What changed in this filing

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Item 1. Financial Statements

2025-05-09 compared with 2024-11-13 · 48 added, 40 removed, 236 unchanged (27% of the section changed)

1 unchanged sentence

Fidelity Wise Origin Bitcoin Fund

Statements of As sets and Liabilities

Statements of Assets and Liabilities

(Amounts in 000’s of US$, except for share and per share data)

September 30, 2024

March 31, 2025

December 31, 2024

Investment in bitcoin , at fair value (cost $ 9,716,506 and $ 0 at September 30, 2024 and December 31, 2023, respectively)

Investment in bitcoin , at fair value (cost $ 10,975,920 and $ 11,468,257 at March 31, 2025 and December 31, 2024, respectively)

Receivables from issuance of capital shares

3 unchanged sentences

Commitments and Contingencies (Note 6)

Shares, no par value (unlimited shares authorized) 206,275,000 and 1 share(s) issued and outstanding at September 30, 2024 and December 31, 2023, respectively

Shares, no par value ( unlimited shares authorized) 225,528,476 and 230,678,476 share(s) issued and outstanding at March 31, 2025 and December 31, 2024 respectively

Paid-in-capital

1 unchanged sentence

Total Net Assets

Net Asset Value per share ( 206,275,000 and 1 share(s) issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)

Net Asset Value per share ( 225,528,476 and 230,678,476 share(s) issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)

Values shown as $— in the Statements of Assets and Liabilities may reflect amounts less than $500.

2 unchanged sentences

Statements of Operations

Three Months Ended March 31,

(Amounts in 000’s of US$)

Three Months Ended September 30,

Nine Months Ended September 30,

Investment Income:

12 unchanged sentences

Fidelity Wise Origin Bitcoin Fund

Statements of Chan ges in Net Assets

Statements of Changes in Net Assets

Three Months Ended March 31,

(Amounts in 000’s of US$, except for shares)

Three Months Ended September 30,

Nine Months Ended September 30,

Net Increase (Decrease) in Net Assets Resulting from Operations:

15 unchanged sentences

Shares redeemed

Net Increase in Shares

Net Increase (Decrease) in Shares

Shares Outstanding, End of Period

2 unchanged sentences

Fidelity Wise Origin Bitcoin Fund

Statement of Cash Flows

Statements of Cash Flows

Three Months Ended March 31,

(Amounts in 000’s of US$)

Nine Months Ended September 30,

Cash Flows from Operating Activities:

16 unchanged sentences

Cash, End of the Period

Values shown as $— in the Statement of Cash Flows may reflect amounts less than $500.

Values shown as $— in the Statements of Cash Flows may reflect amounts less than $500.

The accompanying notes are an integral part of these financial statements

Fidelity Wise Origin Bitcoin Fund

Schedule of Investment

September 30, 2024

Schedules of Investment

March 31, 2025

(Amounts in 000’s of US$, except for quantity of bitcoin and percentages)

8 unchanged sentences

(a) Non-income producing investment.

December 31, 2024

(Amounts in 000’s of US$, except for quantity of bitcoin and percentages)

Investments (a)

Quantity of Bitcoin

Percentage of Net Assets

Investment in bitcoin

201,556.08413894

Total Investment in bitcoin

Other Assets Less Liabilities

Total Net Assets

(a) Non-income producing investment.

The accompanying notes are an integral part of these financial statements

Fidelity Wise Origin Bitcoin Fund

Notes to the Financ ial Statements

Notes to the Financial Statements

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.

21 unchanged sentences

The Trust is not a registered investment company under the Investment Company Act of 1940.

The Trust operates as a single operating segment.

The Trusts’ profit or loss, assets, and performance are regularly monitored and assessed as a whole by the Sponsor of the Trust, using the information presented in the financial statements and financial highlights.

In the opinion of the Trust, the accompanying unaudited financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of financial statements for the periods presented.

The statement of assets and liabilities at December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

The statement of assets and liabilities as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Use of Estimates

6 unchanged sentences

Investment Valuation

Due to the Trust’s classification as an investment company, investments in bitcoin are recorded on the financial statements at their estimated fair value in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”).

Due to the Trust’s classification as an investment company for GAAP reporting purposes, investments in bitcoin are recorded on the financial statements at their estimated fair value in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”).

ASC 820 requires the determination of the Trust’s principal market or, in the absence of a principal market, the most advantageous market (principal market) and the assumption that bitcoin is sold in their principal market.

31 unchanged sentences

Open tax years are those years that are open for examination by the relevant income taxing authority.

As of September 30, 2024 , the 2023 tax year remains open for examination.

As of March 31, 2025, the 2024 and 2023 tax years remain open for examination.

There were no examinations in progress at period end.

2 unchanged sentences

Expenses included in the accompanying financial statements reflect the expenses of the Trust and do not include any expenses paid by the Sponsor or related entities outside of the Trust.

New Accounting Pronouncement

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No.

Recently Adopted Accounting Pronouncements

The FASB issued Accounting Standards Update (“ASU”) No.

2023-08, “ Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure of Crypto Assets” (“ASU 2023-08”).

Accounting for and Disclosure of Crypto Assets ” (“ASU 2023-08”) became effective in this interim reporting period.

ASU 2023-08 requires entities to subsequently measure certain crypto assets at fair value, and changes in fair value must be recorded in net income in each reporting period.

In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets.

ASU 2023-08 is effective for annual and interim reporting periods beginning after December 15, 2024.

Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.

The Trust is currently evaluating the impact the adoption of this new accounting standard update will have on its financial statements and related disclosures but does not expect it will have a material impact on the Trust’s financial statements as the requirements of ASU 2023-08 generally align with the accounting requirements under ASC 946.

In November 2023, the FASB issued ASU No.

2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures”.

Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, the amendments enhance required disclosures of segment information for public entities on an annual and interim basis.

The ASU allows for early adoption with updates applied retrospectively.

Management does not expect this guidance to materially impact the financial statements.

The Trust’s accounting and reporting under ASC 946 is materially consistent with the interim period reporting requirements of ASU 2023-08 .

Related Party Agreements and Transactions

22 unchanged sentences

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 Securities Act of 1933 (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-paid Expense” and collectively, the “Sponsor-paid 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.

(i) the fees of the Trust’s third-party service providers including, but not limited to, the 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) legal fees and expenses incurred in the ordinary course, (iv) audit fees, (v) regulatory fees, including, if applicable, any fees relating to the registration of the Trust and Shares under the Securities Act of 1933 (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-paid Expense” and collectively, the “Sponsor-paid Expenses”), provided that any expense that qualifies as an Extraordinary Expense will not be deemed to be a Sponsor-paid Expense.

There is no cap on the amount of Sponsor-paid Expenses.

1 unchanged sentence

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”) through July 31, 2024.

Effective July 31, 2024, the Fee Waiver Agreement ended.

Effective July 31, 2024, the Waiver ended pursuant to the terms of the Fee Waiver Agreement.

The Trust may incur certain extraordinary, nonrecurring expenses that are not Sponsor-paid Expenses, including, but not limited to, brokerage and transactions costs associated with the sale or transfer of bitcoin, 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, the Trust’s assets, 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”).

6 unchanged sentences

The Trust’s assets recorded at fair value have been categorized based upon a fair value hierarchy as described in the Trust’s significant accounting policies in Note 2.

The following table presents information about the Trust’s assets measured at fair value as o f September 30, 2024:

September 30, 2024

The following table presents information about the Trust’s assets measured at fair value as o f March 31, 2025 and December 31, 2024:

March 31, 2025

(Amounts are in 000’s)

1 unchanged sentence

Total Investments

Geographic location as well as industry/strategy classification for all investments is detailed in the accompanying Schedule of Investment.

December 31, 2024

(Amounts are in 000’s)

Investment in bitcoin

Total Investments

Geographic location for all investments is detailed in the accompanying Schedules of Investment.

The Trust is an exchange-traded product.

18 unchanged sentences

Financial Highlights

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the period January 11, 2024 (commencement of operations) through September 30, 2024.

The Trust is presenting the following financial highlights related to investment performance and operations of a Share outstanding for the three months ended March 31, 2025 and the period January 11, 2024 (commencement of operations) through March 31, 2024.

The total return, at net asset value is based on the change in NAV of a Share during the period and the total return, at market value is based on the change in market value of a Share on the Exchange during the period.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

For the period January 11, 2024 (commencement of operations) through September 30,

Three Months Ended March 31, 2025

For the period January 11, 2024 (commencement of operations) through March 31, 2024

Per Share Activity

16 unchanged sentences

Subsequent Events

In preparation of the financial statements, management has evaluated the events and transactions subsequent to September 30, 2024 , and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements.

In preparation of the financial statements, management has evaluated the events and transactions subsequent to March 31, 2025 , and determined that there are no subsequent events or transactions that would require adjustments to or disclosures in the Trust’s financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements