> ## Content Index > Fetch the complete content index at: https://www.spotedcrypto.com/llms.txt > Use this file to discover other available public pages before exploring further. # IBIT vs FBTC: Same 0.25% Fee, Different Size and Custody - URL: https://www.spotedcrypto.com/ibit-vs-fbtc-which-is-better/ - Published: 2026-11-11T23:56:20.000Z - Updated: 2026-11-11T23:59:00.000Z - Description: A side-by-side of fees, assets, custody and flows for the two largest US spot bitcoin ETFs, and where they differ. - Author: Cris - Tags: Wallets & Security, Guides, hash-en, ibit, FBTC, spot bitcoin ETF, custody, English BlackRock's IBIT and Fidelity's FBTC are the two largest US spot bitcoin ETFs, and both charge the same fee. The choice between them comes down to two things: how big the fund is and who holds the bitcoin. ## IBIT vs FBTC: Which Spot Bitcoin ETF Is Better? Neither fund is better for everyone. Both charge 0.25%, so cost won't settle it . IBIT (the iShares Bitcoin Trust ETF) has far more assets. FBTC (the Fidelity Wise Origin Bitcoin Fund) keeps its bitcoin with Fidelity's own custodian. So the comparison comes down to scale, where IBIT is far larger, and custody arrangements, which differ between the two. **Quick Answer:** IBIT and FBTC both charge a 0.25% fee, so the comparison comes down to size and custody. IBIT held $58.31B in net assets on Nov 10, 2026\. FBTC held about $15.33B on Sep 30, 2026, according to its Q3 2026 10-Q filed on Nov 6, 2026, its latest filed figure. IBIT is the larger fund. FBTC keeps its bitcoin with Fidelity instead of Coinbase. The size gap is large. According to [iShares](https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf?ref=spotedcrypto.com), IBIT had net assets of $58,314,562,292 as of November 10, 2026 . FBTC's latest quarterly filing, the [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com) filed with the SEC on November 6, 2026 ([EDGAR filing list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001852317&type=10-Q&ref=spotedcrypto.com)), reports total net assets of $15,327,476 thousand, about $15.33B, on September 30, 2026 . That is down from about $17.64B on December 31, 2025, but up from about $10.30B on June 30, 2026, the figure in the prior [Q2 2026 10-Q](https://www.sec.gov/Archives/edgar/data/0001852317/000119312526337679/ck0001852317-20260630.htm?ref=spotedcrypto.com) . Fidelity's FBTC page does not list a current net-assets figure. The IBIT and FBTC numbers are about six weeks apart, so treat the comparison as approximate. On those figures, IBIT is close to four times larger. Custody is the real structural difference. IBIT's bitcoin sits mainly with Coinbase Custody Trust Company, with Anchorage Digital Bank as an additional custodian . FBTC's bitcoin is held by Fidelity Digital Assets, National Association, according to [Fidelity](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com) . **Quick comparison:** - **IBIT** has the larger asset base. Its bitcoin is held mainly by Coinbase Custody Trust Company, with Anchorage Digital Bank available as an additional custodian. - **FBTC** keeps its bitcoin with Fidelity Digital Assets, an affiliate of its sponsor, rather than with Coinbase, which also holds bitcoin for several competing ETFs. - **Fees don't separate them.** Both funds charge 0.25%. Daily flows add another angle. In early November 2026 the two funds often moved in opposite directions. On November 4, IBIT had $201.2M of outflows while FBTC took in $236.7M, according to [The Commoner Bitcoin ETF Tracker](https://www.tftc.io/bitcoin-etf-flows?ref=spotedcrypto.com) . ## Do IBIT and FBTC Charge Different Expense Ratios? No. IBIT and FBTC charge the same headline fee: 0.25% a year. An expense ratio is the yearly fee a fund takes from its assets to cover running costs. You never pay it as a separate bill. It is deducted every day and shows up as a slightly lower share value. iShares lists IBIT's sponsor fee at 0.25% . Fidelity says it charges FBTC "an expense ratio of 25 basis points, as of August 1, 2024" . On a $10,000 position, either fund costs about $25 a year. Fees are not a reason to pick one over the other. The fund filings say the same thing in more detail. They also show a small difference in how each fee is worded: - **IBIT:** BlackRock's FY2025 annual report (10-K) says the sponsor fee accrues daily at an annual rate of 0.25% of the Trust's net asset value . - **FBTC:** Fidelity's Q2 2026 quarterly report (10-Q) sets the sponsor fee at 0.25% of the Trust's bitcoin holdings . IBIT's fee is calculated on net asset value. FBTC's is calculated on "Bitcoin Holdings", a defined term in its [Q2 2026 10-Q](https://www.sec.gov/Archives/edgar/data/0001852317/000119312526337679/ck0001852317-20260630.htm?ref=spotedcrypto.com): the quantity of the trust's bitcoin plus any cash or other assets, represented in bitcoin at the index price, less its liabilities, which include estimated accrued but unpaid fees and expenses . That makes it a net-asset measure expressed in bitcoin, not a raw coin count. The rate is 0.25% at both funds, so the cost of holding either is effectively identical. For a while there was a real gap. When IBIT launched, BlackRock charged a reduced 0.12% on the first $5 billion of assets. That discount ran until January 10, 2025, according to the 10-K . IBIT's assets grew past that threshold fast, and the discount has since ended. Some older comparison pages and videos still mention it as an IBIT advantage. It no longer applies. Two practical points matter more than the fee itself: - **Trading costs can matter more than fee differences.** When fees are equal, what you pay to get in and out comes from the bid-ask spread and your broker's commission. Both depend on trading volume and your platform, not on the expense ratio. - **Fees can change.** A sponsor can cut or raise its fee, or add a temporary waiver to win assets. Check the current figure on the [iShares IBIT page](https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf?ref=spotedcrypto.com) and the [Fidelity FBTC page](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com) before you buy. With fees tied, the real choice comes down to size, custody and how money has been flowing in and out of each fund. ## Which Bitcoin ETF Has the Most Assets? IBIT is the largest US spot bitcoin ETF by a wide margin. iShares reports IBIT net assets of $58,314,562,292 as of November 10, 2026 . FBTC's most recent filed figure is about $15.33 billion on September 30, 2026, from its [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com) , so BlackRock's fund is close to four times as large as Fidelity's, allowing for the different dates. If your question is "which bitcoin ETF has the most assets?", the answer is IBIT. IBIT's size has built up over two calendar years. According to the fund's [FY2025 10-K filing](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com), its net asset value rose from $51,519,566,547 on December 31, 2024 to $67,401,155,244 on December 31, 2025, a gain of about 31% . The November 2026 figure sits below that year-end peak. Bitcoin's price and fund flows both move net assets, so a lower total does not mean investors abandoned the fund. FBTC's numbers come from Fidelity's [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com), filed November 6, 2026\. The filing gives these figures : - **Total net assets:** $15,327,476 thousand (about $15.33B) on September 30, 2026 - **Prior year-end:** $17,636,254 thousand (about $17.64B) on December 31, 2025, so net assets were about 13% lower after nine months - **Bitcoin held:** 183,167 BTC on September 30, 2026, against 201,684 BTC on December 31, 2025 - **NAV per share:** $72.80 - **Shares outstanding:** 210,553,476 The quarter before looked very different. The [Q2 2026 10-Q](https://www.sec.gov/Archives/edgar/data/0001852317/000119312526337679/ck0001852317-20260630.htm?ref=spotedcrypto.com) reported $10,304,103 thousand (about $10.30B) in total net assets, 174,383 BTC, a NAV of $51.44 per share and 200,328,476 shares outstanding on June 30, 2026 . Net assets rose about 49% in the third quarter. Most of that came from a higher NAV per share, up about 42%. The rest came from share creations: the trust issued 34,125,000 shares and redeemed 23,900,000 in the quarter, a net increase of about 5% in shares outstanding . The [Fidelity FBTC page](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com) does not show a current net-assets figure. That makes the September 30 figures in the Q3 10-Q, filed with the SEC on November 6, 2026 according to the [EDGAR filing list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001852317&type=10-Q&ref=spotedcrypto.com), the latest quarterly filed figure for FBTC's size. The wider market shows how dominant IBIT is. The [Commoner Bitcoin ETF Tracker](https://www.tftc.io/bitcoin-etf-flows?ref=spotedcrypto.com) puts total net assets across all US spot bitcoin ETFs at $92.8 billion, with data updated November 10, 2026 . Compare that with IBIT's net assets on the same date and IBIT holds roughly 63% of all US spot bitcoin ETF assets. That means more than six of every ten dollars in the category sit in a single fund. One caveat matters here. The IBIT and FBTC figures are not from the same day. IBIT's $58.3 billion is a November 10, 2026 reading. FBTC's $15.3 billion is a September 30, 2026 balance-sheet figure from the Q3 10-Q . Bitcoin's price and both funds' flows have changed in the six weeks between, so the exact ratio between the two funds will have moved. The direction of the gap is not in doubt. A closer date match needs FBTC's current total from Fidelity on the day you compare. For traders, size matters mostly through liquidity. A larger asset base usually comes with heavier trading activity, which can help when you move large orders. Size does not change what the fund holds, though. Both funds track the same asset at the same 0.25% fee. The next difference, who holds the bitcoin, is where the two funds really split. ## Who Holds the Bitcoin? Custody Compared IBIT and FBTC store their bitcoin in different places. BlackRock's IBIT uses Coinbase Custody Trust Company, LLC as its main custodian, with Anchorage Digital Bank N.A. available as a second custodian . Fidelity's FBTC holds its bitcoin in-house at Fidelity Digital Assets, National Association . This is the main structural difference between the two funds. ### IBIT: Coinbase first, Anchorage as backup IBIT's FY2025 annual report says "Coinbase Custody Trust Company, LLC serves as the custodian for the Trust's bitcoin holdings." The same report says Anchorage Digital Bank N.A. "serves as an additional available custodian" (source: [IBIT Form 10-K, FY2025](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com)) . Anchorage was added later. An 8-K filing shows BlackRock Fund Advisors, acting as the trust's administrative trustee, signed the Anchorage custodial agreement on April 7, 2025 . The filing also states plainly that the new agreement did not replace Coinbase: > The Trust's existing custody arrangement with Coinbase "will remain in force and is unaffected." — iShares Bitcoin Trust ETF (source: [IBIT Form 8-K, filed April 8, 2025](https://www.sec.gov/Archives/edgar/data/1980994/000143774925011313/bit20250404%5F8k.htm?ref=spotedcrypto.com)). The trust's sponsor is iShares Delaware Trust Sponsor LLC, and BlackRock Fund Advisors is its trustee, per the [FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com). Adding Anchorage gives IBIT a second custodian it can use. Coinbase is still the primary one. ### FBTC: custody kept inside Fidelity FBTC takes a vertically integrated approach. Fidelity says the fund's bitcoin "are custodied by Fidelity Digital Assets, National Association" (source: [Fidelity, FBTC fund page](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com)). FBTC's Q2 2026 quarterly report identifies that custodian as an affiliate of the fund's sponsor . So the same corporate group runs the fund, sells it to clients and holds the coins. Some investors like the single point of accountability. Others would prefer an independent custodian. Both views are reasonable, and the choice depends on which kind of counterparty exposure you are more comfortable with. ### The Coinbase concentration question Coinbase also holds bitcoin for several competing spot ETFs, according to IBIT's own 10-K . If you already own other bitcoin ETFs, or simply want to spread your exposure across custodians, this concentration matters: - **IBIT** relies mainly on Coinbase as custodian, with Anchorage available as a second. - **FBTC** keeps custody with Fidelity Digital Assets, so its bitcoin does not sit with Coinbase. - **Holding both** means exposure to two separate custody setups. ### What you own in either fund Whichever custodian you prefer, you never hold the coins yourself. Both funds are trusts. You own trust shares, not bitcoin, and you have no private keys. Only authorized participants can create or redeem shares. Their arbitrage trading is intended to keep a fund's share price closely linked to the price of bitcoin, as IBIT's [FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com) describes . So buying FBTC or IBIT gives you bitcoin's price movement in a brokerage account. It does not give you the self-custody of holding coins directly. ## IBIT vs FBTC Side-by-Side Comparison Table IBIT and FBTC have the same 0.25% headline fee. They differ in size, custody and how money has moved in and out. IBIT reports $58.3B in net assets as of November 10, 2026, and has taken in +$64.8B of net flows since launch. FBTC reported about $15.3B on September 30, 2026, in its Q3 10-Q filed November 6 , and has +$10.2B of net flows since launch. The table below lists each spec with its date, so you can see how current every figure is. | Spec | IBIT | FBTC | | ---------------------- | -------------------------------------------------------------------------------------- | ------------------------------------------------------------- | | Sponsor | BlackRock (iShares) | Fidelity | | Full name | iShares Bitcoin Trust ETF | Fidelity Wise Origin Bitcoin Fund | | Fee | 0.25% sponsor fee | 0.25% expense ratio, as of Aug 1, 2024 | | Net assets | $58,314,562,292 (Nov 10, 2026) | About $15.33B (Sep 30, 2026, Q3 10-Q filed Nov 6, 2026) | | Custodian | Coinbase Custody Trust Company, with Anchorage Digital Bank as an additional custodian | Fidelity Digital Assets, National Association | | Inception date | Jan 5, 2024 ; trading began Jan 11, 2024 | Jan 11, 2024, when the trust commenced operations and trading | | Net flows since launch | +$64.8B | +$10.2B | | 2026 YTD net flows | +$2.7B | \-$1.9B | The flow figures come from [The Commoner Bitcoin ETF Tracker](https://www.tftc.io/bitcoin-etf-flows?ref=spotedcrypto.com) and include data through November 10, 2026\. The FBTC net-assets cell uses the fund's [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com). That filing also lists 183,167 bitcoin held and a NAV of $72.80 per share on September 30, 2026 . FBTC's current asset total is not shown on [Fidelity's fund page](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com). Its assets today could differ from the September number, so check the page before you compare the two funds on size. The fee row cancels out, which leaves two rows that drive the decision: net assets and custodian. You can see the day-by-day moves behind the flow rows on the [spotedcrypto bitcoin ETF flow table](https://www.spotedcrypto.com/bitcoin-etf-flows/). ## How Are Money Flows Moving Between IBIT and FBTC? Both funds lost money in autumn 2026, but they did not always move together. In the 30 trading days from Sep 29 to Nov 9, 2026, net outflows were $449.0M from IBIT, $787.0M from FBTC and $2,080.3M from all US spot bitcoin ETFs combined. These totals are summed from the daily figures in [The Commoner Bitcoin ETF Tracker](https://www.tftc.io/bitcoin-etf-flows?ref=spotedcrypto.com) and its September and October 2026 monthly archives . Over that window the smaller fund lost more in dollar terms: FBTC's $787.0M of net outflows was about 1.75 times IBIT's $449.0M. A net flow is the dollar value of new shares created minus shares redeemed in one session. It shows whether investors added money to a fund or took it out. Over the long run, IBIT has still drawn far more money than FBTC. The first full week of November shows how often the two funds went in different directions. On two of the four sessions below, FBTC took in money on days when IBIT lost money, according to [The Commoner Bitcoin ETF Tracker](https://www.tftc.io/bitcoin-etf-flows?ref=spotedcrypto.com) . | Session (2026) | IBIT net flow | FBTC net flow | Direction | | -------------- | ------------- | ------------- | ------------------- | | Nov 4 | \-$201.2M | +$236.7M | Opposite | | Nov 5 | \-$105.0M | \-$199.9M | Both out | | Nov 6 | \-$403.0M | +$42.8M | Opposite | | Nov 9 | \-$213.2M | $0.0M | IBIT out, FBTC flat | The daily counts tell a similar story. Across the same 30 sessions, IBIT had 15 inflow days and 15 outflow days. FBTC had 10 inflow days, 13 outflow days and 7 days that show zero. A zero can mean no money moved or that no figure was reported for that day . In the next session, Nov 10, both funds lost money again: IBIT -$78.2M and FBTC -$36.8M, according to [The Commoner Bitcoin ETF Tracker](https://www.tftc.io/bitcoin-etf-flows?ref=spotedcrypto.com) . The longer record looks very different from those weeks. As of Nov 10, 2026, IBIT has taken in a net $64.8B since launch, against $10.2B for FBTC. For 2026 so far, IBIT is up $2.7B while FBTC is down $1.9B . IBIT's outflows are not new this year either. In May 2026, US spot bitcoin ETFs lost $2.4B in net outflows, and IBIT accounted for $1.4B of that, per the [tracker's May 2026 archive](https://www.tftc.io/bitcoin-etf-flows/may-2026?ref=spotedcrypto.com) . IBIT's size means its daily moves are bigger in dollar terms when money comes in and when it goes out. What the flow data does and does not tell you: - **Long-run pull:** IBIT's net inflow since launch is more than six times FBTC's, and IBIT is still positive for 2026 even after heavy outflows in early November. - **Short-run divergence:** FBTC had several inflow days while IBIT lost money. That is consistent with some investors choosing between the two funds rather than leaving bitcoin ETFs altogether, though net flow data cannot show who moved money or whether the same investors were on both sides. - **Noise:** Daily flows change direction often and can show zero on days with no reported figure. A single day or week is not a signal to buy or sell either fund. Flows are useful context for how investors are positioned. They do not change what you own: each share still tracks the bitcoin held by its trust. Size, custody and how you plan to hold the fund should carry more weight in your decision than a week of redemptions. ## Which Fund Fits You? A Decision Framework IBIT is the larger fund by net assets. FBTC holds its bitcoin inside Fidelity's own trust bank rather than at Coinbase. On fees the two are level: IBIT's sponsor fee is 0.25% and FBTC's expense ratio is 25 basis points . In short, the comparison comes down to scale and custody arrangements, and which of those weighs more depends on how an investor trades and which custody setup they prefer. ### Where IBIT stands out - **Largest asset base.** iShares reports IBIT net assets of about $58.3B as of Nov 10, 2026 . FBTC's latest filed total was about $15.3B on Sep 30, 2026, in its [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com) . - **Size matters most for active trading.** A bigger fund generally comes with more daily activity, which is most relevant to investors who trade in size or move in and out often and care about getting filled close to the quoted price. - **Coinbase custody.** Coinbase Custody Trust Company holds IBIT's bitcoin, and Anchorage Digital Bank is available as an additional custodian . ### Where FBTC stands out - **Custody outside Coinbase.** FBTC's bitcoin is held by Fidelity Digital Assets, National Association . That is an affiliate of the sponsor , so FBTC's coins are not with the custodian that serves several competing ETFs. The trade-off is that the sponsor and the custodian sit in the same corporate group. - **One provider.** For investors who already bank or invest with Fidelity, the sponsor, the custodian and possibly the brokerage sit under one company. - **Size matters less for buy-and-hold.** IBIT's lead in size mostly affects trading. A long-term holder gets the same asset at the same 0.25% fee in either fund. ### Where the two are level On cost, there is nothing between them. Both charge the same headline fee, so the fee doesn't separate them. In both cases you own trust shares that track bitcoin's price, not the coins themselves. Authorized participants create and redeem shares, an arbitrage process that IBIT's [FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com) describes as intended to keep the share price closely linked to bitcoin's . ### Checklist before you buy 1. **Check current assets on the issuer pages that day.** Use [iShares](https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf?ref=spotedcrypto.com) for IBIT and [Fidelity](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com) for FBTC. FBTC's most recent filed total is for September 30, 2026, from its [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com). 2. **Compare live bid-ask spreads** in your brokerage before you place an order, especially a large one. 3. **Confirm the fee hasn't changed** on both issuer pages. 4. **Check IBIT options separately** with your broker or the exchange if you plan to use them. Don't assume they are available. 5. **Look at recent flows** on the [spotedcrypto ETF flow table](https://www.spotedcrypto.com/bitcoin-etf-flows/) for context, not as a buy or sell signal. ### Ignore stale numbers Figures in older comparison pages and videos may no longer be current. IBIT's net assets were $67.4B on December 31, 2025, according to its [FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com) , against $58.3B on November 10, 2026 . FBTC's filings show net assets of about $17.64B at the end of 2025, $10.30B on June 30, 2026 and $15.33B on September 30, 2026 . With swings that large inside a year, treat any undated asset figure as history and check the issuer pages on the day you compare. ## Risks and What to Check Before You Buy Both IBIT and FBTC give you bitcoin price exposure. Neither gives you the coins. You own trust shares. Only authorized participants can create or redeem those shares, and their arbitrage is intended to keep each fund's price closely linked to bitcoin's, as IBIT's [FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com) describes . As a result, you cannot withdraw bitcoin to your own wallet, move it on-chain or hold the private keys. If self-custody matters to you, neither fund solves that. Weigh these four risks before you place an order: - **Custodian concentration.** IBIT's bitcoin is held by Coinbase Custody Trust Company, which also holds bitcoin for several competing ETFs. Anchorage Digital Bank N.A. is named as an additional available custodian , under an agreement signed on April 7, 2025 . FBTC's coins sit with Fidelity Digital Assets, National Association , which is an affiliate of the sponsor . With IBIT, the counterparty is an outside custodian that serves many funds. With FBTC, everything stays inside one financial group. Each setup carries its own risk. - **Flows change direction quickly.** On Nov 4, IBIT lost $201.2M while FBTC took in $236.7M . By the Nov 10 session, both had outflows: IBIT -$78.2M and FBTC -$36.8M . A single week of flows is not a trend. Check the latest numbers on our [bitcoin ETF flow tracker](https://www.spotedcrypto.com/bitcoin-etf-flows/). - **Dated figures.** The numbers in this article run through Nov 10, 2026\. The most recent FBTC asset figure in a filing is about $15.33B, as of September 30, 2026, from the [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com) filed November 6, 2026 . Before you act, check the fee, assets and custodian on the [iShares IBIT page](https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf?ref=spotedcrypto.com) and the [Fidelity FBTC page](https://www.fidelity.com/etfs/fbtc?ref=spotedcrypto.com). - **Bitcoin volatility.** Both funds track the same asset, so a sharp drop in bitcoin hits IBIT and FBTC equally. Neither the fund's size nor its custody setup protects you from price swings. This article is general information, not financial advice. In short, the 0.25% fee is the same at both funds, and both carry the same bitcoin price risk. IBIT is the larger fund. FBTC keeps custody inside Fidelity with no reliance on Coinbase. Before any trade, recheck the issuer pages and the latest flows on that day. ## Frequently Asked Questions ### Which is better, IBIT or FBTC? Neither fund is better for everyone. Both charge the same fee, so the right choice depends on whether size or custody matters more to you. IBIT's sponsor fee is 0.25% . Fidelity charges FBTC an expense ratio of 25 basis points . IBIT has the larger asset base. FBTC keeps its bitcoin with Fidelity's own trust company, so it does not rely on Coinbase, which holds bitcoin for several competing ETFs (source: [IBIT FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com)) . ### Which bitcoin ETF has the most assets? BlackRock's iShares Bitcoin Trust (IBIT) is the largest US spot bitcoin ETF. According to [iShares](https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf?ref=spotedcrypto.com), IBIT had net assets of $58,314,562,292 as of November 10, 2026 . FBTC's latest filed figure is about $15.33 billion in total net assets on September 30, 2026, according to its [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com), filed November 6, 2026 . Fidelity's fund page does not show a current net-assets figure, so check it on the day you compare. The Commoner tracker puts total net assets across all US spot bitcoin ETFs at $92.8 billion . ### Is buying FBTC the same as buying bitcoin? No. When you buy FBTC, you own shares of a trust that tracks bitcoin's price. You do not hold the coins or the private keys. Only authorized participants can create or redeem shares, in blocks of 25,000 shares, according to FBTC's [Q3 2026 10-Q](https://www.sec.gov/Archives/edgar/data/1852317/000119312526451451/ck0001852317-20260930.htm?ref=spotedcrypto.com) . Spot bitcoin ETFs rely on that creation and redemption arbitrage to keep the share price closely linked to bitcoin's, as IBIT's [FY2025 10-K](https://www.sec.gov/Archives/edgar/data/1980994/000143774926006058/bit20251231%5F10k.htm?ref=spotedcrypto.com) describes . As of September 30, 2026, FBTC held 183,167 bitcoin with a NAV of $72.80 per share . You get bitcoin price exposure in a regular brokerage account, but you cannot withdraw the coins to your own wallet. ### Who is the custodian for IBIT and FBTC? Coinbase Custody Trust Company, LLC is IBIT's custodian, and Anchorage Digital Bank N.A. serves as an additional available custodian . BlackRock Fund Advisors signed the Anchorage agreement on April 7, 2025\. An [SEC 8-K filing](https://www.sec.gov/Archives/edgar/data/1980994/000143774925011313/bit20250404%5F8k.htm?ref=spotedcrypto.com) states that the Coinbase arrangement remains in force . FBTC's bitcoin is held by Fidelity Digital Assets, National Association , which is an affiliate of the fund's sponsor . ### Which Fidelity bitcoin ETF is best? The Fidelity Wise Origin Bitcoin Fund (FBTC) is Fidelity's spot bitcoin ETF, so it is the one to look at for bitcoin exposure. It charges 25 basis points . To see how money has moved in and out of FBTC each day, see the [spotedcrypto bitcoin ETF flow table](https://www.spotedcrypto.com/bitcoin-etf-flows/). --- ### Related Articles - [start-exodus.com was flagged as phishing within a week of registration](https://www.spotedcrypto.com/start-exodus-com-phishing-domain-explained/) - [Abstract burned tens of millions, then set a Dec 15 deadline](https://www.spotedcrypto.com/abstract-l2-shutdown-december-15-bridge-out/) - [$6.36B left Binance in one night. 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