How do I convert an IBIT strike price to Bitcoin price?

Divide the IBIT strike by the BTC-per-share ratio. Example: a $60 strike with a 0.000568 ratio corresponds to about $105,634 BTC (60 ÷ 0.000568).

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) ÷ 0.000568 ≈ $107,447 BTC.

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) ÷ 0.000568 ≈ $86,268 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 0.000568) represents how much Bitcoin backs each IBIT share. This ratio is derived from BlackRock iShares official holdings data and changes slowly over time as fees are deducted.

Which other Bitcoin ETFs does this calculator support?

In addition to IBIT, we support FBTC (Fidelity), GBTC (Grayscale), BTC (Grayscale Mini), BITB (Bitwise), and ARKB (ARK 21Shares). Use the ETF dropdown to switch. Each ETF has its own BTC-per-share ratio.

How many IBIT shares equal one Bitcoin?

Compute 1 ÷ ratio. With a 0.000568 BTC-per-share ratio, approximately 1,761 IBIT shares equal one Bitcoin.

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?

For IBIT, the ratio is derived from BlackRock iShares official holdings data. For ARKB, we parse ARK's daily holdings CSV. Other ETFs use NAV-derived ratios calibrated daily from closing prices.

How do I convert an FBTC strike price to Bitcoin?

Select FBTC from the ETF dropdown. The tool loads Fidelity Wise Origin Bitcoin Trust's BTC-per-share ratio and adjusts strike ranges to match FBTC's price. The formula is the same: Strike ÷ ratio = implied BTC price.

How do I convert a GBTC strike price to Bitcoin?

Choose GBTC from the ETF dropdown. 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.

How do I convert an ARKB strike price to Bitcoin?

Select ARKB from the ETF dropdown. 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.

How do I convert a BITB strike price to Bitcoin?

Choose BITB from the ETF dropdown. The Bitwise Bitcoin ETF Trust ratio is NAV-calibrated daily from closing prices. The calculator adjusts all strike ranges and conversion tables to match BITB's price level.

GBTC Bitcoin ETF: BTC-Per-Share Ratio, Holdings & Strike Conversion

The original Bitcoin trust, converted to a spot ETF.

Open GBTC Calculator →

Key Stats

BTC per Share

0.000770

Shares per 1 BTC

1,299

Fund

Grayscale Bitcoin Trust

Issuer: Grayscale

Expense Ratio

1.50%

Launch Date

July 31, 2024

How the GBTC Ratio Works

The BTC-per-share ratio represents the exact amount of Bitcoin that backs each GBTC share. NAV-derived ratio, calibrated daily is used to determine this value. The ratio decreases slowly over time as the 1.50% annual management fee is deducted from fund assets.

How to Convert GBTC Shares to BTC

Shares to BTC: Multiply the number of shares by the BTC-per-share ratio.

Example: 100 GBTC shares × 0.00077 = 0.0770 BTC

Strike to BTC price: Divide the GBTC strike price by the ratio.

Example: $77 strike ÷ 0.00077 ≈ $100,000 BTC

Shares per 1 BTC: 1 ÷ 0.00077 ≈ 1,299 shares

Convert GBTC strikes and premiums to BTC prices with live data.

Open GBTC Calculator →

FAQ

What is the GBTC BTC-per-share ratio?

The GBTC BTC-per-share ratio (approximately 0.000770) represents how much Bitcoin backs each GBTC share. GBTC has a higher expense ratio (1.50%) than newer ETFs, so its ratio decays faster over time.

How do I convert GBTC shares to Bitcoin?

Multiply the number of GBTC shares by the BTC-per-share ratio. For example, 100 GBTC shares × 0.000770 = 0.0770 BTC. To convert a GBTC strike price to a BTC price, divide the strike by the ratio.