Fidelity Wise Origin Bitcoin Fund is a passively managed exchange-traded product that enables investors to gain exposure to bitcoin without directly purchasing or holding it. The Trust holds bitcoin directly, tracks the performance of a bitcoin reference index through daily valuations, and issues or redeems shares exclusively with authorized participants in large blocks, funded by bitcoin or cash transfers. The Sponsor assumes substantially all operating expenses, charging investors a fixed percentage fee based on their bitcoin holdings, while shareholders retain no management control or voting rights, and the Trust generates no independent revenue streams beyond the mechanics of share issuance and redemption.