Fidelity Wise Origin Bitcoin Fund
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
FBTC$65.90-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-337679
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451451
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 67 previous paragraphs and 66 current paragraphs.
35 unchanged; 19 reworded; 12 added; 11 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
The Trust’s net assets increased from approximately $10.3 billion as of June 30, 2026 to $15.3 billion as of September 30, 2026. The change in the Trust’s net assets primarily resulted from an increase in outstanding Shares, which increased from 200,328,476 as of June 30, 2026 to 210,553,476 as of September 30, 2026. This was as a result of 34,125,000 Shares (1,365 Baskets) being created and 23,900,000 Shares (956 Baskets) being redeemed during the three months ended September 30, 2026, coupled with an increase in the price of bitcoin, which increased 41.62% from $59,101.49 as of June 30, 2026 to $83,697.25 as of September 30, 2026.
Current report
The Trust’s NAV per Share of $75.23 at September 21, 2026, was the highest during the three months ended September 30, 2026, compared with a low of $52.33 at July 1, 2026.
Current report
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 174,383 as of June 30, 2026 to 183,167 on September 30, 2026. The increase in quantity resulted from net proceeds from the issuance of capital shares which corresponded to net purchases of bitcoin.
Current report
The net increase in net assets resulting from operations for the three months ended September 30, 2026, was approximately $4.2 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of approximately $4.1 billion.
Current report
The Trust’s NAV per Share increased 6.00% from $93.83 as of June 30, 2025, to $99.46 as of September 30, 2025.
Current report
The Trust’s NAV per Share of $106.80 at August 13, 2025, was the highest during the three months ended September 30, 2025, compared with a low of $92.12 at July 1, 2025.
Current report
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 201,347 as of June 30, 2025 to 203,794 on September 30, 2025. The increase in quantity is the result of the net increase from capital share transactions.
Current report
The net increase in net assets resulting from operations for the three months ended September 30, 2025, was $1.4 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of $1.4 billion.
Current report
The Nine Months Ended September 30, 2026
Current report
The Nine Months Ended September 30, 2025
Current report
The Trust’s net assets increased from approximately $18.8 billion as of December 31, 2024 to $23.3 billion as of September 30, 2025. The change in the Trust’s net assets primarily resulted from an increase in outstanding Shares, which rose from 230,678,476 as of December 31, 2024 to 233,678,476 as of September 30, 2025. This was as a result of 89,400,000 Shares (3,576 Baskets) being created and 86,400,000 Shares (3,456 Baskets) being redeemed during the nine months ended September 30, 2025, coupled with an increase in the price of bitcoin, which rose 22.34% from $93,365.36 as of December 31, 2024 to $114,223.01 as of September 30, 2025.
Current report
The net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $3.9 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of approximately $4.2 billion and a net realized loss of approximately $246.9 million from the sale of the investment in bitcoin for the redemption of Shares.
Removed paragraphs (11)
Previous report
The Trust’s net assets decreased from approximately $12.8 billion as of March 31, 2026 to $10.3 billion as of June 30, 2026. The change in the Trust’s net assets primarily resulted from a decrease in outstanding Shares, which decreased from 216,003,476 as of March 31, 2026 to 200,328,476 as of June 30, 2026. This was as a result of 20,750,000 Shares (830 Baskets) being created and 36,425,000 Shares (1,457 Baskets) being redeemed during the three months ended June 30, 2026, coupled with a decrease in the price of bitcoin, which decreased 13.25% from $68,129.64 as of March 31, 2026 to $59,101.49 as of June 30, 2026.
Previous report
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 188,144 as of March 31, 2026 to 174,383 on June 30, 2026. The decrease in quantity resulted from bitcoin transferred to pay the Sponsor fee and redemptions of Shares during the quarter, which corresponded to sales of bitcoin exceeding bitcoin purchased using proceeds from issuances of Shares.
Previous report
The Trust’s net assets increased from approximately $16.3 billion as of March 31, 2025 to $21.6 billion as of June 30, 2025. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 225,528,476 as of March 31, 2025 to 230,728,476 as of June 30, 2025. This was as a result of 27,975,000 Shares (1,119 Baskets) being created and
Previous report
22,775,000 Shares (911 Baskets) being redeemed during the three months ended June 30, 2025, coupled with an increase in the price of bitcoin, which rose 29.25% from $82,956.00 as of March 31, 2025 to $107,221.67 as of June 30, 2025.
Previous report
The Trust’s NAV per Share increased 29.66% from $72.36 as of March 31, 2025, to $93.83 as of June 30, 2025.
Previous report
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 196,933 as of March 31, 2025 to 201,347 on June 30, 2025. The increase in quantity resulted from using net cash proceeds received from the increase in capital transactions to purchase bitcoin.
Previous report
The net increase in net assets resulting from operations for the three months ended June 30, 2025, was $4.8 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of $4.8 billion.
Previous report
The Six Months Ended June 30, 2026
Previous report
The Six Months Ended June 30, 2025
Previous report
The Trust’s NAV per Share of $97.32 at May 22, 2025, was the highest during the six months ended June 30, 2025, compared with a low of $66.97 at April 8, 2025.
Previous report
The net increase in net assets resulting from operations for the six months ended June 30, 2025, was $2.5 billion, primarily resulting from a net change in unrealized appreciation on investment in bitcoin of $2.8 billion and a net realized loss of approximately $0.3 billion from the sale of the investment in bitcoin for the redemption of Shares.
Reworded paragraphs (19)
Previous wording
Fidelity Wise Origin Bitcoin Fund (the “Trust”) is an exchange-traded product that issues shares of beneficial interest (the “Shares”) that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities. The Index is constructed using bitcoin price feeds from eligible bitcoin spot markets and a volume-weighted median price (“VWMP”) methodology, calculated every 15 seconds based on VWMP spot market data over rolling sixty-minute increments. The Index is designed to reflect the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the same methodology used to calculate the Index. The Trust is sponsored by FD Funds Management LLC (the “Sponsor”), a wholly owned subsidiary of FMR LLC.
Current wording
Fidelity Wise Origin Bitcoin Fund (the “Trust”) is an exchange-traded product that issues shares of beneficial interest (the “Shares”) that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities. The Index is constructed using bitcoin price feeds from eligible bitcoin spot markets and a volume-weighted median price (“VWMP”) methodology, calculated every 15 seconds based on VWMP spot market data over rolling sixty-minute increments. The Index is designed to reflect the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust holds bitcoin and values its Shares daily based on the same methodology used to calculate the Index. The Trust is sponsored by FD Funds Management LLC (the “Sponsor”), a wholly owned subsidiary of FMR LLC. The Trust keeps custody of its bitcoin at an affiliate of the Sponsor, Fidelity Digital Assets, N.A. (formerly Fidelity Digital Asset Services, LLC) (“FDA” or the “Custodian”), a national trust bank that provides custody and trade execution services for digital assets. The Trust has also entered into an agreement with BitGo Bank & Trust, N.A. (the “Additional Custodian”). As of the date of this report, the Trust’s bitcoin is held with the Custodian and the Sponsor has no plans to move any of the Trust’s bitcoin to the Additional Custodian.
Previous wording
The Administrator calculates the Trust’s NAV once each Exchange trading day. The Trust’s NAV for a normal trading day is released after 4:00 p.m. Eastern time (“EST”). Trading during the core trading session on the Exchange typically closes at 4:00 p.m. EST. However, the Trust’s NAVs are not officially struck until after 4:00 p.m. EST. The pause after 4:00 p.m. EST provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor has established a Valuation and Liquidity Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Valuation and Liquidity Committee. If the Valuation and Liquidity Committee determines in good faith that the Index does not reflect an accurate bitcoin price, then the Valuation and Liquidity Committee instructs the Administrator to employ an alternative method to determine the fair value of the Trust’s assets. In determining an alternative fair value method, the Valuation and Liquidity Committee generally considers such criteria as observable market-based inputs, including market quotations and last sale information from third-party pricing services and/or trading platforms on which bitcoin are traded. The Valuation and Liquidity Committee’s selection of third-party pricing services used considers the qualifications, experience, and history of the pricing services and whether their valuation methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
Current wording
The Administrator calculates the Trust’s NAV once each Exchange trading day. The Trust’s NAV for a normal trading day is released after 4:00 p.m. Eastern time (“EST”). Trading during the core trading session on the Exchange typically closes at 4:00 p.m. EST. However, the Trust’s NAVs are not officially struck until after 4:00 p.m. EST. The pause after 4:00 p.m. EST provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor has established a Valuation and Liquidity Committee to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Valuation and Liquidity Committee. If the Valuation and Liquidity Committee determines in good faith that the Index does not reflect an accurate bitcoin price, then the Valuation and Liquidity Committee instructs the Administrator to employ an alternative method to determine the fair value of the Trust’s assets. In determining an alternative fair value method, the Valuation and Liquidity Committee generally considers such criteria as observable market-based inputs, including market quotations and last sale information from third-party pricing services and/or trading platforms on which bitcoin is traded. The Valuation and Liquidity Committee’s selection of third-party pricing services used considers the qualifications, experience, and history of the pricing services and whether their valuation methodologies and procedures are reasonably designed to produce prices that reflect fair value under the prevailing market conditions.
Previous wording
The NAV per Share decreased 13.30% from $59.33 as of March 31, 2026 to $51.44 as of June 30, 2026. The Trust’s NAV per Share decreased 13.70% from $59.07 as of March 31, 2026, to $50.98 as of June 30, 2026.
Current wording
The NAV per Share increased 41.52% from $51.44 as of June 30, 2026 to $72.80 as of September 30, 2026. The Trust’s NAV per Share increased 42.80% from $50.98 as of June 30, 2026, to $72.80 as of September 30, 2026.
Previous wording
The Trust’s net assets increased from approximately $18.8 billion as of December 31, 2024 to $21.6 billion as of June 30, 2025. The change in the Trust’s net assets resulted from an increase in outstanding Shares, which rose from 230,678,476 as of December 31, 2024 to 230,728,476 as of June 30, 2025. This was as a result of 59,575,000 Shares (2,383 Baskets) being created and 59,525,000 Shares (2,381 Baskets) being redeemed during the six months ended June 30, 2025, coupled with an increase in the price of bitcoin, which rose 14.84% from $93,365.36 as of December 31, 2024 to $107,221.67 as of June 30, 2025.
Current wording
The Trust’s net assets increased from approximately $21.6 billion as of June 30, 2025 to $23.3 billion as of September 30, 2025. The change in the Trust’s net assets primarily resulted from an increase in outstanding Shares, which rose from 230,728,476 as of June 30, 2025 to 233,678,476 as of September 30, 2025. This was as a result of 29,825,000 Shares (1,193 Baskets) being created and 26,875,000 Shares (1,075 Baskets) being redeemed during the three months ended September 30, 2025, coupled with an increase in the price of bitcoin, which rose 6.53% from $107,221.67 as of June 30, 2025 to $114,223.01 as of September 30, 2025.
Previous wording
The Trust’s net assets decreased from approximately $17.6 billion as of December 31, 2025 to $10.3 billion as of June 30, 2026. The change in the Trust’s net assets resulted from a decrease in outstanding Shares, which decreased from 231,403,476 as of December 31, 2025 to 200,328,476 as of June 30, 2026. This was as a result of 49,450,000 Shares (1,978 Baskets) being created and (80,525,000) Shares (3,221 Baskets) being redeemed during the six months ended June 30, 2026, coupled with a decrease in the price of bitcoin, which decreased 32.43% from $87,463.03 as of December 31, 2025 to $59,101.49 as of June 30, 2026.
Current wording
The Trust’s net assets decreased from approximately $17.6 billion as of December 31, 2025 to $15.3 billion as of September 30, 2026. The change in the Trust’s net assets resulted from a decrease in outstanding Shares, which decreased from 231,403,476 as of December 31, 2025 to 210,553,476 as of September 30, 2026. This was as a result of 83,575,000 Shares (3,343 Baskets) being created and 104,425,000 Shares (4,177 Baskets) being redeemed during the nine months ended September 30, 2026, coupled with a decrease in the price of bitcoin, which decreased 4.31% from $87,463.03 as of December 31, 2025 to $83,697.25 as of September 30, 2026.
Previous wording
The NAV per Share decreased 32.50% from $76.21 as of December 31, 2025, to $51.44 as of June 30, 2026.
Current wording
The NAV per Share decreased 4.47% from $76.21 as of December 31, 2025, to $72.80 as of September 30, 2026.
Previous wording
The Trust’s NAV per Share decreased 33.01% from $76.10 as of December 31, 2025, to $50.98 as of June 30, 2026.
Current wording
The Trust’s NAV per Share decreased 4.34% from $76.10 as of December 31, 2025, to $72.80 as of September 30, 2026.
Previous wording
The Trust’s NAV per Share of $85.01 at January 14, 2026, was the highest during the six months ended June 30, 2026, compared with a low of $50.98 at June 30, 2026.
Current wording
The Trust’s NAV per Share of $85.01 at January 14, 2026, was the highest during the nine months ended September 30, 2026, compared with a low of $50.98 at June 30, 2026.
Previous wording
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,684 as of December 31, 2025 to 174,383 on June 30, 2026. The decrease in quantity resulted from bitcoin transferred to pay the Sponsor fee and redemptions of Shares during the quarter, which corresponded to sales of bitcoin exceeding bitcoin purchased using proceeds from issuances of Shares.
Current wording
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,684 as of December 31, 2025 to 183,167 on September 30, 2026. The decrease in quantity resulted from bitcoin transferred to pay the Sponsor fee and redemptions of Shares during the quarter, which corresponded to sales of bitcoin exceeding bitcoin purchased using proceeds from issuances of Shares.
Previous wording
The net decrease in net assets resulting from operations for the three months ended June 30, 2026, was $1.6 billion, primarily resulting from a net change in unrealized depreciation on investment in bitcoin of $1.9 billion and a net realized loss of $0.1 billion from the sale of the investment in bitcoin for the redemption of Shares, partially offset by a net realized gain of $0.3 billion from the distribution of the investment in bitcoin for the redemption of Shares.
Current wording
The net decrease in net assets resulting from operations for the nine months ended September 30, 2026, was approximately $1.1 billion, primarily resulting from a net change in unrealized depreciation on investment in bitcoin of approximately $1.6 billion, partially offset by a net realized gain of approximately $0.7 billion from the distribution of the investment in bitcoin for the redemption of Shares.
Previous wording
The Trust’s NAV per Share increased 14.70% from $81.80 as of December 31, 2024, to $93.83 as of June 30, 2025.
Current wording
The Trust’s NAV per Share increased 21.59% from $81.80 as of December 31, 2024, to $99.46 as of September 30, 2025.
Previous wording
The Trust’s NAV per Share of $97.32 at May 22, 2025, was the highest during the three months ended June 30, 2025, compared with a low of $66.97 at April 8, 2025.
Current wording
The Trust’s NAV per Share of $106.80 at August 13, 2025, was the highest during the nine months ended September 30, 2025, compared with a low of $66.97 at April 8, 2025.
Previous wording
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian decreased from 201,556 as of December 31, 2024 to 201,347 on June 30, 2025. The decrease in quantity resulted from bitcoin transferred to pay the Sponsor fee and redemptions of Shares during the quarter, which corresponded to sales of bitcoin exceeding bitcoin purchased using proceeds from issuances of Shares.
Current wording
The quantity of bitcoin owned by the Trust and held by the bitcoin custodian increased from 201,556 as of December 31, 2024 to 203,794 on September 30, 2025. The increase in quantity resulted from purchases or acquisitions of bitcoin, partially offset by bitcoin transferred to pay the Sponsor fee and sold for the redemptions of Shares, during the nine months ended September 30, 2025.
Previous wording
The Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off balance sheet financing arrangements and has no loan guarantee arrangements or off balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services for the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Trust’s financial position.
Current wording
The Trust has not used, nor does it expect to use in the future, special purpose entities to facilitate off balance sheet financing arrangements and has no loan guarantee arrangements or off balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services for the Trust. While the Trust’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust’s financial position.
Previous wording
As of 4:00 p.m., EST, on the last business day of the three months ended June 30, 2026, the Trust’s total value of bitcoin based on the Index Price (non-GAAP methodology) was $10,215,251,308, a difference of $91,045,378 to the GAAP value, which was $10,306,296,686, and the total market value of the Trust’s bitcoin based on the price of bitcoin at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $10,239,166,196, a difference of $67,130,490 to the GAAP value, which was $10,306,296,686.
Current wording
As of 4:00 p.m., EST, on the last business day of the quarter ended September 30, 2026, the Trust’s total value of bitcoin based on the Index Price (non-GAAP methodology) was $15,331,574,748, a difference of $1,001,923 to the GAAP value, which was $15,330,572,825, and the total market value of the Trust’s bitcoin based on the price of bitcoin at 4:00 p.m., EST, in the principal market (non-GAAP methodology) was $15,304,852,517, a difference of $25,720,308 to the GAAP value, which was $15,330,572,825.
Previous wording
The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the six months ended June 30, 2026.
Current wording
The following chart illustrates the movement in the Index Price, the principal market price, and the Trust’s NAV per Share during the nine months ended September 30, 2026.
Previous wording
During the six months ended June 30, 2026, the Index Price has ranged from $58,579.39 on June 30, 2026, to $97,568.00 on January 14, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent bitcoin spot markets individually or as a group.
Current wording
During the nine months ended September 30, 2026, the Index Price has ranged from $58,579.39 on June 30, 2026, to $97,568.00 on January 14, 2026. The Sponsor has not observed a material difference between the Index Price and average prices from the constituent bitcoin spot markets individually or as a group.
Previous wording
During the six months ended June 30, 2026, the 11:59:59 p.m. EST market price of bitcoin, as reported on the Trust’s principal market, has ranged from $59,101.49 on June 30, 2026, to $96,313.99 on January 14, 2026.
Current wording
During the nine months ended September 30, 2026, the 11:59:59 p.m. EST market price of bitcoin, as reported on the Trust’s principal market, has ranged from $59,101.49 on June 30, 2026, to $96,313.99 on January 14, 2026.
Previous wording
Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of bitcoin. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the six months ended June 30, 2026.
Current wording
Shares trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to the Trust’s NAV per Share. The amount of the discount or premium in the trading price relative to the Trust’s NAV per Share may be influenced by various factors, including the number of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of bitcoin. The following chart sets out the historical closing prices for the Shares as reported by the Exchange and the Trust’s NAV per Share during the nine months ended September 30, 2026.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The Trust’s NAV per Share of $71.33 at May 11, 2026, was the highest during the three months ended June 30, 2026, compared with a low of $50.98 at June 30, 2026.
Previous report — wording carried elsewhere
The net decrease in net assets resulting from operations for the six months ended June 30, 2026, was $5.3 billion, primarily resulting from a net change in unrealized depreciation on investment in bitcoin of $5.7 billion and a net realized loss of approximately $0.2 billion from the sale of the investment in bitcoin for the redemption of Shares, partially offset by a net realized gain of $0.5 billion from the distribution of the investment in bitcoin for the redemption of Shares.