Fidelity's spot Bitcoin ETF clients bought another $24.54 million worth of Bitcoin through the Fidelity Wise Origin Bitcoin Fund, known by its ticker FBTC. The fund buys and holds actual Bitcoin on behalf of shareholders.
A familiar ticket size
The $24.54 million purchase falls within a range FBTC has hit several times this year, with client-driven transactions repeatedly landing between $23 million and $25 million.
On October 22, 2026, the fund recorded a purchase of $23.08 million, equivalent to 282.63 BTC. In mid-August, FBTC picked up around $23.92 million in Bitcoin.
Not every day follows that pattern. On October 13, FBTC pulled in $103.06 million in net inflows. That day, the entire US spot Bitcoin ETF sector took in $109.8 million, meaning Fidelity's fund accounted for nearly all of the category's net new money in a single session. Every other issuer combined brought in a little over $6.7 million.
How Fidelity got here
Fidelity has offered Bitcoin-related services since 2014. It launched Fidelity Digital Assets in 2019, providing institutions with custody and trading services. FBTC followed in 2024, when US regulators opened the door to spot Bitcoin ETFs.
As of late October 2026, FBTC ranks among the largest US spot Bitcoin ETFs by total assets under management. The fund holds hundreds of thousands of BTC and carries an expense ratio of 0.25%, meaning a shareholder pays $25 a year for every $10,000 invested.
Fidelity's research arm has also been tracking a separate source of Bitcoin demand. A report from Fidelity Digital Assets found that perpetual preferred stock issued by Bitcoin treasury companies funded the purchase of 135,979 BTC through early October. According to that report, the haul represents about 0.5% of Bitcoin's total supply. Perpetual preferred stock is a type of equity that pays a fixed dividend and never matures, allowing companies to raise cash without taking on traditional debt or diluting common shareholders as directly.
What this means for ETF watchers
Spot Bitcoin ETF flows in 2026 have not been a one-way street, with the sector seeing periods of net outflows this year.
The October 13 numbers also point to a concentration dynamic worth watching. When one issuer captures nearly all of a sector's daily inflows, it raises the question of whether money is flowing into Bitcoin ETFs broadly or consolidating around the biggest brand names.
Fidelity's advantage is partly distribution. It already sits inside millions of retirement and brokerage accounts. Its 0.25% fee keeps it competitive, and its decade-plus history with Bitcoin gives cautious investors a familiar name.
The treasury company data adds a second layer. If corporate buyers funded by preferred stock and ETF investors are both accumulating, Bitcoin demand is coming from two structurally different pipes. ETF flows depend on investor sentiment and adviser allocations, while treasury purchases depend on whether markets keep absorbing new preferred stock issuance.
