GBTC to BTC Calculator
Convert Grayscale Bitcoin Trust (GBTC) share prices, option strikes, and premiums to their Bitcoin equivalents using live market data.
FILED · 08-18
- Source
- Grayscale fund page — Bitcoin per Share
- As of
- 2026-08-18
- Snapshot refreshed
- 2026-08-19
At or below the filed maximum — a fee-only trust's ratio can only decline between filings.
Current GBTC ↔ BTC Parity
Live market data for reference.
Based on the GBTC BTC-per-share ratio, taken from Grayscale's published Bitcoin per Share, 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 GBTC Strikes → BTC Prices
Quick reference for standard strikes. Enter premium above for break-even calculation.
| GBTC Strike | BTC for ITM | vs. Current BTC |
|---|---|---|
| $30.00 | $38,760 | — |
| $35.00 | $45,220 | — |
| $40.00 | $51,680 | — |
| $45.00 | $58,140 | — |
| $50.00● Current | $64,599 | — |
| $55.00 | $71,059 | — |
| $60.00 | $77,519 | — |
| $65.00 | $83,979 | — |
| $70.00 | $90,439 | — |
| $75.00 | $96,899 | — |
| $80.00 | $103,359 | — |
FAQ
Why is GBTC’s share price lower than expected?
GBTC charges a 1.50% annual expense ratio — six times higher than most competitors. This fee continuously reduces the BTC-per-share ratio, dragging down returns over time. See our fee drag guide for a detailed breakdown.
Should I switch from GBTC to a cheaper Bitcoin ETF?
It depends on your tax situation. Selling GBTC triggers capital gains tax. If you have large unrealized gains, the tax bill may outweigh years of fee savings. See our tax guide for details.
What is the Grayscale Bitcoin Mini Trust (BTC)?
BTC is a low-fee (0.15%) Bitcoin ETF spun off from GBTC. Grayscale distributed Mini Trust shares to existing GBTC holders as a lower-cost alternative.
How do I convert GBTC shares to Bitcoin?
Multiply your shares by the BTC-per-share ratio shown above. GBTC has a different ratio than other ETFs due to its legacy trust structure — don’t compare share prices directly.
View GBTC daily prices and charts, read the GBTC ETF fact sheet, or see the GBTC vs IBIT comparison. Convert IBIT shares and options with the IBIT to BTC calculator, or browse all Bitcoin ETF calculators.