Invesco Galaxy Bitcoin ETF Financials
This page shows Invesco Galaxy Bitcoin ETF (BTCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Asset-value swings and investor cash flows, not day-to-day operations, drove this vehicle's FY2025 financial picture.
Net income flipped from$406.1M in FY2024 to-$72.3M in FY2025 while operating income remained only a small loss, which means reported results were dominated by changes in asset value rather than the entity's own expense base. In FY2025, operating cash flow of$111.1M was almost exactly offset by financing cash flow of-$111.1M , showing that cash mainly entered and left with investor activity.
Balance-sheet leverage is negligible: FY2025 liabilities were only
Shares outstanding fell from 8.0M to 6.35M as equity also shrank, which is the pattern you would expect when the pool is getting smaller through redemptions or market movement rather than through borrowing. Year-end cash balance was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Invesco Galaxy Bitcoin ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Invesco Galaxy Bitcoin ETF carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Invesco Galaxy Bitcoin ETF's ROE of -13.3% shows moderate profitability relative to equity, earning a score of 39/100. This is down from 55.8% the prior year.
Invesco Galaxy Bitcoin ETF passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Invesco Galaxy Bitcoin ETF generates $-1.54 in operating cash flow ($111.1M OCF vs -$72.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Invesco Galaxy Bitcoin ETF generated $0 in revenue in fiscal year 2025.
Invesco Galaxy Bitcoin ETF reported -$72.3M in net income in fiscal year 2025. This represents a decrease of 117.8% from the prior year.
Cash & Balance Sheet
Invesco Galaxy Bitcoin ETF held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Invesco Galaxy Bitcoin ETF had 6M shares outstanding in fiscal year 2025. This represents a decrease of 20.4% from the prior year.
Margins & Returns
Invesco Galaxy Bitcoin ETF's ROE was -13.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 69.1 percentage points from the prior year.
Capital Allocation
Invesco Galaxy Bitcoin ETF spent $379.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 6.0% from the prior year.
BTCO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | N/A | $0 | $0 | $0 | N/A | $0 | $0 |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | -$308K | N/A | -$397K-24.1% | -$319K+21.5% | -$407K | N/A | -$268K | $0 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$127.0M | N/A | $35.5M-72.0% | $126.4M+272.2% | -$73.4M | N/A | $4.1M+108.3% | -$49.1M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BTCO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $457.3M-16.0% | $544.4M-21.9% | $696.8M+25.3% | $556.0M+27.4% | $436.3M-40.1% | $727.8M+40.8% | $516.7M+18.7% | $435.2M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $99K-17.2% | $119K-9.4% | $131K+18.8% | $111K+7.8% | $103K-42.2% | $177K+83.6% | $97K | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $457.2M-16.0% | $544.2M-21.9% | $696.6M+25.3% | $555.9M+27.4% | $436.2M-40.1% | $727.6M+40.8% | $516.6M | N/A |
| Retained Earnings | $207.0M-38.0% | $334.0M+167.5% | -$494.7M-7.7% | -$459.3M-38.0% | -$332.8M-181.9% | $406.2M+188.3% | $140.9M+3.0% | $136.8M |
BTCO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$39.9M-375.7% | -$8.4M+92.0% | -$105.3M-1668.3% | $6.7M-96.9% | $218.0M+301.0% | $54.4M+170.3% | -$77.3M-10.6% | -$69.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $39.9M+375.7% | $8.4M-92.0% | $105.3M+1668.3% | -$6.7M+96.9% | -$218.0M-301.0% | -$54.4M-170.3% | $77.3M+10.6% | $69.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $15.2M-74.8% | $60.3M+1085.9% | $5.1M-92.5% | $67.4M-72.7% | $246.4M+113.2% | $115.6M+418.0% | $22.3M-42.1% | $38.5M |
BTCO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -27.8% | N/A | 5.1%-17.7pp | 22.8%+39.6pp | -16.8% | N/A | 0.8% | N/A |
| Return on Assets | -27.8% | N/A | 5.1%-17.6pp | 22.7%+39.6pp | -16.8% | N/A | 0.8%+12.1pp | -11.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Frequently Asked Questions
What is Invesco Galaxy Bitcoin ETF's annual revenue?
Invesco Galaxy Bitcoin ETF (BTCO) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Invesco Galaxy Bitcoin ETF profitable?
No, Invesco Galaxy Bitcoin ETF (BTCO) reported a net income of -$72.3M in fiscal year 2025.
What is Invesco Galaxy Bitcoin ETF's return on equity (ROE)?
Invesco Galaxy Bitcoin ETF (BTCO) has a return on equity of -13.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Invesco Galaxy Bitcoin ETF's operating cash flow?
Invesco Galaxy Bitcoin ETF (BTCO) generated $111.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Invesco Galaxy Bitcoin ETF's total assets?
Invesco Galaxy Bitcoin ETF (BTCO) had $544.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Invesco Galaxy Bitcoin ETF's debt-to-equity ratio?
Invesco Galaxy Bitcoin ETF (BTCO) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Invesco Galaxy Bitcoin ETF's return on assets (ROA)?
Invesco Galaxy Bitcoin ETF (BTCO) had a return on assets of -13.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Invesco Galaxy Bitcoin ETF's Piotroski F-Score?
Invesco Galaxy Bitcoin ETF (BTCO) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Invesco Galaxy Bitcoin ETF's earnings high quality?
Invesco Galaxy Bitcoin ETF (BTCO) has an earnings quality ratio of -1.54x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Invesco Galaxy Bitcoin ETF?
Invesco Galaxy Bitcoin ETF (BTCO) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.