Fidelity's FBTC is the smarter pick for most investors: razor-thin fees and true ETF structure beat GBTC's legacy baggage and high expense ratio. GBTC is only compelling if you're already holding it for tax reasons.
GBTC's 1.5% fee was set back when it was a monopoly and investors had no alternative — now it's basically a loyalty tax for people too lazy to switch.
You want the cheapest, cleanest Bitcoin ETF exposure
FBTC's 0.25% fee and Fidelity's custody model make it the no-brainer long-term hold.
→ Pick Fidelity Bitcoin ETF (FBTC)You already hold GBTC with large unrealized gains
Selling triggers a taxable event — sometimes the devil you know (and owe taxes on) is cheaper to keep.
→ Pick Grayscale Bitcoin Trust (GBTC)You want the deepest liquidity and longest institutional track record
GBTC's larger AUM and 10+ year history give it an edge in market depth, though the fee gap is painful.
→ Pick Grayscale Bitcoin Trust (GBTC)You're a new investor opening a brokerage account today
Zero reason to start with GBTC's high fees when FBTC exists — same Bitcoin, a fraction of the cost.
→ Pick Fidelity Bitcoin ETF (FBTC)