Fidelity Wise Origin Bitcoin Fund
Fidelity Wise Origin Bitcoin Fund is a Delaware statutory trust that issues exchange-traded shares designed to track the price of bitcoin. It gives investors bitcoin exposure through a traditional brokerage account while the Trust itself holds bitcoin in custody and does not use derivatives or active trading strategies.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2023–2025
Liiketoiminta
Osuus liikevaihdostaListed shares that provide investors with exposure to bitcoin price movements through a regulated brokerage account.
Operational services supporting safekeeping, transfer, valuation, and share issuance/redemption.
Asiakkaat
The Trust’s investors are brokerage clients and institutions that want bitcoin exposure without directly buying, storing, or transferring the asset themselves. Authorized Participants are the key market-facing counterparties because they create and redeem baskets of shares, while secondary-market investors trade the listed shares on Cboe BZX. The product is aimed at investors seeking a familiar wrapper around bitcoin rather than direct crypto custody.
Buy listed shares for bitcoin exposure without managing wallets, private keys, or crypto exchanges.
Use the Trust as a regulated, exchange-traded vehicle for tactical or strategic bitcoin exposure.
Create and redeem baskets of shares in exchange for bitcoin or cash to keep market price aligned with NAV.
Trade shares on Cboe BZX for liquidity, price discovery, and short-term exposure management.
Strategia
The Trust’s strategy is to provide low-friction, passive bitcoin exposure that closely tracks the reference index after expenses and liabilities. It relies on physical bitcoin custody, daily valuation, and basket creation/redemption mechanics to keep shares aligned with underlying bitcoin value. The structure is designed to make bitcoin accessible through conventional brokerage infrastructure rather than direct crypto ownership.
The Trust’s value proposition depends on minimizing tracking error versus the reference rate and spot bitcoin.
Secure custody and reliable transfer/redemption processes are essential for investor confidence and product continuity.
The Trust competes by making bitcoin available in a familiar listed-security format.
Maantiede
The Trust is organized in Delaware and listed in the United States, with trading on Cboe BZX and reporting under U.S. GAAP. Its economic exposure is global because the underlying asset is bitcoin, but the operating structure, custody, and regulatory framework are U.S.-centric. The Trust’s service providers, including the custodian and transfer agent, are also U.S.-based.
Riskit
The Trust is highly exposed to bitcoin price volatility, which can drive large swings in NAV and market price. It also faces structural risks from tracking error, custody and cybersecurity issues, regulatory scrutiny of digital assets, and potential conflicts involving the Sponsor and its affiliates. Because the product depends on market access, authorized participants, and service providers, operational disruptions could impair creations, redemptions, or valuation.
- Bitcoin price volatilityVaikutus: KriittinenTodennäköisyys: Kohtalainen
The Trust’s assets are concentrated in bitcoin, so changes in bitcoin price directly drive NAV and investor returns.
Kohdistuu: Entire portfolio
- Regulatory and AML/KYC riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
Digital asset markets face evolving regulation and sanctions/AML scrutiny that could affect counterparties and trading access.
Kohdistuu: Authorized Participants and counterparties
- Tracking error versus reference rateVaikutus: KorkeaTodennäköisyys: Matala
Fees, transaction costs, creation/redemption timing, and pricing differences can cause performance to diverge from bitcoin.
Kohdistuu: NAV and market price performance
- Custody and cybersecurity riskVaikutus: KorkeaTodennäköisyys: Matala
All bitcoin is held by the custodian, so operational or cyber incidents could disrupt access or valuation.
Kohdistuu: Asset safekeeping
- Sponsor conflict of interestVaikutus: KeskitasoTodennäköisyys: Matala
The Sponsor and affiliates may have interests that differ from shareholders, affecting decisions and resource allocation.
Kohdistuu: Governance and administration
Kirjanpito
Harkinnanvaraiset erätBitcoin is measured under ASC 820 using a principal market price, so valuation methodology directly affects NAV and earnings.
Vaikutus: Can materially change reported asset value and unrealized gains/losses
The Sponsor selects valuation sources and the principal market, which introduces judgment into pricing.
Vaikutus: Affects daily NAV and comparability across periods
Fees are calculated as a fixed percentage of bitcoin holdings, so expense recognition depends on holdings and bitcoin price.
Vaikutus: Impacts operating expenses and net asset value
Sales of bitcoin for redemptions or expenses can create realized results distinct from mark-to-market changes.
Vaikutus: Affects reported results of operations
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
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Päivitetty: 24.9.2026