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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001461781-09-000001.txt : 20090422
<SEC-HEADER>0001461781-09-000001.hdr.sgml : 20090422
<ACCEPTANCE-DATETIME>20090422143644
ACCESSION NUMBER:		0001461781-09-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090422
DATE AS OF CHANGE:		20090422
EFFECTIVENESS DATE:		20090422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Whitebox Multi-Strategy Fund, Ltd.
		CENTRAL INDEX KEY:			0001461781
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-130411
		FILM NUMBER:		09763583

	BUSINESS ADDRESS:	
		STREET 1:		C/O TRIDENT TRUST CO (BVI) LTD.
		STREET 2:		TRIDENT CHAMBERS, P.O. BOX 146
		CITY:			ROAD TOWN, TORTOLA
		STATE:			D8
		ZIP:			00000
		BUSINESS PHONE:		6122536025

	MAIL ADDRESS:	
		STREET 1:		C/O TRIDENT TRUST CO (BVI) LTD.
		STREET 2:		TRIDENT CHAMBERS, P.O. BOX 146
		CITY:			ROAD TOWN, TORTOLA
		STATE:			D8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001461781</cik>
        <entityName>Whitebox Multi-Strategy Fund, Ltd.</entityName>
        <issuerAddress>
            <street1>C/O TRIDENT TRUST CO (BVI) LTD.</street1>
            <street2>TRIDENT CHAMBERS, P.O. BOX 146</street2>
            <city>ROAD TOWN, TORTOLA</city>
            <stateOrCountry>D8</stateOrCountry>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>6122536025</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>D8</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>Whitebox Combined Advisors, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3033 Excelsior Blvd.</street1>
                <street2>Suite 300</street2>
                <city>Minneapolis</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55416</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <middleName>D.</middleName>
                <lastName>Wood</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3033 Excelsior Blvd.</street1>
                <street2>Suite 300</street2>
                <city>Minneapolis</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55416</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer and Chief Operating Officer of the Issuer's Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <middleName>J.</middleName>
                <lastName>Redleaf</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3033 Excelsior Blvd.</street1>
                <street2>Suite 300</street2>
                <city>Minneapolis</city>
                <stateOrCountry>MN</stateOrCountry>
                <zipCode>55416</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Issuer and Chief Executive Officer of the Issuer's Investment Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Emergent Financial Group, Inc.</recipientName>
                <recipientCRDNumber>37891</recipientCRDNumber>
                <associatedBDName>Joseph B. Hurley, IV</associatedBDName>
                <associatedBDCRDNumber>726838</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8000 West 78th Street</street1>
                    <street2>Suite 115</street2>
                    <city>Edina</city>
                    <stateOrCountry>MN</stateOrCountry>
                    <zipCode>55439-2535</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CO</state>
                    <state>LA</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>214357137</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>72</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>73091</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Whitebox Multi-Strategy Fund, Ltd.</issuerName>
                <signatureName>/s/ Jonathan D. Wood</signatureName>
                <nameOfSigner>Jonathan D. Wood</nameOfSigner>
                <signatureTitle>Chief Operating Officer of the Issuer's Investment Manager</signatureTitle>
                <signatureDate>2009-04-22</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----