Fidelity Wise Origin Bitcoin Fund, a Delaware statutory trust, reported a decrease in net assets from $18.8 billion at the end of 2024 to $17.6 billion as of December 31, 2025. This decline was primarily attributed to a 6.32% drop in the price of bitcoin, which fell from $93,365.36 to $87,463.03 during the same period. The Trust's net asset value (NAV) per share also decreased by 6.56%, from $81.56 to $76.21. Despite the overall decline, the number of outstanding shares increased slightly from 230,678,476 to 231,403,476, driven by the issuance of 118.2 million shares, which exceeded the 117.5 million shares redeemed.
The Trust's operations commenced on January 11, 2024, and it has since focused on tracking the performance of bitcoin through the Fidelity Bitcoin Reference Rate Index. The Trust's investment strategy is passive, holding only bitcoin and not engaging in derivatives or active management. The NAV is calculated daily based on the volume-weighted median price of bitcoin from various spot markets. The Trust's bitcoin holdings increased marginally from 201,556 to 201,684 bitcoins during the year, reflecting ongoing purchases offset by bitcoin sold for redemptions and to pay the Sponsor Fee.
In terms of operational metrics, the Trust's expenses rose significantly, with the Sponsor Fee increasing from $26.6 million in 2024 to $50.7 million in 2025. The net increase in net assets resulting from operations was a loss of $1.6 billion, primarily due to a net change in unrealized depreciation on bitcoin investments. The Trust's financial statements indicate that it has not generated any investment income, reflecting its structure as a grantor trust where income and expenses flow through to shareholders.
Looking ahead, the Trust faces various risks, including regulatory uncertainties surrounding digital assets, potential cybersecurity threats, and the inherent volatility of bitcoin. The Trust's management has established a risk management program to address these challenges, but the evolving nature of the digital asset landscape means that future developments could significantly impact the Trust's operations and the value of its shares. The Trust's ability to maintain its investment objective will depend on market conditions and regulatory developments, which remain unpredictable.
About Fidelity Wise Origin Bitcoin Fund
The Fidelity Wise Origin Bitcoin Fund is an exchange-traded trust that provides investors exposure to bitcoin by holding and valuing its digital assets based on a proprietary index. It facilitates access to bitcoin markets through a regulated structure, offering liquidity, transparency, and security without direct ownership or transfer of bitcoin. The fund operates passively, tracking bitcoin’s performance and ensuring compliance with regulatory standards.
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