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Crypto ETF · Tool Face-Off

Fidelity Bitcoin ETF (FBTC) vs BlackRock IBIT Bitcoin ETF

Quick answer

Both FBTC and IBIT are spot Bitcoin ETFs launched in January 2024 and are nearly identical in structure — but BlackRock's IBIT edges ahead on liquidity and AUM, while Fidelity's FBTC wins on custody transparency with its own in-house storage.

Fidelity Bitcoin ETF (FBTC)
Self-custodied BTC from a 77-year-old financial giant
4.4★
VS
Our pick
BlackRock IBIT Bitcoin ETF
The world's largest asset manager bets on Bitcoin
4.7★
Expense Ratio
0.25% (waived to 0% on first $3.9B for ~1 yr from launch)
0.25% (waived to 0.12% on first $5B for ~1 yr from launch)
Issuer
Fidelity Investments
BlackRock (iShares)
Launch Date
January 11, 2024
January 11, 2024
AUM (mid-2025 est.)
~$17–19 billion
~$40–45 billion
Average Daily Volume
~$300–500M
~$1–2B
Bitcoin Custody
Fidelity Digital Assets (in-house)
Coinbase Custody Trust
Bitcoin Holdings Transparency
Daily on-chain address published
Daily NAV; on-chain less explicit
Bid-Ask Spread
~0.01–0.03%
~0.01–0.02%
Options Available
Yes
Yes (launched Nov 2024)
In-Kind Redemptions
Cash only (SEC requirement)
Cash only (SEC requirement)
Minimum Investment
1 share (~Bitcoin price / shares)
1 share (~Bitcoin price / shares)
Institutional Adoption
High — top 3 spot BTC ETF
Highest — #1 spot BTC ETF globally

Fidelity Bitcoin ETF (FBTC)

Liquidity★★★★☆
AUM & Scale★★★★☆
Expense Ratio★★★★½
Tracking Accuracy★★★★½
Broker Accessibility★★★★½
Custody Transparency★★★★★

BlackRock IBIT Bitcoin ETF

Liquidity★★★★★
AUM & Scale★★★★★
Expense Ratio★★★★½
Tracking Accuracy★★★★½
Broker Accessibility★★★★★
Custody Transparency★★★★☆

Worth knowing

BlackRock CEO Larry Fink once called Bitcoin an 'index of money laundering' — then launched the world's biggest Bitcoin ETF. Redemption arc of the decade.

If you want

You care most about liquidity and tight spreads

IBIT dwarfs FBTC in daily volume, meaning easier entry/exit with minimal price impact.

→ Pick BlackRock IBIT Bitcoin ETF
If you want

You want maximum custody transparency and hate relying on Coinbase

Fidelity self-custodies BTC and publishes on-chain wallet addresses daily — no third-party custodian risk.

→ Pick Fidelity Bitcoin ETF (FBTC)
If you want

You're a Fidelity brokerage customer

FBTC integrates seamlessly into the Fidelity ecosystem with no friction or transfer fees.

→ Pick Fidelity Bitcoin ETF (FBTC)
If you want

You want the broadest institutional backing and ecosystem

BlackRock's distribution network and #1 AUM status make IBIT the de facto Bitcoin ETF benchmark.

→ Pick BlackRock IBIT Bitcoin ETF
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