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.

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.

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

Q: 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.

BlackRock's spot Bitcoin ETF — the largest by AUM and trading volume.

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Key Stats

BTC per Share

0.000568

Shares per 1 BTC

1,761

Fund

iShares Bitcoin Trust

Issuer: BlackRock

Expense Ratio

0.25%

Launch Date

January 11, 2024

How the IBIT Ratio Works

The BTC-per-share ratio represents the exact amount of Bitcoin that backs each IBIT share. BlackRock iShares official holdings CSV is used to determine this value. The ratio decreases slowly over time as the 0.25% annual management fee is deducted from fund assets.

For IBIT specifically, the ratio is parsed from BlackRock's iShares official holdings CSV file, which is published daily and reports the precise Bitcoin holdings per share. This makes IBIT's ratio the most directly sourced of all supported ETFs, since BlackRock is both the fund issuer and the data publisher.

Why IBIT?

IBIT (iShares Bitcoin Trust) is the largest spot Bitcoin ETF by assets under management and daily trading volume. Launched on January 11, 2024, it quickly became the most liquid way to gain Bitcoin exposure through traditional brokerage accounts. Its options chain is among the most actively traded in the crypto-ETF space, making strike-to-BTC conversion a frequent need for traders.

BlackRock's institutional credibility and Coinbase Custody's role as the custodian provide a level of transparency that supports reliable ratio data. The 0.25% expense ratio is competitive with most spot Bitcoin ETFs, and the fee's impact on the BTC-per-share ratio is minimal on a daily basis (approximately 0.000685% per day).

How to Convert IBIT Shares to BTC

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

Example: 100 IBIT shares × 0.000568 = 0.0568 BTC

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

Example: $57 strike ÷ 0.000568 ≈ $100,000 BTC

Shares per 1 BTC: 1 ÷ 0.000568 ≈ 1,761 shares

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

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FAQ

What is the IBIT BTC-per-share ratio?

The IBIT BTC-per-share ratio (approximately 0.000568) represents how much Bitcoin backs each IBIT share. It is derived daily from BlackRock iShares official holdings data and decreases slowly over time as the 0.25% annual management fee is deducted from fund assets.

How many IBIT shares equal one Bitcoin?

With a ratio of approximately 0.000568, it takes roughly 1,761 IBIT shares to equal one Bitcoin (1 ÷ 0.000568 ≈ 1,761). This number increases slowly over time as fees reduce the BTC backing per share.

Where does the IBIT BTC-per-share ratio come from?

The IBIT ratio is parsed daily from BlackRock's iShares official holdings CSV file, which reports the exact amount of Bitcoin held per share. This is the most authoritative source since BlackRock is the fund issuer and custodian data provider.