Invesco Galaxy Bitcoin ETF
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
BTCO$75.29-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067214
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 47 previous paragraphs and 64 current paragraphs.
28 unchanged; 8 reworded; 28 added; 8 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (28)
Current report
Operating Activities
Current report
Net cash flow provided by (used in) operating activities was $224.7 million and $(298.5) million during the six months ended June 30, 2025 and 2024, respectively. During the six months ended June 30, 2025, $89.0 million was paid to purchase bitcoin and $313.8 million was received from sales of bitcoin for redemptions. During the six months ended June 30, 2024, $509.7 million was paid to purchase bitcoin and $211.2 million was received from sales of bitcoin for redemptions.
Current report
Financing Activities
Current report
The Trust's net cash flow provided by (used in) financing activities was $(224.7) million and $298.4 million during the six months ended June 30, 2025 and 2024, respectively. This included $89.0 million and $564.0 million from Shares purchased by Authorized Participants and $313.8 million and $265.6 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2025 and 2024, respectively.
Current report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, THREE MONTHS ENDED JUNE 30, 2024 AND THE
Current report
PERIOD JANUARY 11, 2024 TO JUNE 30, 2024
Current report
set forth herein.
Current report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 , THREE MONTHS ENDED JUNE 30, 2024 AND THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024
Current report
FOR THE THREE MONTHS ENDED JUNE 30, 2025 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2024
Current report
For the three months ended June 30, 2025, the Exchange market value of each Share increased from $82.25 per Share to $107.46 per Share. The Share price low and high for the three months ended June 30, 2025 and related change from the Share price on March 31, 2025 was as follows: Shares traded at a low of $76.59 per Share (-6.88%) on April 8, 2025 and a high of $111.03 per Share (+34.99%) on May 22, 2025. The total return for the Trust on a market value basis was +30.65%.
Current report
Bitcoin (BTC) bounced back in the second quarter of 2025, rallying over 30%. The rebound was driven by strong investment demand with U.S. spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence. However, the inflows may have also been due to investors finding substitutes for gold as bitcoin is often described as “digital gold.” Regulatory progress also supported the rally, with the Digital Asset Market Clarity Act of 2025 (CLARITY Act), Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and Anti-CDBC Surveillance State Act all making congressional progress, while Europe continued implementation of the Markets in Crypto Asset Regulation MiCA framework. These regulatory developments offered increased legitimacy for cryptocurrencies like bitcoin and supported bitcoin’s investment case.
Current report
For the three months ended June 30, 2024, the Exchange market value of each Share decreased from $70.98 per Share to $59.94 per Share. The Share price low and high for the three months ended June 30, 2024 and related change from the Share price on March 31, 2024 was as follows: Shares traded at a low of $56.87 per Share (-19.88%) on May 1, 2024, and a high of $71.81 per Share (+1.17%) on April 8, 2024. The total return for the Trust on a market value basis was -15.56%.
Current report
After hitting its all-time-high price in March 2024, bitcoin was range-bound for most of the period between April 1, 2024, and
Current report
June 30, 2024, waiting for a catalyst to break out of the $55,000 - $70,000 range. Many market participants were focused on the April
Current report
bitcoin halving, where the reward for “mining” bitcoin is cut in half. In past halvings, on average, prices for bitcoin moved higher
Current report
before and after the event, but as this digital asset class matures, price moves may not follow historical trends. Gains leading into the
Current report
halving may have also been exaggerated by the launch of the spot bitcoin ETPs, possibly tempering any move after the event.
Current report
For the three months ended June 30, 2025, the NAV of each Share increased from $82.30 per Share to $107.50 per Share. Rising prices for bitcoin during the three months ended June 30, 2025 contributed to an overall 30.70% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +30.62%.
Current report
Net income (loss) for the three months ended June 30, 2024 was $(49.1) million, primarily resulting from net realized gain (loss) of $(3.1) million and net change in unrealized gain (loss) of $(46.0) million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024
Current report
Trust Share Price Performance
Current report
For the six months ended June 30, 2025, the Exchange market value of each Share increased from $93.22 per Share to $107.46 per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $76.59 per Share (-17.84%) on April 8, 2025 and a high of $111.03 per Share (+19.11%) on May 22, 2025. The total return for the Trust on a market value basis was +15.27%.
Current report
Bitcoin (BTC) had a volatile first half of 2025, posting losses in the first quarter as economic concerns eroded investor confidence, triggering a downturn in U.S. stock markets. This led to sharp outflows from spot bitcoin ETPs, the largest since the launch in January 2024. The ByBit hack also added pressure on digital assets, though bitcoin held up better than Ethereum. Despite this, regulatory progress including a pro-crypto executive order and crypto-friendly appointments at key regulatory agencies provided support. In the second quarter, bitcoin rebounded nearly 30%, driven by a strong rebound in ETP inflows as global investor risk appetite improved with most U.S. tariffs stalled and emerging trade deal headlines provided optimism. Congressional progress for three key digital assets bills (CLARITY Act, GENIUS Act, Anti-CDBC Surveillance State Act) also provided a boost for the asset class overall.
Current report
For the period January 11, 2024, through June 30, 2024, bitcoin’s spot price increased approximately 30%, leading to equivalent gains for the Trust. The bitcoin rally was driven by spot bitcoin ETP demand following their historic launch on January 11, 2024, improving macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 bitcoin halving event. While in past halvings, on average, bitcoin rallied both before and after the event, the upward move before this recent halving may have been exaggerated by the launch of the spot bitcoin ETPs, leading to limited upside following the event.
Current report
Trust Share Net Asset Performance
Current report
For the six months ended June 30, 2025, the NAV of each Share increased from $93.28 per Share to $107.50 per Share. Rising price for bitcoin during the six months ended June 30, 2025 contributed to an overall 15.38% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +15.24%.
Current report
Net income (loss) for the six months ended June 30, 2025 was $53.0 million, primarily resulting from net realized gain (loss) of $73.3 million, net change in unrealized gain (loss) of $(19.5) million and net operating expenses of $0.7 million.
Current report
Net income (loss) for the six months ended June 30, 2024 was $136.7 million, primarily resulting from net realized gain (loss) of $34.0 million and net change in unrealized gain (loss) of $102.8 million.
Removed paragraphs (8)
Previous report
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,
Previous report
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Previous report
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,
Previous report
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Previous report
For the three months ended March 31, 2025, the Exchange market value of each Share decreased from $93.22 per Share to $82.25 per Share. The Share price low and high for the three months ended March 31, 2025 and related change from the Share price on December 31, 2024 was as follows: Shares traded at a low of $78.78 per Share (-15.49%) on March 10, 2025 and a high of $106.08 per Share (+13.80%) on January 21, 2025. The total return for the Trust on a market value basis was -11.77%.
Previous report
Bitcoin performed negatively in the first quarter of 2025 leading to losses for the Trust. While prices initially continued their year-end 2024 rally driven by the excitement from President Trump’s election, mounting economic concerns took the center stage for the rest of the quarter. The nosedive in U.S. financial markets eroded investor risk appetite which triggered a flight to safe havens and outflows from U.S. crypto ETPs. Another headwind was the ByBit hack in late February. Despite the negative price action, regulatory progress for digital assets continued to provide optimism and some downside protection. Most notably, President Trump signed the “Strengthening American Leadership in Digital Financial Technology” executive order, which ordered the establishment of a strategic bitcoin reserve and digital assets stockpile, SAB 121 was repealed, and crypto-friendly policymakers were either nominated or appointed to the SEC and Commodity Futures Trading Commission, the two primary U.S. regulators for the crypto space.
Previous report
Bitcoin saw extremely strong performance during the period January 11, 2024 through March 31, 2024, with its spot price increasing over 50%, leading to equivalent gains for the Trust. The rally for bitcoin was driven by U.S. spot bitcoin ETP demand following their historic launch on January 11, 2024, improving macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 halving event (halvings reduce the amount of coins rewarded to miners in half). Prices did retreat in early March 2024 on heightened geopolitical risks and a broader equity market selloff, but managed to recover most of those losses to end the period. During the period, the Trust saw net inflows of over $220 million. More broadly, U.S. spot bitcoin ETPs saw inflows of over $10 billion.
Previous report
Net income (loss) for the three months ended March 31, 2024 was $185.8 million, primarily resulting from net realized gain (loss) of $37.0 million, net change in unrealized gain (loss) of $148.8 million.
Reworded paragraphs (8)
Previous wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of March 31, 2025, and its results of operations for the three months ended March 31, 2025 and the period January 11, 2024 to March 31, 2024. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Current wording
The following discussion and analysis was prepared to supplement information contained in the accompanying financial statements and is intended to explain certain items regarding the Trust's financial condition as of June 30, 2025, and its results of operations for the three and six months ended June 30, 2025, the three months ended June 30, 2024, and the period January 11, 2024 to June 30, 2024. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Previous wording
generally, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) on a periodic basis to determine which market is its Principal Market for the purpose of calculating fair value for the creation of quarterly and annual financial statements. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.
Current wording
The Trust applies FASB ASC Topic 820, Fair Value Measurement, in the valuation of bitcoin held by the Trust and for financial statement purposes. The fair market value price for bitcoin reflects the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date of bitcoin on its “principal market,” generally, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) on a periodic basis to determine which market is its Principal Market for the purpose of calculating fair value for the creation of quarterly and annual financial statements. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.
Previous wording
The following graph illustrates the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Trust’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Benchmark (as reflected by the line “Lukka Prime Reference Rate (USD)”). There can be no assurances that the price of the Shares or the Trust’s NAV will exceed the Benchmark levels.
Current wording
The following graph illustrates the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Trust’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Benchmark (as reflected by the line “Lukka Prime Reference Rate (USD)”). There can be no assurance that the price of the Shares or the Trust’s NAV will exceed the Benchmark levels.
Previous wording
No representation is being made that the Benchmark will or is likely to achieve closing levels consistent with or similar to those set forth herein.
Current wording
No representation is being made that the Benchmark will or is likely to achieve closing levels consistent with or similar to those
Previous wording
Net income (loss) for the three months ended March 31, 2025 was $(73.4) million, primarily resulting from net realized gain (loss) of $60.9 million, net change in unrealized gain (loss) of $(133.9) million and net operating expenses of $0.4 million.
Current wording
Net income (loss) for the three months ended June 30, 2025 was $126.4 million, primarily resulting from net realized gain (loss) of $12.3 million, net change in unrealized gain (loss) of $114.4 million and net operating expenses of $0.3 million.
Previous wording
For the three months ended March 31, 2025, the NAV of each Share decreased from $93.28 per Share to $82.30 per Share. Falling price for bitcoin during the three months ended March 31, 2025 contributed to an overall 11.72% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -11.77%.
Current wording
For the three months ended June 30, 2024, the NAV of each Share decreased from $70.84 per Share to $59.95 per Share. Falling prices for bitcoin during the three months ended June 30, 2024 contributed to an overall 12.81% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -15.37%.
Previous wording
For the period January 11, 2024 (commencement of trading) to March 31, 2024, the Exchange market value of each Share increased from $46.30 per Share to $70.98 per Share. The Share price low and high for the period ended March 31, 2024 and related change from the Share price on January 11, 2024 was as follows: Shares traded at a low of $39.11 per Share (-15.54%) on January 23, 2024 and a high of $73.57 per Share (+58.90%) on March 13, 2024. The total return for the Trust on a market value basis was +53.30%.
Current wording
For the period January 11, 2024 to June 30, 2024, the Exchange market value of each Share increased from $46.30 per Share to $59.94 per Share. The Share price low and high for the period ended June 30, 2024 and related change from the Share price on January 11, 2024 was as follows: Shares traded at a low of $39.11 per Share (-15.54%) on January 23, 2024, and a high of $73.57 per Share (+58.90%) on March 13, 2024. The total return for the Trust on a market value basis was +29.46%.
Previous wording
For the period January 11, 2024 (commencement of trading) to March 31, 2024, the NAV of each Share increased from $46.29 per Share to $70.84 per Share. Rising price for bitcoin during the period ended March 31, 2024 contributed to an overall 53.04% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +53.04%.
Current wording
For the period January 11, 2024 to June 30, 2024, the NAV of each Share increased from $46.29 per Share to $59.95 per Share. Rising prices for bitcoin during the period ended June 30, 2024 contributed to an overall 33.79% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +29.51%.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
The Trust applies FASB ASC Topic 820, Fair Value Measurement, in the valuation of bitcoin held by the Trust and for financial statement purposes. The fair market value price for bitcoin reflects the price that would be received for bitcoin in a current sale, which assumes an orderly transaction between market participants on the measurement date of bitcoin on its “principal market,”
Previous report — wording carried elsewhere
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND THE PERIOD JANUARY 11, 2024 TO MARCH 31, 2024
Previous report — wording carried elsewhere
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND THE PERIOD JANUARY 11, 2024 TO MARCH 31, 2024