Invesco Galaxy Bitcoin ETF (BTCO) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTCO SEC filings page.
Invesco Galaxy Bitcoin ETF (BTCO) reported $0 in revenue for fiscal year 2025. This page shows its 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).
BTCO behaves like an investment vehicle: reported assets shift materially, while earnings reverse rather than reflect a conventional sales engine.
From FY2024 to FY2025, total assets fell 25.2% while net income moved from$406.1M to a net loss of$72.3M . That pairing suggests reported results are being driven primarily by portfolio value changes and investor flows, not by recurring operating revenue.
FY2024 combined
In FY2025, operating cash flow turned positive at
Financial Health Signals
We do not publish a peer-relative financial health score for Invesco Galaxy Bitcoin ETF, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Invesco Galaxy Bitcoin ETF passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Invesco Galaxy Bitcoin ETF reported a net loss of $72.3M while generating $111.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Invesco Galaxy Bitcoin ETF generated $0 in revenue in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Invesco Galaxy Bitcoin ETF reported $126.7M in net income in Q3 2026. This represents an increase of 257.3% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q3 2026.
Not reported for Q3 2026.
Cash & Balance Sheet
Invesco Galaxy Bitcoin ETF held $0 in cash as of Q3 2026; no long-term debt figure is on record for that period.
Not reported for Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Invesco Galaxy Bitcoin ETF's quarterly ROE was 29.7% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 24.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 47.5 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Invesco Galaxy Bitcoin ETF spent $19.4M on share buybacks in Q3 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 281.1% from the same quarter a year earlier. Against the prior quarter it is down 79.9%.
Not reported for Q3 2026.
Not reported for Q3 2026.
BTCO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0n/m | $0n/m | $0n/m | N/A | $0n/m | $0n/m | $0n/m | $0 |
| Operating Income | -$235Kn/m | -$292Kn/m | -$308Kn/m | -$389Kn/m | -$397Kn/m | -$319Kn/m | -$407Kn/m | -$451K |
| Net Income | $126.7M+257.3% | -$56.1M-144.4% | -$127.0Mn/m | -$160.8M-160.6% | $35.5M+773.5% | $126.4Mn/m | -$73.4M-139.5% | $265.3M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
BTCO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $426.3M-38.8% | $315.9M-43.2% | $457.3M+4.8% | $544.4M-25.2% | $696.8M+34.8% | $556.0M+27.7% | $436.3M+3.3% | $727.8M+727689.3% |
| Cash & Equivalents | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0-100.0% |
| Total Liabilities | $85K-35.7% | $81K-26.9% | $99K-3.9% | $119K-32.9% | $131K+36.0% | $111K | $103K-97.4% | $177Kn/m |
| Total Equity | $426.3M-38.8% | $315.8M-43.2% | $457.2M+4.8% | $544.2M-25.2% | $696.6M+34.8% | $555.9M | $436.2M+4.3% | $727.6M+727511.8% |
| Retained Earnings | $277.6Mn/m | $150.9Mn/m | $207.0Mn/m | $334.0M-17.8% | -$494.7M-451.1% | -$459.3M-435.6% | -$332.8M-279.1% | $406.2Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
BTCO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.4Mn/m | $85.3M+1170.3% | -$39.9M-118.3% | -$8.4M-115.4% | -$105.3Mn/m | $6.7Mn/m | $218.0Mn/m | $54.4M |
| Financing Cash Flow | -$10.4M-109.9% | -$85.3Mn/m | $39.9Mn/m | $8.4Mn/m | $105.3M+36.2% | -$6.7M-109.6% | -$218.0M-195.4% | -$54.4M |
| Share Buybacks | $19.4M+281.1% | $96.5M+43.2% | $15.2M-93.8% | $60.3M-47.8% | $5.1M-77.2% | $67.4M+74.8% | $246.4M+8.5% | $115.6M |
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.
BTCO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | 29.7%+24.6pp | -17.8%-40.5pp | -27.8%-10.9pp | -29.5%-66.0pp | 5.1%+4.3pp | 22.8% | -16.8%-61.3pp | 36.5% |
| Return on Assets | 29.7%+24.6pp | -17.8%-40.5pp | -27.8%-10.9pp | -29.5%-66.0pp | 5.1%+4.3pp | 22.7%+34.0pp | -16.8%-60.8pp | 36.5% |
| Liabilities-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 | 0.000.0x | 0.000.0x |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Debt-to-Equity, FCF Margin.
Where Invesco Galaxy Bitcoin ETF Ranks
Frequently Asked Questions
Invesco Galaxy Bitcoin ETF (BTCO) reported $0 in total revenue for fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
No, Invesco Galaxy Bitcoin ETF (BTCO) reported a net loss of $72.3M in fiscal year 2025.
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.
Invesco Galaxy Bitcoin ETF (BTCO) generated $111.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Invesco Galaxy Bitcoin ETF (BTCO) had $544.4M in total assets as of fiscal year 2025, including both current and long-term assets.
Invesco Galaxy Bitcoin ETF (BTCO) had a liabilities-to-equity ratio of 0.00 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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.
Invesco Galaxy Bitcoin ETF (BTCO) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
Invesco Galaxy Bitcoin ETF (BTCO) reported a net loss of $72.3M while generating $111.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.