Fidelity's Bitcoin Fund FBTC Plummets 45% Over Past Year

Fidelity's Bitcoin Fund FBTC has seen significant declines in value over the past year. The fund, which tracks the daily spot price of bitcoin, closed at $56.23 this week, down 45 percent from its value a year ago and more than 26 percent since the beginning of the year.

Despite reaching a high of $110.25 within the past 52 weeks, FBTC's net assets stand at $10.81 billion, with a net asset value of $55.95 per share. The fund pays no yield and its year-to-date daily total return sits at negative 26.62 percent.

Fidelity launched FBTC on January 11, 2024, just after the U.S. Securities and Exchange Commission authorized exchange-traded products backed by physical bitcoin for trading on traditional stock exchanges.