Fidelity Wise Origin Bitcoin Fund

What they do

The Trust holds bitcoin and seeks to track the performance of the Fidelity Bitcoin Reference Rate (the Index), adjusted for Trust expenses and liabilities. The Index uses a volume-weighted median price methodology based on bitcoin spot market data, calculated every 15 seconds over rolling sixty-minute increments. Shares are created and redeemed only with Authorized Participants in blocks of 25,000 Shares in exchange for bitcoin or cash. The Trust is passively managed, does not use leverage, derivatives, or loan or pledge its assets.

Revenue drivers

• Bitcoin price exposure — The Trust's net asset value and returns are driven almost entirely by the market value of its bitcoin holdings, valued using the Index methodology.
• Share creation and redemption activity — Creations and redemptions with Authorized Participants in 25,000-Share Baskets change the Trust's bitcoin holdings and total size; subscriptions and redemptions are processed based on NAV.
• Sponsor fee and expenses — The Trust is adjusted for expenses and other liabilities, which reduce the value of the Shares relative to the performance of bitcoin.

Recent performance

The Trust reported net income of $6.94 billion in 2024 and a net loss of $1.59 billion in 2025. Operating cash flow was negative $11.71 billion in 2024 and negative $127.8 million in 2025. As of June 30, 2026, total assets were $10.32 billion, total liabilities $12.4 million, and shareholder equity $10.30 billion. Cash and equivalents were $0.00 at June 30, 2026. The Trust's financial results are driven by bitcoin price movements and share creation/redemption activity.

Strategy

The Trust is passively managed and does not pursue active management investment strategies, invest in derivatives, or loan or pledge its assets. Its objective is to seek to track the performance of bitcoin as measured by the Index, adjusted for Trust expenses and liabilities. The Sponsor believes the Shares provide a cost-effective and convenient way to invest in bitcoin without purchasing, holding and trading bitcoin directly. Shareholders have no part in management or control and generally have no voting rights. The Sponsor has established a Valuation and Liquidity Committee to carry out fair valuation responsibilities and may employ an alternative valuation method if it determines the Index does not reflect an accurate bitcoin price.

Risks

• Bitcoin price volatility — Extreme volatility in bitcoin prices could materially adversely affect the value of the Shares, and the Shares could lose all or substantially all of their value.
• NAV methodology risk — The VWMP methodology may not reflect market events or the then-available market price of bitcoin, and if the methodology does not reflect the market value of bitcoin at a given time, subscription and redemption transactions may be effected at prices that adversely affect the Trust.
• Regulatory risk — The SEC has brought enforcement actions against digital asset trading platforms such as Coinbase and Binance, and pending legislation and enforcement outcomes may substantially restructure the U.S. digital asset market and materially adversely affect the Trust.
• Valuation error risk — If the value of the Trust's bitcoin holdings or bitcoin holdings per Share is incorrectly calculated, neither the Sponsor nor the Administrator will be liable for any error, and misreporting of valuation data could adversely affect the value of the Shares.

Outlook

The Trust states that its NAV will change as fluctuations occur in the market price of its bitcoin holdings and that the public trading price per Share may differ from NAV for reasons including price volatility and trading activity. The Sponsor indicates that the size of the Trust in terms of total bitcoin held may change substantially over time as Baskets are created and redeemed. The Trust notes that regulatory outcomes and federal legislation remain highly uncertain and may alter the nature of an investment in the Shares or the ability of the Trust to continue to operate. Management does not provide specific forward guidance.