Fidelity Wise Origin Bitcoin Fund Financials
This page shows Fidelity Wise Origin Bitcoin Fund (FBTC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Results are driven less by a normal operating model and more by asset-value swings plus investor cash movements.
Net income swung from$6.94B in FY2024 to-$1.59B in FY2025, but that earnings reversal did not come with a similar change in balance-sheet leverage or capital structure. Operating cash outflow simultaneously shrank from-$11.71B to-$127.8M , while financing cash flow moved the other way in both years, suggesting reported profit mostly captures revaluation effects and cash movement mainly reflects investor creations and redemptions rather than a self-funding operating cycle.
With assets of
Shares outstanding barely moved from 230.7M to 231.4M, so the decline in equity was not mainly a dilution story. Instead, net assets fell even though retained earnings remained at
Financial Health Signals
We are recalculating Fidelity Wise Origin Bitcoin Fund's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Fidelity Wise Origin Bitcoin Fund passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Fidelity Wise Origin Bitcoin Fund generates $0.08 in operating cash flow (-$127.8M OCF vs -$1.6B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Fidelity Wise Origin Bitcoin Fund reported -$1.6B in net income in fiscal year 2025. This represents a decrease of 122.8% from the prior year.
Cash & Balance Sheet
Fidelity Wise Origin Bitcoin Fund held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Fidelity Wise Origin Bitcoin Fund had 231M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Fidelity Wise Origin Bitcoin Fund's ROE was -9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 45.9 percentage points from the prior year.
Capital Allocation
Fidelity Wise Origin Bitcoin Fund spent $9.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 155.5% from the prior year.
FBTC Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.6B+57.0% | -$3.7B | N/A | $1.4B-71.2% | $4.8B+312.4% | -$2.2B | N/A | $41.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FBTC Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.3B-19.6% | $12.8B-27.5% | $17.7B-24.1% | $23.3B+8.1% | $21.6B+32.1% | $16.3B-13.4% | $18.9B+64.1% | $11.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.4M-34.4% | $18.9M-73.1% | $70.3M+18.0% | $59.6M+1244.4% | $4.4M+30.1% | $3.4M-91.7% | $40.8M+283.7% | $10.6M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $10.3B-19.6% | $12.8B-27.3% | $17.6B-24.2% | $23.3B+7.8% | $21.6B+32.1% | $16.3B-13.2% | $18.8B+63.9% | $11.5B |
| Retained Earnings | $10.8M-99.3% | $1.6B-69.8% | $5.4B-50.5% | $10.8B+14.5% | $9.5B+101.2% | $4.7B-32.3% | $6.9B+373.0% | $1.5B |
FBTC Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $414.4M-66.8% | $1.2B+198.2% | $418.4M+262.6% | -$257.3M+47.8% | -$492.7M-341.6% | $203.9M+112.0% | -$1.7B-114.1% | -$793.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$414.4M+66.8% | -$1.2B-198.2% | -$418.4M-262.6% | $257.3M-47.8% | $492.7M+341.6% | -$203.9M-112.0% | $1.7B+114.1% | $793.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1.4B-46.1% | $2.6B+7.2% | $2.5B-2.2% | $2.5B+33.5% | $1.9B-34.8% | $2.9B+32.7% | $2.2B+148.6% | $880.3M |
FBTC Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -15.6%+13.6pp | -29.2% | N/A | 5.9%-16.2pp | 22.0%+35.8pp | -13.7% | N/A | 0.4% |
| Return on Assets | -15.6%+13.5pp | -29.1% | N/A | 5.9%-16.2pp | 22.0%+35.8pp | -13.7% | N/A | 0.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
Is Fidelity Wise Origin Bitcoin Fund profitable?
No, Fidelity Wise Origin Bitcoin Fund (FBTC) reported a net income of -$1.6B in fiscal year 2025.
What is Fidelity Wise Origin Bitcoin Fund's return on equity (ROE)?
Fidelity Wise Origin Bitcoin Fund (FBTC) has a return on equity of -9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fidelity Wise Origin Bitcoin Fund's operating cash flow?
Fidelity Wise Origin Bitcoin Fund (FBTC) generated -$127.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fidelity Wise Origin Bitcoin Fund's total assets?
Fidelity Wise Origin Bitcoin Fund (FBTC) had $17.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Fidelity Wise Origin Bitcoin Fund's debt-to-equity ratio?
Fidelity Wise Origin Bitcoin Fund (FBTC) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fidelity Wise Origin Bitcoin Fund's return on assets (ROA)?
Fidelity Wise Origin Bitcoin Fund (FBTC) had a return on assets of -9.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fidelity Wise Origin Bitcoin Fund's cash runway?
Based on fiscal year 2025 data, Fidelity Wise Origin Bitcoin Fund (FBTC) had $0 in cash against an annual operating cash burn of $127.8M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Fidelity Wise Origin Bitcoin Fund's Piotroski F-Score?
Fidelity Wise Origin Bitcoin Fund (FBTC) has a Piotroski F-Score of 1 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fidelity Wise Origin Bitcoin Fund's earnings high quality?
Fidelity Wise Origin Bitcoin Fund (FBTC) has an earnings quality ratio of 0.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.