BTC to ETF Price
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If Bitcoin hits $100,000, IBIT trades at about $56.98 per share. A $100 IBIT call option needs Bitcoin near $175,508.
Based on a Bitcoin price of $78,487 and ETF quotes from Aug 25, 10:58 PM UTC, the last time these funds traded. Bitcoin has kept moving since then, so the ratios are approximate until the market reopens.
| Fund | BTC per share | BTC at $100k | BTC at $150k | BTC at $200k | BTC at $250k |
|---|---|---|---|---|---|
| IBIT BlackRock iShares Bitcoin Trust ETF | 0.000570 | $56.98 | $85.47 | $113.95 | $142.44 |
| FBTC Fidelity Wise Origin Bitcoin Fund ETF | 0.000876 | $87.56 | $131.33 | $175.11 | $218.89 |
| GBTC Grayscale Bitcoin Trust ETF | 0.000778 | $77.81 | $116.71 | $155.62 | $194.52 |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.000445 | $44.49 | $66.74 | $88.98 | $111.23 |
| BITB Bitwise Bitcoin ETF Trust ETF | 0.000546 | $54.58 | $81.87 | $109.16 | $136.46 |
| ARKB ARK 21Shares Bitcoin ETF | 0.000333 | $33.34 | $50.01 | $66.69 | $83.36 |
Based on a Bitcoin price of $78,487 and ETF quotes from Aug 25, 10:58 PM UTC, the last time these funds traded. Bitcoin has kept moving since then, so the ratios are approximate until the market reopens. Projections assume each fund’s BTC-per-share ratio holds constant; fees and premium or discount are already reflected in the ratio.
If Bitcoin reaches $100,000, IBIT (BlackRock iShares Bitcoin Trust) would trade at approximately $56.98 per share. IBIT holds about 0.000570 BTC per share, so its price is roughly the Bitcoin price multiplied by that ratio.
A $100 strike on IBIT is in the money when IBIT trades above $100 per share. At roughly 0.000570 BTC per share, that requires Bitcoin at about $175,508. Use the strike solver above to check any strike on any fund.
Each fund holds a different fixed slice of Bitcoin per share (currently IBIT about 0.000570 BTC, FBTC about 0.000876 BTC, GBTC about 0.000778 BTC, BTC about 0.000445 BTC). The ratio is each fund's latest share price divided by the Bitcoin price at the same time, and it drifts down very slowly over time as the management fee accrues.
Each issuer chose its own launch price, so the number of shares and Bitcoin per share differ across funds even though all of them track the same asset. A dollar invested buys nearly identical Bitcoin exposure in every spot ETF; only the per-share price and the fee differ. That is why the same strike price means a very different Bitcoin level on one fund than another.
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