Invesco Galaxy Bitcoin ETF

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

About 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$73.21-1.5%Stored close · as of Nov 10, 2026

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Contents

Item 1. FINANCIAL STATEMENTS

Statements of Financial Condition

June 30, 2025 and December 31, 2024

	June 30,	December 31,
	2025	2024
Assets
Investments in Bitcoin, at value (cost $228,945,747 and $381,198,226, respectively)	$556,006,111	$727,789,330
Total Assets	$556,006,111	$727,789,330
Liabilities
Payable for:
Accrued Sponsor's fees	$110,634	$177,497
Total Liabilities	$110,634	$177,497
Commitments and Contingencies (Note 9)
Net Assets	$555,895,477	$727,611,833
Net assets consist of:
Paid-in-capital	$96,624,970	$321,367,689
Distributable earnings (loss)	459,270,507	406,244,144
	$555,895,477	$727,611,833
Shares outstanding	5,200,000	7,800,000
Net asset value per share	$106.90	$93.28
Market value per share	$107.46	$93.22

Schedule of Investments

June 30, 2025

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Bitcoin	5,189	$228,945,747		$556,006,111		100.02%
Total Investments	5,189	$228,945,747		$556,006,111		100.02%
Other Assets Less Liabilities			$(110,634)		(0.02)%
Net assets			$555,895,477		100.00%

Schedule of Investments

December 31, 2024

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Bitcoin	7,793	$381,198,226		$727,789,330		100.02%
Total Investments	7,793	$381,198,226		$727,789,330		100.02%
Other Assets Less Liabilities			$(177,497)		(0.02)%
Net assets			$727,611,833		100.00%

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2025 and 2024

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Income
Total Income	$—	$—	$—	$—
Expenses
Sponsor Fees	319,429	271,217	726,402	452,718
Total Expenses	319,429	271,217	726,402	452,718
Less: Waivers	—	(271,217)	—	(452,718)
Net Expenses	319,429	—	726,402	—
Net Investment Income (Loss)	(319,429)	—	(726,402)	—
Net Realized and Net Change in Unrealized Gain (Loss)
Net Realized Gain (Loss) from
Investments in Bitcoin Sold to Pay Sponsor Fee	47,596	—	136,544	—
Investments in Bitcoin Sold for Redemptions	12,299,259	(3,068,108)	73,146,961	33,958,006
Net Realized Gain (Loss)	12,346,855	(3,068,108)	73,283,505	33,958,006
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin	114,413,890	(46,013,857)	(19,530,740)	102,776,996
Net Realized and Net Change in Unrealized Gain (Loss) from Investments in Bitcoin	126,760,745	(49,081,965)	53,752,765	136,735,002
Net Income (Loss)	$126,441,316	$(49,081,965)	$53,026,363	$136,735,002

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

Shares · Total Shareholders'Equity
Balance at March 31, 2025	5,300,000		$436,167,531
Purchases of Shares	635,000		60,648,364
Redemption of Shares	(735,000)		(67,361,734)
Net Increase (Decrease) due to Share Transactions	(100,000)		(6,713,370)
Net Income (Loss)
Net Investment Income (Loss)		(319,429)
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		12,346,855
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		114,413,890
Net Income (Loss)		126,441,316
Net Change in Shareholders' Equity	(100,000)		119,727,946
Balance at June 30, 2025	5,200,000		$555,895,477

Shares · Total Shareholders'Equity
Balance at March 31, 2024	5,905,000		$418,315,928
Purchases of Shares	1,630,000		104,538,465
Redemption of Shares	(590,000)		(38,528,375)
Net Increase (Decrease) due to Share Transactions	1,040,000		66,010,090
Net Income (Loss)
Net Investment Income (Loss)		—
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		(3,068,108)
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		(46,013,857)
Net Income (Loss)		(49,081,965)
Net Change in Shareholders' Equity	1,040,000		16,928,125
Balance at June 30, 2024	6,945,000		$435,244,053

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

Shares · Total Shareholders'Equity
Balance at December 31, 2024	7,800,000		$727,611,833
Purchases of Shares	910,000		89,033,072
Redemption of Shares	(3,510,000)		(313,775,791)
Net Increase (Decrease) due to Share Transactions	(2,600,000)		(224,742,719)
Net Income (Loss)
Net Investment Income (Loss)		(726,402)
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		73,283,505
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		(19,530,740)
Net Income (Loss)		53,026,363
Net Change in Shareholders' Equity	(2,600,000)		(171,716,356)
Balance at June 30, 2025	5,200,000		$555,895,477

Shares · Total Shareholders'Equity
Balance at December 31, 2023	4,000		$100,000
Purchases of Shares	11,705,000		564,002,145
Redemption of Shares	(4,764,000)		(265,593,094)
Net Increase (Decrease) due to Share Transactions	6,941,000		298,409,051
Net Income (Loss)
Net Investment Income (Loss)		—
Net Realized Gain (Loss) on Investments in Bitcoin		33,958,006
Net Change in Unrealized Gain (Loss) on Investments in Bitcoin		102,776,996
Net Income (Loss)		136,735,002
Net Change in Shareholders' Equity	6,941,000		435,144,053
Balance at June 30, 2024	6,945,000		$435,244,053

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

	Six Months Ended June 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$53,026,363	$136,735,002
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of bitcoin purchased	(89,021,228)	(509,716,398)
Proceeds from bitcoin sold to pay Sponsor Fee	793,259	—
Proceeds from bitcoin sold for redemptions	313,763,953	211,207,347
Net Realized (Gain) Loss from Investments in Bitcoin Sold to pay Sponsor Fee	(136,544)	—
Net Realized (Gain) Loss from Investments in Bitcoin Sold for Redemptions	(73,146,961)	(33,958,006)
Net Change in Unrealized (Gain) Loss from Investments in Bitcoin	19,530,740	(102,776,996)
Change in operating assets and liabilities:
Accrued Sponsor's fees	(66,863)	—
Net cash provided by (used in) operating activities	224,742,719	(298,509,051)
Cash flows from financing activities:
Proceeds from purchases of Shares	89,033,072	564,002,145
Redemption of Shares	(313,775,791)	(265,593,094)
Net cash provided by (used in) financing activities	(224,742,719)	298,409,051
Net change in cash	—	(100,000)
Cash at beginning of period	—	100,000
Cash at end of period	$—	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.