GBTC Bitcoin ETF — Ratio, Holdings & Conversion
The original Bitcoin trust, converted to a spot ETF.
FILED · 08-18
- Source
- Grayscale fund page — Bitcoin per Share
- As of
- 2026-08-18
- Snapshot refreshed
- 2026-08-19
≤ filed maximum ✓ — a fee-only trust's ratio can only decline between filings.
Key Stats
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 × 0.0007740 = 0.0774 BTC
Strike to BTC price: Divide the GBTC strike price by the ratio.
Example: $77 strike ÷ 0.0007740 ≈ $100,000 BTC
Shares per 1 BTC: 1 ÷ 0.0007740 ≈ 1,292 shares
For more Bitcoin ETF guides and resources, visit our education hub.
View GBTC daily prices, interactive charts, annual returns, and BTC equivalents.
GBTC Price History →Convert GBTC strikes and premiums to BTC prices with live data.
Open GBTC Calculator →For a detailed fee and custody comparison, see FBTC vs GBTC.
Weighing GBTC’s 1.5% fee against the tax cost of selling? The breakeven arithmetic — worked from the filings — is in our GBTC vs Mini Trust comparison.
GBTC’s path from closed-end trust to ETF — the court case, the conversion, and why its 1.5% fee is the category outlier — is documented in our history of the road to the spot Bitcoin ETF.
See how GBTC stacks up against the competition in our Best Bitcoin ETF in 2026 guide.
FAQ
What is the GBTC BTC-per-share ratio?
The GBTC BTC-per-share ratio (approximately 0.0007740) 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 × 0.0007740 = 0.0774 BTC. To convert a GBTC strike price to a BTC price, divide the strike by the ratio.