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Invesco Galaxy Bitcoin ETF is a Delaware statutory trust whose Shares trade on Cboe BZX under the symbol BTCO. It continuously issues common Shares representing fractional beneficial interests in a pool of bitcoin, seeking to track the spot price of bitcoin (using the Lukka Prime Bitcoin Reference Rate) minus expenses.
The ETF is passively managed and does not use hedging or trading strategies; it simply holds bitcoin in custody with Coinbase Custody Trust Company, primarily in cold storage. The Bank of New York Mellon acts as administrator, transfer agent and cash custodian, while Galaxy Digital Funds LLC serves as execution agent for bitcoin trades.
The Trust pays the Sponsor a unified annual fee of 0.25% of daily net assets, which was fully waived on the first $5 billion of assets for the initial six months after listing in January 2024. As of its most recently completed second fiscal quarter, non‑affiliate equity market value was $558,792,000, and 6,350,000 Shares were outstanding as of January 31, 2026.
The report highlights extensive risks: extreme bitcoin volatility, potential loss of value, evolving U.S. and global regulation (including new U.S. stablecoin and digital‑asset initiatives), cybersecurity and custody threats, possible blockchain forks, scaling and fee issues, competition from other digital assets and central bank digital currencies, and the chance Shares trade at premiums or discounts to net asset value.
Invesco Galaxy Bitcoin ETF is an exchange-traded fund whose Shares trade on Cboe BZX under ticker BTCO and are offered on a continuous basis to reflect the spot price of bitcoin, as measured by the Lukka Prime Bitcoin Reference Rate, less expenses and liabilities. The Trust holds bitcoin directly, values its portfolio daily at 4:00 p.m. ET using a fair market value price from Lukka Inc., and issues and redeems only in 5,000‑Share Creation Baskets, either in-kind for bitcoin or for cash via Authorized Participants.
The Trust charges a unified Sponsor Fee of 0.25% per year, which is accrued daily and paid monthly and may require periodic sales of bitcoin, causing the bitcoin per Share to decline over time. It is not registered under the Investment Company Act of 1940, is not a commodity pool, and is treated as an emerging growth company with reduced reporting requirements. The prospectus highlights substantial risks tied to bitcoin’s extreme volatility, regulatory uncertainty, cybersecurity issues, potential premiums or discounts to NAV, and the possibility that investors could lose their entire investment.
Invesco Galaxy Bitcoin ETF files a post-effective amendment moving its registration to Form S-3 and updating its bitcoin ETF prospectus. The amendment highlights that the trust may use in-kind creations and redemptions alongside its existing cash process and states that no additional shares are registered.
The fund seeks to reflect the spot price of bitcoin using the Lukka Prime Bitcoin Reference Rate, holding bitcoin in custody at Coinbase Custody Trust Company and valuing shares daily at 4:00 p.m. ET. Creation and redemption occur in blocks of 5,000 Shares through authorized participants, with a unified 0.25% annual sponsor fee covering ordinary expenses. The prospectus emphasizes that BTCO is a highly speculative investment exposed to bitcoin’s extreme volatility, operational complexities around creations and redemptions, and evolving regulatory and market structure risks.
Invesco Galaxy Bitcoin ETF (BTCO) filed its quarterly report for the period ended September 30, 2025. Net assets were $696,647,673, driven by investments in bitcoin valued at $696,779,108 (6,108 bitcoin). Shares outstanding were 6,125,000 as of September 30, 2025. NAV per share was $113.74 and the market price was $113.98.
The Trust reported net income of $35,466,746 for Q3, reflecting a $36,148,408 net change in unrealized gain and $(285,109) in net realized losses, offset by $396,553 of sponsor fees. For the nine months, net income was $88,493,109. Q3 total return was 6.40% at NAV and 6.07% at market; year-to-date total return was 21.93% at NAV and 22.27% at market.
Creation/redemption activity remained active: in Q3, 970,000 shares were created and 45,000 shares were redeemed; year-to-date, 1,880,000 shares were created and 3,555,000 were redeemed. The Sponsor Fee is 0.25% per annum; the prior fee waiver expired on July 11, 2024. Operating cash flows were $119,457,269 for the nine months, largely from bitcoin sold for redemptions ($318,846,774) versus bitcoin purchases ($199,389,498).