both trusts show one-year NAV declines in the issuer data above.
- Bitcoin pays no interest or dividends, so the whole return depends on price.
- Each trust sells bitcoin to pay its fee, so the bitcoin behind each share declines slowly over time.
- The bitcoin is held by a custodian; see each prospectus for custody, insurance and security terms.
Fund-specific risks
- FBTC and GBTC: bitcoin is driven by investor demand, regulation and liquidity, and has swung far more than stocks or gold.
- FBTC: expense ratio 0.25%, net assets $13.47B. GBTC: expense ratio 1.50%, net assets $9.25B.
- Both: not registered investment companies under the Investment Company Act of 1940; see each prospectus.
FBTC vs GBTC taxes and account placement
General education, not tax adviceIn the United States, bitcoin is generally treated as property for tax purposes, and gains on shares of a physically backed trust are generally capital gains: long-term if you held the shares more than a year, short-term (taxed as ordinary income) otherwise. The same general treatment applies to both FBTC and GBTC, but the details depend on your account and situation.
For Canadian account types, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.
Other ETFs people compare
For context, not recommendationsInvestors comparing FBTC and GBTC often also look at the other spot bitcoin trusts in this group: IBIT, FBTC, GBTC, ARKB, BITB and HODL. See the other bitcoin ETFs comparisons, the gold and silver ETFs and the ETF research hub.
FBTC vs GBTC drawdown arithmetic
What a decline means in dollarsRecovery gain = decline ÷ (1 − decline). The scenarios use illustrative declines of 10%, 20% and 30% so you can see what a drop does to each fund. Bitcoin has fallen further than this in the past, so they are not a worst-case figure. See the Position Size Calculator.
Tools to compare FBTC vs GBTC
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
FBTC vs GBTC, which fits which job
Characteristics, not recommendationsFBTC may suit investors who want…
A large, low-fee bitcoin trust from a major brokerage.
Strengths
- Lower fee: 0.25% against 1.50%
- Larger trust: $13.47B against $9.25B
- Backed directly by bitcoin
- Exchange-traded and priced all day
Watch points
- No income
- Not a complete portfolio
GBTC may suit investors who want…
Continuity with a long-held Grayscale position.
Strengths
- Backed directly by bitcoin
- Exchange-traded and priced all day
Watch points
- Higher fee: 1.50% against 0.25%
- Smaller trust: $9.25B against $13.47B
- No income
- Not a complete portfolio
FBTC vs GBTC investor scenarios
Characteristics that fit, not recommendationsFBTC vs GBTC key terms
Plain-language definitions
FBTC vs GBTC, frequently asked questions
Answers use the figures and dates shown aboveIs FBTC or GBTC better?
In the FBTC vs GBTC question, neither is better for everyone. FBTC and GBTC hold the same asset. Both trusts hold bitcoin and nothing else, so they follow the same price. What separates them is the fee, the share price, the custodian, the benchmark rate each uses and how heavily each one trades.
Expense ratios are 0.25% and 1.50%, which is $25 and $150 a year per $10,000. NAV total returns, annualized: 1 year FBTC -30.59% (to Oct 31, 2026) and GBTC -28.05% (to Sep 30, 2026). Neither is better for everyone; the choice turns on cost, trading needs and how much bitcoin risk you want.
FBTC vs GBTC, what are the expense ratios?
FBTC charges 0.25% and GBTC charges 1.50%, which is $25 and $150 a year per $10,000.
FBTC vs GBTC, how much do the funds overlap?
On FBTC vs GBTC, they overlap completely. FBTC and GBTC both hold only bitcoin, so owning both repeats one position.
FBTC vs GBTC, what does each ETF hold?
FBTC holds bitcoin valued at the Fidelity Bitcoin Reference Rate. GBTC holds bitcoin valued at the CoinDesk Bitcoin Benchmark Rate. Neither holds futures or mining stocks.
FBTC vs GBTC, which has performed better?
NAV total returns, annualized: 1 year FBTC -30.59% (to Oct 31, 2026) and GBTC -28.05% (to Sep 30, 2026). The issuer pages report to different dates, so a winner is not named. Past performance does not guarantee future results.
FBTC vs GBTC, how closely do they track bitcoin?
FBTC trailed its benchmark by 1.11 percentage points over one year (to Oct 31, 2026) against a fee of 0.25%; GBTC trailed its benchmark by 1.09 percentage points over one year (to Sep 30, 2026) against a fee of 1.50%.
FBTC vs GBTC, can I own both?
On FBTC vs GBTC, you can, but it adds nothing, because both hold bitcoin. One trust is enough for the exposure.
FBTC vs GBTC, do the funds pay dividends?
On FBTC vs GBTC, no. FBTC and GBTC hold bitcoin, which earns no income, so neither pays a dividend or has a yield.
FBTC vs GBTC, how are gains taxed?
On FBTC vs GBTC, in the United States, gains on shares of physically backed bitcoin trusts are generally capital gains, long-term after a year. Rules differ by country and account, so confirm with a tax professional. This is general education, not tax advice.
FBTC vs GBTC, are they suitable for Canadian investors?
On FBTC vs GBTC, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs. Neither pays dividends, so dividend withholding is not the main issue. Treatment of gains differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.
FBTC vs GBTC documents and sources
Open the issuer documents before relying on any figureFBTC · Fidelity
GBTC · Grayscale
Third-party sources
Fidelity FBTC fund page · Grayscale GBTC fund page.
Methodology and limits
- FBTC figures come from the Fidelity fund page and GBTC figures from the Grayscale fund page.
- Dates are shown beside each figure; the issuer documents are linked below.
- Bitcoin per share: FBTC uses issuer figure, Nov 9, 2026; GBTC uses issuer bitcoin held divided by shares outstanding.
- Overlap is stated by asset held, because a physically backed trust has a single holding.
- Tracking gap is the benchmark return minus the NAV return for the same period, both from the issuer page, and is Not captured where no benchmark return was shown.
- Figures an issuer page does not show are marked Not captured, and nothing was filled from memory or from another fund.
- Return dates differ between some issuers; where they differ no winner is named.
Educational research, not personalized investment, tax or legal advice, and not a recommendation to buy or sell any fund. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Calculators are hypothetical illustrations. Fund data are provided as published by the sources named and may differ from current figures.