Fri, May 9, 7:43 PM (2 days ago)
**Fidelity Wise Origin Bitcoin Fund (FBTC) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Net Assets:** Decreased from $18.8 billion to $16.3 billion, primarily due to a decrease in the price of bitcoin and net redemptions. - **NAV per Share:** Decreased by 11.54% from $81.80 to $72.36. - **Bitcoin Holdings:** Decreased from 201,556.08 to 196,932.77 due to net redemptions. - **Net Decrease in Net Assets:** $2.2 billion, mainly due to unrealized depreciation on bitcoin and realized losses from bitcoin sales for redemptions. **Revenue & Profit Margins:** - **Investment Income:** $0 (no income from investments). - **Expenses:** $11.5 million (sponsor fee), with no waivers applied. - **Net Realized and Unrealized Loss:** $2.2 billion, primarily due to bitcoin price depreciation. **Cash Flow:** - **Operating Cash Flow:** Positive $203.9 million, mainly due to bitcoin sales for redemptions. - **Financing Cash Flow:** Negative $203.9 million, due to capital share redemptions. **Earnings Changes & Trends:** - **Q1 2025 vs. Q1 2024:** Significant decrease in net assets and NAV per share due to bitcoin price volatility and net redemptions. - **Bitcoin Price Volatility:** The price of bitcoin ranged from $78,724 to $106,443 during Q1 2025. **Future Operations & Uncertainties:** - **Bitcoin Price Risk:** The Trust's performance is highly dependent on bitcoin price movements. - **Redemption Risk:** The Trust may face redemptions if bitcoin prices fall significantly. - **Regulatory Risk:** Changes in regulations could impact the Trust's operations and bitcoin prices. **Ticker:** FBTC **Exchange:** Cboe BZX Exchange, Inc. **Sector:** Cryptocurrency **Industry:** Asset Management **Conclusion:** Fidelity Wise Origin Bitcoin Fund faced challenges in Q1 2025 due to bitcoin price volatility and net redemptions. The Trust's performance is highly correlated with bitcoin price movements, and future operations may be impacted by market risks, redemption risks, and regulatory changes. Investors should monitor these factors closely.