Document and Entity Information
Document and Entity Information - USD ($) | 1 Months Ended | ||
Dec. 31, 2023 | Mar. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 0001852317 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Fidelity® Wise Origin® Bitcoin Fund Shares | ||
Trading Symbol | FBTC | ||
Security Exchange Name | CboeBZX | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-41904 | ||
Entity Registrant Name | Fidelity Wise Origin Bitcoin Fund | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 245 Summer Street V13E | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Tax Identification Number | 86-6606379 | ||
Entity Address, Postal Zip Code | 02210 | ||
City Area Code | (800) | ||
Local Phone Number | 343-3548 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 151,600,000 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 0 | ||
Auditor Firm ID | 238 | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Name | PricewaterhouseCoopers LLP |
Statement of Assets and Liabili
Statement of Assets and Liabilities | Dec. 31, 2023 USD ($) $ / shares |
Assets | |
Cash | $ 40 |
Total assets | 40 |
Liabilities | |
Liabilities | 0 |
Net Assets | |
Common Shares, no par value (unlimited shares authorized) 1 share issued and outstanding | 0 |
Paid-In-Capital in excess of par value | 40 |
Total Net Assets | $ 40 |
Net asset value per Share (1 share issued and outstanding) | $ / shares | $ 40 |
Statement of Assets and Liabi_2
Statement of Assets and Liabilities (Parenthetical) | Dec. 31, 2023 $ / shares shares |
Statement of Financial Position [Abstract] | |
Common stock, par value | $ / shares | $ 0 |
Common stock, shares issued | 1 |
Common stock, shares outstanding | 1 |
Statement of Operations
Statement of Operations | 1 Months Ended |
Dec. 31, 2023 USD ($) | |
Investment income: | |
Investment income | $ 0 |
Expenses: | |
Sponsor's fee, related party | 0 |
Investment Income, Net, Total | 0 |
Net realized and unrealized gain (loss) from: | |
Net realized gain (loss) on investment in bitcoin | 0 |
Net change in unrealized appreciation (depreciation) on investment in bitcoin | 0 |
Net realized and unrealized gain (loss) on investment in bitcoin | 0 |
Net increase (decrease) in net assets resulting from operations | $ 0 |
Statement of Changes in Net Ass
Statement of Changes in Net Assets | 1 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Net investment income (loss) | $ 0 |
Net realized gain (loss) on investment in bitcoin | 0 |
Net change in unrealized appreciation (depreciation) on investment in bitcoin | 0 |
Net increase (decrease) in net assets resulting from operations | 0 |
Capital share transactions | |
Issuance of shares | 40 |
Redemption of shares | 0 |
Net increase (decrease) in net assets resulting from capital share transactions | 40 |
Total increase (decrease) in net assets | 40 |
Net assets, beginning of period | 0 |
Net assets, end of period | $ 40 |
Changes in shares outstanding | |
Shares outstanding, beginning of period | shares | 0 |
Shares issued | shares | 1 |
Shares redeemed | shares | 0 |
Net increase in shares | shares | 1 |
Shares outstanding, end of period | shares | 1 |
Statement of Cash Flows
Statement of Cash Flows | 1 Months Ended |
Dec. 31, 2023 USD ($) | |
Cash flows from operating activities | |
Net increase (decrease) in net assets resulting from operations | $ 0 |
Net cash provided by (used in) operating activities | 0 |
Cash flows from financing activities | |
Issuance of shares | 40 |
Net cash provided by (used in) financing activities | 40 |
Net increase (decrease) in cash | 40 |
Cash, beginning of the period | 0 |
Cash, end of the period | $ 40 |
Organization
Organization | 1 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1: Organization Fidelity Wise Origin Bitcoin Fund (the “Trust”) is a Delaware Statutory Trust that was formed on March 17, 2021 pursuant to the Delaware Statutory Trust Act. The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Reference Rate (the “Index”), adjusted for the Trust’s expenses and other liabilities. The Trust is sponsored by FD Funds Management LLC (the “Sponsor”), a wholly-owned subsidiary of FMR LLC. Delaware Trust Company is the trustee of the Trust (the “Trustee”). The Trust will operate pursuant to a Second Amended and Restated Trust Agreement (the “Trust Agreement”). The Trust has had no operations to date other than matters relating to the sale and issuance of 1 share of the Trust to an affiliate for an aggregate purchase price of $ 40 on November 30, 2023 . |
Significant Accounting Policies
Significant Accounting Policies | 1 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2: Significant Accounting Policies The following is a summary of the significant accounting and reporting policies used in preparing the financial statements. Basis of Presentation The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and are stated in United States (“US”) dollars. The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust uses fair value as its method of accounting for bitcoin in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. Use of Estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts may ultimately differ from those estimates and the differences could be material. Cash Cash consists of a demand deposit held with a financial institution. Cash is carried at cost which approximates fair value. Income Taxes The Trust intends to be classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself should not be subject to US federal income tax. Instead, the Trust’s income and expenses should “flow through” to the Shareholders, and the Trustee will report to Shareholders and the IRS on that basis. |
Related Party Agreements and Tr
Related Party Agreements and Transactions | 1 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transactions | Note 3: Related Party Agreements and Transactions Administrator Fidelity Service Company, Inc. serves as the Trust’s administrator (the “Administrator”). Under the Administration Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting for the maintenance and operations of the Trust, including valuing the Trust’s bitcoin and calculating the NAV per Share of the Trust and the NAV of the Trust and supplying pricing information to the Sponsor for the relevant website. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such services. Custodian Fidelity Digital Asset Services, LLC, an affiliate of the Sponsor, serves as the Trust’s bitcoin custodian. Under the Custodian Agreement, Fidelity Digital Asset Services, LLC is responsible for safekeeping all of the bitcoin owned by the Trust. Fidelity Digital Asset Services, LLC was selected by the Sponsor. The Sponsor is responsible for opening an account with Fidelity Digital Asset Services, LLC that holds the Trust’s bitcoin (the “Bitcoin Account”), as well as facilitating the transfer or sale of bitcoin required for the operation of the Trust. Distributor Fidelity Distributors Company LLC (“FDC” or the “Distributor”) is responsible for reviewing and approving the marketing materials prepared by the Sponsor for compliance with applicable Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority, Inc. (“FINRA”) advertising laws, rules, and regulations pursuant to a marketing agreement with the Trust. FDC is a broker-dealer registered under the Securities Exchange Act of 1934 (the “1934 Act”) and a member of FINRA. Index Services Fidelity Product Services LLC (the “Index Provider”) is responsible for the methodology and oversight of the Index. Coin Metrics, Inc. is the third-party, independent calculation agent for the Index. Sponsor Fee Pursuant to the terms of the Trust Agreement, dated December 28, 2023, the Sponsor entered into a Sponsor Agreement, dated December 14, 2023, whereby the Trust has contractually agreed to pay the Sponsor an annualized unified fee of 0.25% of the Trust's net assets. The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement. The Sponsor is obligated to assume and pay all fees and other expenses incurred by the Trust in the ordinary course of its affairs, excluding taxes, but including: (i) the fees of the Trust’s third-party service providers including Distributor, the Administrator, any custodian, the transfer agent, the Index Provider and the Trustee, (ii) the fees and expenses related to the listing, quotation or trading of the Shares on the Exchange (including customary legal, marketing and audit fees and expenses), (iii) ordinary course, legal fees and expenses, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the 1933 Act or the 1934 Act, (vi) printing and mailing costs, (vii) costs of maintaining the Trust’s website and (viii) applicable license fees (each, a “Sponsor Expense” and collectively, the “Sponsor Expenses”), provided that any expense that qualifies as an Extraordinary Expense will be deemed to be an Extraordinary Expense and not a Sponsor-paid Expense. There is no cap on the amount of Sponsor-paid Expenses. The Sponsor has also assumed all fees and expenses related to the organization and offering of the Trust and the Shares. The Trust may incur certain extraordinary, nonrecurring expenses that are not Sponsor Expenses, including, but not limited to, brokerage and transactions costs associated with the sale or transfer of bitcoin to pay the Trust’s expenses and liabilities, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of shareholders, any indemnification of the Custodian or other agents, service providers or counterparties of the Trust, extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Extraordinary Expenses”). The Administrator calculates the Sponsor Fee in respect of each day by reference to the Trust’s NAV as of that day. The Sponsor Fee accrues daily and is payable monthly in bitcoin or cash. To the extent the Trust does not have cash readily available, the Sponsor will cause the transfer or sale of bitcoin in such quantity as may be necessary to permit the payment of Trust expenses and liabilities not assumed by the Sponsor. The amount of bitcoin transferred or sold may vary from time to time depending on the actual sales price of bitcoin relative to the Trust’s expenses and liabilities. |
Commitments and Contingencies
Commitments and Contingencies | 1 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4: Commitments and Contingencies In the normal course of business, the Trust enters into certain contracts that provide a variety of indemnities, including contracts with the Sponsor and affiliates of the Sponsor, and its officers, directors, employees, subsidiaries and affiliates, and the Custodian as well as others relating to services provided to the Trust. The Trust’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Sponsor does not consider it necessary to record a liability in this regard. The risk of material loss from such claims is considered remote. |
Capital
Capital | 1 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital | Note 5: Capital The Trust is an exchange-traded product. The Trust plans to continuously offer baskets consisting of shares to Authorized Participants. The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets. The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of bitcoin or cash represented by the NAV of the Baskets being created or redeemed. The total amount of bitcoin required for the creation of Baskets will be based on the combined net assets represented by the number of Baskets being created or redeemed. Shares represent fractional undivided beneficial interests in and ownership of the Trust. Shares issued by the Trust will be registered in a book entry system and held in the name of Cede & Co. at the facilities of the Depository Trust Company (“DTC”), and one or more global certificates issued by the Trust to DTC will evidence the Shares. Shareholders may hold their Shares through DTC if they are direct participants in DTC (“DTC Participants”) or indirectly through entities (such as broker-dealers) that are DTC Participants. The Trust has had no operations to date other than matters relating to the sale and issuance of 1 share of the Trust to FMR Capital, Inc., an affiliate, for an aggregate purchase price of $ 40 on November 30, 2023. |
Subsequent Events
Subsequent Events | 1 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6: Subsequent Events On January 9, 2024, the Seed Share was redeemed for cash and the Seed Capital Investor purchased 500,000 Shares at a per-Share price of $ 40.00 (the “Seed Baskets”). Total proceeds to the Trust from the sale of the Seed Baskets were $ 20,000,000 . On January 10, 2024, the Trust was declared effective. On January 11, 2024, Shares commenced trading on the Exchange. The Seed Capital Investor was a statutory underwriter in connection with the Seed Baskets. Effective January 9, 2024, the Trust and the Sponsor entered into a Fee Waiver Agreement in which the Sponsor agreed to waive the entirety of the Sponsor Fee (the “Waiver”). The Waiver will continue for a period at least through July 31, 2024 (the “Initial Waiver Period”); provided however, the Sponsor may elect to extend the Waiver beyond the Initial Waiver Period at its sole discretion. In preparation of the financial statements, management has evaluated the events and transactions subsequent to December 31, 2023, and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements other than those disclosed above. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 1 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and are stated in United States (“US”) dollars. The Trust qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Trust uses fair value as its method of accounting for bitcoin in accordance with its classification as an investment company for accounting purposes. The Trust is not a registered investment company under the Investment Company Act of 1940. |
Use of Estimates | Use of Estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts may ultimately differ from those estimates and the differences could be material. |
Cash | Cash Cash consists of a demand deposit held with a financial institution. Cash is carried at cost which approximates fair value. |
Income Taxes | Income Taxes The Trust intends to be classified as a “grantor trust” for US federal income tax purposes. As a result, the Trust itself should not be subject to US federal income tax. Instead, the Trust’s income and expenses should “flow through” to the Shareholders, and the Trustee will report to Shareholders and the IRS on that basis. |
Organization (Additional Inform
Organization (Additional Information) (Details) | 1 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of shares issued and sold | shares | 1 |
Aggregate purchase price | $ | $ 40 |
Transaction date | Nov. 30, 2023 |
Capital (Additional Information
Capital (Additional Information) (Details) | Nov. 30, 2023 $ / shares shares |
Equity [Abstract] | |
Share issue | shares | 1 |
Purchase price | $ / shares | $ 40 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] | Jan. 09, 2024 USD ($) $ / shares shares |
Subsequent Event [Line Items] | |
Purchased share | shares | 500,000 |
Share price | $ / shares | $ 40 |
Total proceeds | $ | $ 20,000,000 |