Grayscale Bitcoin Mini Trust ETF (BTC) — Ratio, Holdings & Conversion
Grayscale's low-fee Bitcoin ETF spun off from GBTC.
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 BTC Ratio Works
The BTC-per-share ratio represents the exact amount of Bitcoin that backs each BTC share. NAV-derived ratio, calibrated daily is used to determine this value. The ratio decreases slowly over time as the 0.15% annual management fee is deducted from fund assets.
How to Convert BTC Shares to BTC
Shares to BTC: Multiply the number of shares by the BTC-per-share ratio.
Example: 100 BTC shares × 0.0004421 = 0.0442 BTC
Strike to BTC price: Divide the BTC strike price by the ratio.
Example: $44 strike ÷ 0.0004421 ≈ $100,000 BTC
Shares per 1 BTC: 1 ÷ 0.0004421 ≈ 2,262 shares
For more Bitcoin ETF guides and resources, visit our education hub.
View BTC daily prices, interactive charts, annual returns, and BTC equivalents.
BTC Price History →Convert BTC strikes and premiums to BTC prices with live data.
Open BTC Calculator →Holding GBTC too, and weighing a switch to this trust’s lower fee? The tax math and breakeven are in our GBTC vs Mini Trust comparison.
How this trust came to exist — spun off from GBTC in July 2024 with roughly 10% of its Bitcoin — is covered in our history of the road to the spot Bitcoin ETF.
See how BTC stacks up against the competition in our Best Bitcoin ETF in 2026 guide.
FAQ
What is the Grayscale Bitcoin Mini Trust (BTC) BTC-per-share ratio?
The BTC (Grayscale Mini) BTC-per-share ratio is approximately 0.0004421, representing the Bitcoin backing each share. With a low 0.15% annual fee, this ratio decays more slowly than most competitors.
How do I convert BTC (Grayscale Mini) shares to Bitcoin?
Multiply the number of shares by the BTC-per-share ratio. For example, 100 shares × 0.0004421 = 0.0442 BTC. Use the calculator on our homepage for live conversion with the latest ratio.