Fidelity Wise Origin Bitcoin Fund, an exchange-traded product (ETP) established on March 17, 2021, reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The Trust's total net assets increased from $10.6 billion on June 30, 2024, to $11.5 billion, reflecting a robust performance driven by the appreciation of its bitcoin holdings.
As of September 30, 2024, the Trust held 180,344.62 BTC, valued at $11.48 million, compared to a cost basis of $9.72 million. The net asset value (NAV) per share rose to $55.66, up from $40.00 at the end of the previous fiscal year, marking a 38.6% increase. This growth was supported by a net increase in net assets resulting from operations of $41.02 million for the quarter, primarily due to a net change in unrealized appreciation of $222.34 million, despite a net realized loss of $176.43 million from bitcoin sold for redemptions.
The Trust's outstanding shares increased from 191.5 million on June 30, 2024, to 206.3 million by September 30, 2024, with 32.68 million shares issued and 17.9 million shares redeemed during the quarter. The price of bitcoin saw a modest increase of 0.49%, from $63,369.30 to $63,677.63, contributing to the overall growth in net assets.
In terms of cash flow, the Trust reported a net cash outflow from operating activities of $10.01 million for the nine months ended September 30, 2024, while financing activities provided $10.01 million, primarily from the issuance of capital shares totaling $11.65 billion. The Trust's investment strategy remains focused solely on bitcoin, exposing it to significant market risks associated with price fluctuations.
The Trust's management structure includes Fidelity Service Company, Inc. as the administrator and Fidelity Digital Asset Services, LLC as the bitcoin custodian. The Sponsor Fee, which began accruing at an annual rate of 0.25% of the Trust’s bitcoin holdings on August 1, 2024, was previously waived until that date.
Overall, the Fidelity Wise Origin Bitcoin Fund has demonstrated substantial growth in net assets and share value, driven by favorable market conditions and strategic management of its bitcoin investments.
About Fidelity Wise Origin Bitcoin Fund
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