Fidelity’s FBTC outperforms on cost

Fidelity’s FBTC outperforms on cost

I recommend Fidelity’s FBTC because its 0.25% expense ratio sits 70% lower than the digital assets category average. While BlackRock’s IBIT commands 655,570.77 BTC worth over $70 billion, Fidelity’s FBTC holds 200,712.72 BTC valued at $21.43 billion; thus, the second largest fund still maintains a massive and highly competitive position within the digital asset market. Fidelity’s fund recently brought in $310.7 million, which was nearly three times the $108.4 million BlackRock’s IBIT added during that same period. Jane Street Group LLC leads FBTC holdings with 7,239,363 shares, including 358,500 calls and 119,400 puts. Millennium Management LLC holds 6,955,712 shares without any calls or puts. Capula Management Ltd holds 4,299,112 shares. Schonfeld Strategic Advisors LLC holds 4,187,281 shares. Sculptor Capital LP holds 2,188,727 shares. Brooklands Fund Management Ltd holds 15,300 shares. FBTC manages $15.454 billion in total assets. In September 2026, FBTC returned 5.8%, while the Digital Assets category returned 12.4%.

Institutional interest and 401(k) shifts

Institutional interest grows even as US Senators Elizabeth Warren, Richard Durbin, and Tina Smith criticize Fidelity for adding Bitcoin to 401(k) plans. These senators sent a letter to CEO Abigail Johnson and called the asset "volatile, illiquid, speculative, and untested." They noted that the median balance for 401(k) accounts is just $33,472. I find that the pressure from Washington does not stop the movement of capital into these products. Tudor Investment Corporation increased its IBIT stake by 18.9% in the second quarter to 688,529 shares. Edelman Financial Engines disclosed a $34 million position in spot Bitcoin ETFs. Millennium Management also holds 18,100,456 IBIT shares, including 17,587,156 owned outright. Susquehanna International Group LLP holds 29,868,970 IBIT shares, with a split of 12,403,900 calls, 6,816,100 puts, and 10,648,970 direct shares. Goldman Sachs Group holds 30,831,854 IBIT shares, including 1,445,200 calls and 6,007,700 puts. Brevan Howard Capital Management LP holds 21,567,122 IBIT shares. A 2022 Nasdaq survey of 500 financial advisors found that 72% want to invest more in Bitcoin if a Bitcoin spot ETF gets approved. Most plan sponsors say they are still "not ready" to include Bitcoin in core menus because of fiduciary concerns. You should observe how these large firms manage risk through options. Can the regulatory pressure from senators force a change in how plan providers handle these assets?

WisdomTree filings and comparison

WisdomTree filed an S-1 to list the WisdomTree Bitcoin Trust on the Cboe BZX Exchange under the ticker BTCW. This fund tracks the CME CF Bitcoin US Settlement Price and names Delaware Trust Company as the trustee. I would note that WisdomTree lacks a dedicated ESG focus, and the fund’s assets consist primarily of bitcoin held by a custodian. The SEC is currently considering applications from WisdomTree, NYDIG, VanEck, and Valkyrie Digital Assets. Grayscale Investments posted nine ETF-related job ads on LinkedIn, and this suggests they anticipate SEC approval soon. WisdomTree’s filing comes after BlackRock’s application helped the token climb about 15%. I suggest comparing the expense ratios of these different offerings before you commit your capital.