Fidelity Wise Origin Bitcoin Fund earns about 14% on equity, but has diluted owners by 23140347500% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Net income | $01 | $6.94B1 | −$1.59B1 |
| Operating cash flow | $02 | −$11.7B2 | −$127.8M2 |
| Capital expenditure | — | — | — |
| Free cash flow (derived) | — | — | — |
| Total debt | — | — | — |
| Cash & equivalents | $03 | $03 | $03 |
| Diluted shares | 1 | 230.7M | 231.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $762.14 of net worth that earned you −$68.53 last year.
It earned an average 14% on equity over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 23140347500% over 3 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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Connect the MeritValue MCP server to Claude or another MCP client, ask about Fidelity Wise Origin Bitcoin Fund, and get these exact figures with their filing receipts — not an improvised DCF.
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See pricing →Follow FBTC and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-071484 (ProfitLoss)
- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-071484 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-071484 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)