IBIT Bitcoin ETF — Ratio, Holdings & Conversion
BlackRock's spot Bitcoin ETF — the largest by AUM and trading volume.
Key Stats
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). For a detailed breakdown of the shares-per-BTC ratio and how it changes over time, see our guide on how many IBIT shares equal one Bitcoin.
IBIT's deep options market has spawned derivative products including BlackRock's own iShares Bitcoin Premium Income ETF (IBPI), a covered call strategy that writes options against IBIT shares to generate distributable income.
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
For more Bitcoin ETF guides and resources, visit our education hub.
View IBIT daily prices, interactive charts, annual returns, and BTC equivalents.
IBIT Price History →Convert IBIT strikes and premiums to BTC prices with live data.
Open IBIT Calculator →See how IBIT stacks up against the competition in our Best Bitcoin ETF in 2026 guide.
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.
Does IBIT hold actual Bitcoin?
Yes. IBIT holds physical Bitcoin in institutional cold storage through Coinbase Custody. Each IBIT share is backed by a specific amount of Bitcoin — the BTC-per-share ratio — which you can verify using our calculator. None of the spot Bitcoin ETFs use futures or derivatives. For the full explanation of custody and verification, see our detailed guide at btcetfcalc.com/education/does-ibit-hold-actual-bitcoin/.
Does IBIT pay dividends?
No. IBIT does not pay dividends. Bitcoin itself produces no income (no interest, no dividends, no yield). All returns from IBIT come exclusively from Bitcoin price appreciation. The only ETF cost is the 0.25% annual expense ratio, which is deducted from the fund’s Bitcoin holdings rather than charged as a cash fee.