The Fidelity Wise Origin Bitcoin Fund is a passively managed ETF that gives investors direct exposure to bitcoin through a traditional brokerage account. The Trust holds actual bitcoin — no derivatives or synthetic instruments — and shares trade on the Cboe BZX Exchange, with each share representing a fractional ownership interest in the Trust's bitcoin holdings. The Trust is designed for investors who want bitcoin exposure without directly buying, storing, or securing bitcoin themselves, removing the need to manage digital wallets, interact with crypto exchanges, or handle private keys. The Trust is sponsored by FD Funds Management, a Fidelity affiliate, and bitcoin is custodied by Fidelity Digital Assets, a national trust bank and another Fidelity affiliate. The Trust charges a Sponsor Fee of 0.25% per year, calculated on the Trust's bitcoin holdings, accrued daily and paid monthly. This fee covers all ordinary operating expenses, including custodian, administrator, transfer agent, and exchange listing costs. Because the fee is a fixed percentage, revenue in absolute dollar terms rises as bitcoin's price increases or as assets under management grow. New shares are created and redeemed through Authorized Participants in blocks of 25,000 shares called "Baskets," transacted either in-kind or in cash, which keeps the market price closely aligned with the Trust's daily NAV per share. NAV is calculated using the Fidelity Bitcoin Reference Rate, a volume-weighted median price drawn from multiple bitcoin spot markets. The Trust began trading in January 2024.