Archived thesis
Historical analysis, first published . It records the reasoning at the time, is not a current recommendation, and is no longer updated. All archived theses
FBTC · ETF · Digital AssetsExited
Fidelity Wise Origin Bitcoin Fund
Spot bitcoin held with a qualified custodian.
Historical view
This position has been exited. The thesis is kept as a record of the reasoning at the time and is not maintained as current research. See its decisions.
Investment case
Exited because the position could not be justified
The original Bitcoin purchase was largely driven by FOMO, made as a less experienced investor.
I could not explain Bitcoin's intrinsic value or defend why it deserved an allocation. Every position should have a reason behind it, and this one did not meet that standard.
Weakening momentum reinforced the timing, but that was not the reason. The reason was that I could not articulate the case.
Related decisions
ExitWeight change unavailable
Fully exited FBTC as part of the August 2026 portfolio restructuring.
In the decision log
Sources and revisions
- Holdings snapshot: October 16, 2026
- The analysis and views are Isaac Toffel's own.
Text revisions: Aug 20, 2026.