IBIT vs. FBTC: Same Bitcoin Exposure, Big Gap in Size

Overview

• An updated comparison finds iShares’ IBIT and Fidelity’s FBTC deliver the same core pitch of direct Bitcoin price tracking in an ETF-style wrapper that removes custody chores.
• Each fund charges a 0.25% expense ratio and posts near-identical recent results, including a two-year maximum drawdown of about 49%.
• Scale is the main separator, with IBIT managing roughly $57.64 billion in assets compared with $12.7 billion for FBTC.
• Both products are structured as Bitcoin trusts that hold virtually all assets in Bitcoin, pay no dividends, and avoid leverage, hedging, or alternative-coin exposure.
• These offerings followed the SEC’s 2024 approval of spot Bitcoin ETFs, which made Bitcoin exposure easier for large investors who prefer regulated, liquid funds.