IBIT · Creation / Redemption Desk

Basis — market price against net asset value

—bps

•waiting for first print

Measuring how far IBIT’s market price sits from the bitcoin held behind each share.

Watching Trigger — Cost — Session —

◀ Redeem pays NAV parity Create pays ▶

IBIT—

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— bid · — ask

Bitcoin—

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Coinbase spot

NAV / share—

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BTC per share

Creation unit—

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one basket

The gap

Basis over time, in basis points. The shaded bands at the edges are where a full round trip clears its costs.

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Premium — ETF rich to bitcoin Discount — ETF cheap to bitcoin Trigger band Bars on the right — how long the basis has held each level

Session high: —
Session low: —
Time in the money: —
Band crossings: —

Price ladder

Where fair value sits inside the book.

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Ask—

Mid—

Bid—

NAV—

Where the edge goes

The raw gap, minus every friction, on one basket.

Baskets

Fee

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Gross basis — bps —

0 bps—

Round trip cost —

Feasibility —

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One basket

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Signal tape

Every moment the gap opened wide enough to pay for the trip.

$0.00

0 signals

The tape is quiet.
Nothing has cleared the trigger band yet.

The mechanism

A bitcoin ETF only tracks bitcoin because someone is paid to drag it back.

IBIT holds real bitcoin with a custodian. Every share is a claim on a small, known slice of that coin — spot price times that slice is fair value, the NAV.

On the exchange the fund drifts away from it. When the drift is wide enough to cover fees, commissions and slippage, authorised participants swap 5,000-share baskets with the fund and pocket the difference. That trade is the leash.

This desk measures the drift every second, subtracts the full cost of the round trip, and only calls a trade when what is left over is genuinely worth doing.

Create

Fund is rich to its bitcoin

Buy bitcoin on spot
Deliver it to the trust
Receive a fresh basket of shares
Sell them into the premium

Redeem

Fund is cheap to its bitcoin

Buy shares on the exchange
Redeem the basket with the trust
Receive the bitcoin behind them
Sell the coin into the discount

Market feed

Independent quote used to sanity-check the model.

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