Fidelity and Grayscale Crypto ETFs Offer Different Bitcoin Exposure

FBTC provides direct Bitcoin access at a lower cost, while GDLC holds a broader crypto basket

Published on Feb. 8, 2026

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Two prominent crypto-focused exchange-traded funds, Grayscale CoinDesk Crypto 5 ETF (GDLC) and Fidelity Wise Origin Bitcoin Fund (FBTC), offer investors different approaches to gaining exposure to the digital asset class. FBTC provides direct Bitcoin exposure at a lower expense ratio of 0.25%, while GDLC holds a diversified basket of five large-cap cryptocurrencies, including Bitcoin, Ethereum, and others, at a higher cost of 0.59%. The funds also differ in size, liquidity, and performance, with FBTC being much larger and more liquid but experiencing greater volatility.

Why it matters

The choice between FBTC and GDLC comes down to an investor's conviction in Bitcoin versus a more diversified crypto portfolio. FBTC offers a purer Bitcoin play, while GDLC provides exposure to multiple large-cap digital assets, potentially offering some risk mitigation. Both funds represent legitimate ways for investors to gain crypto exposure, though the higher fees and broader holdings of GDLC may appeal more to those seeking a less volatile approach.

The details

FBTC holds primarily Bitcoin (almost the entire portfolio) and a small allocation to other assets, while GDLC holds a basket of five large-cap cryptocurrencies, with Bitcoin, Ethereum, and BNB accounting for 93.12% of the fund. FBTC has significantly more assets under management ($16.08 billion) compared to GDLC ($538.8 million), and the Fidelity fund also charges a lower expense ratio of 0.25% versus GDLC's 0.59%. In terms of performance, FBTC has experienced a larger maximum drawdown of 33.28% over the past two years compared to GDLC's 36.94% drawdown.

  • FBTC has been trading for just over two years.
  • The performance data is as of January 30, 2026.

The players

Fidelity Wise Origin Bitcoin Fund

A cryptocurrency exchange-traded fund that provides direct exposure to Bitcoin, with a negligible allocation to other assets.

Grayscale CoinDesk Crypto 5 ETF

A cryptocurrency exchange-traded fund that holds a diversified basket of five large-cap digital assets, including Bitcoin, Ethereum, and others.

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The takeaway

Investors seeking direct Bitcoin exposure may prefer the lower-cost FBTC, while those looking for a more diversified crypto portfolio may find GDLC's broader approach appealing, even at a higher expense ratio. Both funds represent legitimate ways to gain crypto exposure, though the specific investment objectives and risk profiles differ.