IBIT vs FBTC: the two default bitcoin ETFs
Same fee, same launch day, same job. The real difference is one word: custody. BlackRock outsources to Coinbase; Fidelity holds its own keys.
IBIT9.2
THE LIQUIDITY KING
The biggest bitcoin ETF in the world — penny spreads, deep options, ~$100B+ AUM. The default for a reason.
Find IBIT at your broker →
FBTC9.0
SELF-CUSTODIED COINS
Identical 0.25% fee, but Fidelity Digital Assets custodies the bitcoin in-house — the one big fund not at Coinbase.
Find FBTC at your broker →
Side by side
Figures approximate, JUL 2026 — re-verify AUM and spreads at publish. BTC {{ price }}
Category winners
Trading size or writing optionsIBIT
Custody diversificationFBTC
Inside a Fidelity accountFBTC
Buy-and-forget in any brokerageEITHER — FEES IDENTICAL
Tracking qualityBOTH EXCELLENT
OUR VERDICT
Functionally interchangeable for a buy-and-hold investor. Pick IBIT for maximum liquidity and options; pick FBTC if you bank at Fidelity or want your fund’s coins held outside Coinbase’s vaults. Holding both to split custody risk is entirely reasonable. Outside a tax wrapper, compare real bitcoin first — self-custody charges no expense ratio.
Common questions
Why does the custodian matter?
Most US bitcoin ETFs park coins at Coinbase Custody — a single point of concentration for the whole category. FBTC is the major exception.
Is 0.25% expensive?
Can I convert shares to actual bitcoin?
No — retail holders can only sell for cash. If withdrawable coins matter, buy on an exchange and self-custody.