The Invesco Galaxy Bitcoin ETF (BTCO) is an exchange-traded fund designed to track the spot price performance of Bitcoin, before fees and expenses. The ETF is managed by Invesco in partnership with Galaxy Digital and trades under the ticker BTCO on the Cboe BZX Exchange.

Classified as a digital asset ETF, the fund holds physical Bitcoin as its primary asset, providing investors with exposure to the cryptocurrency without requiring them to purchase, store, or safeguard Bitcoin directly.

The ETF follows a passive management approach and seeks to track the spot price of Bitcoin using a benchmark designed to reflect the cryptocurrency's market value.

Diversification and sector exposure

BTCO provides exposure primarily associated with:

• Bitcoin.

• Cryptocurrencies.

• Digital assets.

• Blockchain.

• Financial technology.

• Digital store of value.

• Digital asset market.

• Passive management.

The portfolio consists primarily of Bitcoin held in institutional custody and may maintain small cash positions to support the fund's operational requirements. The ETF's performance is designed to closely track the spot price of Bitcoin, before fees and expenses, without using leverage or futures contracts.

Structure and costs

BTCO shares trade on the secondary market on the Cboe BZX Exchange during regular trading hours. Shares are created and redeemed in kind through authorized participants, a mechanism designed to help keep the ETF's market price aligned with its net asset value (NAV).

The fund holds Bitcoin through a specialized digital asset custodian that provides institutional-grade custody services. The ETF charges a management fee as outlined in its prospectus and does not apply a performance fee.

History and evolution of the ETF

The Invesco Galaxy Bitcoin ETF was launched in January 2024 following the U.S. Securities and Exchange Commission's approval of the first spot Bitcoin ETFs in the United States.

Since inception, the fund has become part of the growing group of spot Bitcoin ETFs that provide direct exposure to physically held Bitcoin through a regulated, exchange-traded investment vehicle, expanding access for both institutional and retail investors.

In recent years, increasing institutional adoption of Bitcoin, continued development of digital asset market infrastructure, Bitcoin market cycles, and the evolving regulatory landscape have continued to shape the ETF's performance.

Additional Information

Invesco Galaxy Bitcoin ETF Invesco Galaxy Bitcoin ETF (United States) is an exchange-traded fund (ETF), with assets under management totaling $414.23 million.

Over the past 12 months, Invesco Galaxy Bitcoin ETF Invesco Galaxy Bitcoin ETF recorded a return of -29.69%, with its price trading between $58.40 and $125.14 during the same period.

The ETF is traded under the ticker BTCO.