IBIT to BTC Calculator
Convert IBIT to BTC instantly — strikes, premiums, break-even.
ISSUER BASKET + DECAY · 07-30
- Source
- Issuer basket disclosure anchor + exact fee decay
- As of
- 2026-07-30
- Snapshot refreshed
- 2026-08-19
At or below the filed maximum — a fee-only trust's ratio can only decline between filings.
Convert IBIT option strikes and premiums into Bitcoin price targets using IBIT's BlackRock-sourced BTC-per-share ratio, or convert a Bitcoin price to IBIT shares. Also supports MSBT, FBTC, GBTC, BTC, BITB, ARKB, and HODL. Formulas: Strike ÷ ratio (ITM), (Strike + Premium) ÷ ratio (call break-even), and (Strike − Premium) ÷ ratio (put break-even).
Current IBIT ↔ BTC Parity
Live market data for reference.
Based on the IBIT BTC-per-share ratio, anchored to BlackRock's published basket disclosure, updated daily.
Options Break-Even Calculator
"What BTC price does this contract need?"
Enter the option premium from your brokerage to calculate break-even.
Common IBIT Strikes → BTC Prices
Quick reference for standard strikes. Enter premium above for break-even calculation.
| IBIT Strike | BTC for ITM | vs. Current BTC |
|---|---|---|
| $30.00 | $52,985 | — |
| $35.00 | $61,816 | — |
| $40.00 | $70,646 | — |
| $45.00 | $79,477 | — |
| $50.00● Current | $88,308 | — |
| $55.00 | $97,139 | — |
| $60.00 | $105,970 | — |
| $65.00 | $114,800 | — |
| $70.00 | $123,631 | — |
| $75.00 | $132,462 | — |
| $80.00 | $141,293 | — |
IBIT to BTC Methodology
Methodology: each fund's BTC-per-share ratio comes from its issuer's own disclosures or SEC filings; the source and as-of date are on each ratio's provenance chip. Live BTC price from Coinbase (Kraken, CoinGecko, and Binance as fallbacks); ETF prices from Finnhub. Implied BTC = ETF price ÷ ratio. Premium/discount calculated vs. real-time BTC spot.
IBIT to BTC ratio: the amount of Bitcoin backing each IBIT share (approximately 0.0005662 BTC). Divide any IBIT strike or share price by this ratio to get the equivalent Bitcoin price. The ratio comes from BlackRock's iShares disclosures and decreases slowly over time as management fees are deducted.
IBIT BTC-per-share ratio sourced from BlackRock's iShares disclosures, recalculated daily.
IBIT Options Break-Even
To find the break-even Bitcoin price for an IBIT call option, add the premium to the strike price, then divide by the BTC-per-share ratio: (Strike + Premium) ÷ ratio = break-even BTC. For an IBIT put, subtract the premium instead: (Strike − Premium) ÷ ratio. The calculator above handles this automatically for any supported ETF — enter your strike and premium to see the exact BTC price your contract needs. For a full walkthrough with worked examples, see our IBIT strike-to-BTC conversion guide. Selling covered calls? Our covered call calculator shows break-even and max profit in both USD and BTC.
FAQ
How do I convert an IBIT strike price to Bitcoin price?
Divide the IBIT strike by the BTC-per-share ratio. Example: a $60 IBIT strike with a 0.0005662 ratio corresponds to about $105,970 BTC (60 ÷ 0.0005662). The same formula works for other supported ETFs using their respective ratios.
Which other Bitcoin ETFs does this calculator support?
In addition to IBIT (iShares Bitcoin Trust), we support FBTC (Fidelity Wise Origin Bitcoin Trust), GBTC (Grayscale Bitcoin Trust), BTC (Grayscale Bitcoin Mini Trust), BITB (Bitwise Bitcoin ETF Trust), and ARKB (ARK 21Shares Bitcoin ETF). Use the ETF dropdown at the top of the calculator to switch between them.
How do I calculate the break-even Bitcoin price for an IBIT call option?
Add the premium to the strike, then divide by the BTC-per-share ratio. Example: ($60 + $1.03) ÷ 0.0005662 ≈ $107,789 BTC. See the IBIT Options Break-Even section for more details.
How do I calculate the break-even Bitcoin price for an IBIT put option?
Subtract the premium from the strike, then divide by the BTC-per-share ratio. Example: ($50 − $1.00) ÷ 0.0005662 ≈ $86,542 BTC. For the put to profit, BTC must fall below this price.
What is the IBIT to BTC ratio?
The IBIT-to-BTC ratio (approximately 0.0005662) represents how much Bitcoin backs each IBIT share. It is derived from BlackRock's official iShares disclosures and changes slowly over time as fees are deducted. With this ratio, approximately 1,766 IBIT shares equal one Bitcoin.
How many IBIT shares equal one Bitcoin?
Currently, approximately 1,766 IBIT shares equal one Bitcoin (based on the BTC-per-share ratio of ~0.0005662). This number changes daily as IBIT's expense ratio slowly reduces the Bitcoin backing per share. Each Bitcoin ETF has a different ratio — for example, FBTC requires roughly 1,149 shares per Bitcoin, while ARKB requires about 3,016. For the full explanation, see our detailed guide.
How do I convert a Bitcoin price to IBIT shares?
Divide 1 by the BTC-per-share ratio to get the number of IBIT shares per Bitcoin, then divide by IBIT's share price. With a ratio of ~0.0005662, one Bitcoin equals about 1,766 IBIT shares (1 ÷ 0.0005662). To find how many shares a specific BTC amount buys, multiply BTC amount × 1,766. Use the Bitcoin to IBIT calculator for live conversion, or see our Bitcoin to IBIT shares guide for the full explanation.
What does IBIT premium or discount to NAV mean?
It reflects how IBIT's market price compares to the BTC value implied by its holdings. A premium means IBIT trades above NAV; a discount means below. Deviations can occur due to timing and after-hours conditions.
Where does the BTC-per-share ratio come from?
Each fund's ratio comes from its issuer's own disclosures or SEC filings. For MSBT and FBTC, the ratio is anchored to each fund's latest Form 10-Q; for IBIT, the ratio is anchored to BlackRock's published basket disclosure; for GBTC and BTC, the ratio is taken from Grayscale's published Bitcoin per Share; for BITB, the ratio is calculated from Bitwise's published trust holdings and shares outstanding; for ARKB, the ratio is calculated from ARK 21Shares' daily holdings file; for HODL, the ratio is derived from VanEck's published NAV and the bitcoin benchmark. Anchored ratios are reduced each day by the fund's sponsor fee until the next disclosure. Each ETF shows its own ratio timestamp so you can see how current the data is.
How do I convert an FBTC strike price to Bitcoin?
Select FBTC from the ETF dropdown at the top of the calculator, or use the dedicated FBTC calculator. The tool automatically loads Fidelity Wise Origin Bitcoin Trust's BTC-per-share ratio and adjusts strike ranges to match FBTC's price. The same formula applies: Strike ÷ ratio = implied BTC price.
How do I convert a GBTC strike price to Bitcoin?
Choose GBTC from the ETF dropdown, or use the dedicated GBTC calculator. Grayscale Bitcoin Trust has a different BTC-per-share ratio than IBIT due to its different share structure and fee history. The calculator automatically uses GBTC's ratio and adjusts the strike range to match GBTC's current price level.
How do I convert an ARKB strike price to Bitcoin?
Select ARKB from the ETF dropdown, or use the dedicated ARKB calculator. The ARK 21Shares Bitcoin ETF ratio is sourced from ARK's daily holdings data. Strike ranges and quick-select buttons automatically adjust to ARKB's current price when you switch.
How do I convert a BITB strike price to Bitcoin?
Choose BITB from the ETF dropdown, or use the dedicated BITB calculator. The Bitwise Bitcoin ETF ratio is calculated from Bitwise's published trust holdings and shares outstanding. The calculator adjusts all strike ranges and conversion tables to match BITB's price level automatically.
More Bitcoin ETF Calculators
Convert any of the 8 spot Bitcoin ETFs this site covers to BTC using issuer-sourced ratios.
Disclaimer: This tool is for informational purposes only and does not constitute investment advice. Prices may be delayed by 60+ seconds. Not suitable for real-time trading decisions.
This tool is not affiliated with, endorsed by, or sponsored by BlackRock, Inc. or iShares. iShares and BlackRock are registered trademarks of BlackRock, Inc.
Bitcoin and ETF options trading involves substantial risk. Past performance does not guarantee future results. Read more about BTCETFCalc and our Bitcoin ETF education hub.