$FBTC and $IBIT: Examining Two Leading Spot Bitcoin ETFs Both FBTC and IBIT are spot Bitcoin exchange-traded funds (ETFs) that hold physical Bitcoin to provide direct exposure to Bitcoin’s price movements without requiring investors to manage digital wallets or private keys. Each fund follows a passive strategy with a single primary holding—Bitcoin—resulting in identical sector allocation of 100% digital assets and no traditional equity or fixed-income diversification. Both ETFs carry the same expense ratio of 0.25%, offering cost-efficient access to Bitcoin compared with many actively managed alternatives in the digital assets category.