Fidelity Wise Origin Bitcoin Fund (FBTC +4.38%) and Grayscale CoinDesk Crypto 5 ETF (GDLC +4.35%) differ most in cost, portfolio concentration, and liquidity, with FBTC charging a lower fee but offering pure Bitcoin exposure, while GDLC holds a broader crypto basket at a higher price.
This comparison looks at two of the most prominent crypto-focused exchange-traded funds: Grayscale CoinDesk Crypto 5 ETF, which tracks a basket of large digital assets, and Fidelity Wise Origin Bitcoin Fund, which offers direct exposure to Bitcoin. Both seek to simplify access to the digital asset class, but their approaches and risk profiles diverge in meaningful ways.
Snapshot (cost & size)
| Metric | GDLC | FBTC |
|---|---|---|
| Issuer | Grayscale | Fidelity |
| Expense ratio | 0.59% | 0.25% |
| 1-yr return (as of 2026-01-30) | -17.2% | -20.4% |
| AUM | $538.8 million | $16.08 billion |
The 1-yr return represents total return over the trailing 12 months.
FBTC stands out as the more affordable option on fees, charging less than half GDLC’s expense ratio.
Performance & risk comparison
| Metric | GDLC | FBTC |
|---|---|---|
| Max drawdown (2 y) | (36.94%) | (33.28%) |
| Growth of $1,000 over 2 years | $2,794 | $1,961 |
What's inside
FBTC is designed for investors seeking direct exposure to Bitcoin, holding just two positions: Bitcoin (accounting for almost the entire portfolio) and a negligible allocation to net other assets. The fund has been trading for just over two years. With around 240 million shares outstanding and $16.08 billion in assets under management, FBTC offers ample liquidity and ease of entry or exit.
NYSEMKT: FBTC
Key Data Points
GDLC, by contrast, holds a diversified basket of five large-cap digital assets, but its current top holdings in Bitcoin, Ethereum, and BNB are 93.12%. This broader approach spreads risk across multiple cryptocurrencies. GDLC remains much smaller than FBTC in terms of assets under management.
For more guidance on ETF investing, check out the full guide at this link.
NYSEMKT: GDLC
Key Data Points
What this means for investors
Choosing between these two cryptocurrency exchange-traded funds ultimately comes down to your conviction in Bitcoin. If you want exposure to Bitcoin only, you’ll want to go with FBTC, which will provide more direct exposure to the world’s largest crypto. The Fidelity ETF also has a lower expense ratio than GDLC, at 0.25%, which is comparable with other Bitcoin ETFs, like the iShares Bitcoin Trust.
GDLC is much smaller when it comes to assets under management, but the fund is more diversified across several large-cap cryptos, also giving investors exposure to Ethereum (13.27% of the fund), BNB (4.29%), XRP (4.26%), and Solana (2.62%). Its expense ratio is more than double that of FBTC’s, but its diversity, especially in Ethereum, has likely shielded it from some of Bitcoin’s volatility. That said, Bitcoin and Ethereum often drive a majority of crypto sentiment, so even GDLC’s broader crypto portfolio shouldn’t be seen as a risk-free or safe-haven type of investment.
Many analysts now view holding some cryptocurrency as a legitimate investment strategy, with recommended allocations ranging from 1% to 10% of your total portfolio, depending on your risk tolerance and investing time horizon. It’s likely to be one of the more dynamic sections of your portfolio — Bitcoin alone is still up 62% over the last five years, despite its 35% year-over-year plunge.
