Fidelity Wise Origin Bitcoin Fund Business Summary

The Fidelity Wise Origin Bitcoin Fund (FBTC) is a spot Bitcoin exchange-traded fund (ETF) that generates revenue through a 0.25% annual management fee levied on its total assets under management (AUM). As of February 2026, the fund manages approximately $13.3 billion in assets, providing institutional and retail investors with direct exposure to Bitcoin’s price movements through a traditional brokerage structure. FBTC differentiates itself by utilizing Fidelity’s proprietary in-house custody solution, Fidelity Digital Asset Services (FDAS), rather than relying on third-party custodians like Coinbase. In the competitive landscape, FBTC maintains its position as the second-largest spot Bitcoin ETF by AUM, trailing BlackRock’s iShares Bitcoin Trust (IBIT) while competing directly with the Grayscale Bitcoin Mini Trust (BTC), ARK 21Shares Bitcoin ETF (ARKB), and the Bitwise Bitcoin ETF Trust (BITB). Leadership of the fund is integrated within Fidelity’s broader Digital Assets division, overseen by Abigail Johnson, the Chairwoman, CEO, and President of Fidelity Investments, who has championed the firm's cryptocurrency expansion since 2014. The digital assets arm is specifically led by Michael O’Reilly, who serves as President of Fidelity Digital Assets, bringing over 25 years of experience in risk and operational frameworks at the firm. Supporting the technical infrastructure is Mark McEachern, the Chief Technology Officer of Fidelity Digital Assets, a veteran with two decades of experience in blockchain and digital platform innovation. While Fidelity remains a privately held, family-controlled entity, the fund’s strategic direction is further influenced by senior executives like Maggie Serravalli (Chief Administrative Officer) and Kevin Barry (CFO), ensuring the product remains a cornerstone of Fidelity’s institutional digital asset ecosystem.