Fidelity's FBTC holds actual Bitcoin and charges less, making it the stronger pick for most investors. ProShares BITO uses futures contracts — useful for specific strategies, but costlier and structurally less efficient for long-term holders.
BITO once held so many CME Bitcoin futures contracts that it was bumping up against position limits — the ETF was literally too big for the futures market to handle cleanly.
You want the purest, most cost-efficient Bitcoin exposure for the long haul
FBTC holds real Bitcoin at a fraction of BITO's fee — your returns actually track Bitcoin, not a rolling futures ladder.
→ Pick Fidelity Bitcoin ETF (FBTC)You need a Bitcoin ETF available at a broker that hasn't yet approved spot ETFs
BITO has been trading since 2021 and is accessible nearly everywhere, making it the fallback when FBTC isn't listed.
→ Pick ProShares Bitcoin ETF (BITO)You're a short-term trader using options on a Bitcoin ETF
BITO has a longer options chain history and established open interest, which can mean better liquidity for tactical plays.
→ Pick ProShares Bitcoin ETF (BITO)You're investing through a Fidelity IRA or brokerage account
FBTC is seamlessly integrated into Fidelity's ecosystem with spot BTC backing and the lowest cost structure in the space.
→ Pick Fidelity Bitcoin ETF (FBTC)