The NAV of a spot Bitcoin ETF represents the total value of the fund's assets per share, including fees and expenses. The equation "Total shares x price per share=price of BTC x #BTC owned" highlights why the market capitalization of the ETF must equal the total value of the Bitcoin it holds. This alignment ensures that the price of the ETF accurately mirrors the value of its underlying assets, which, in this instance, are Bitcoins. The NAV/Market price is also influenced by the design decisions made during the creation of the ETF. ARKB, the Ark Spot Bitcoin ETF, stands out with a net asset value (NAV) equal to 0.001 bitcoin, making it easy for investors to track the underlying currency's price.