Invesco Galaxy Bitcoin ETF
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0000950170-25-105150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001193125-25-270289
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 64 previous paragraphs and 74 current paragraphs.
37 unchanged; 15 reworded; 19 added; 12 removed; 0 previous and 3 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 (19)
Current report
For the three months ended September 30, 2025, the Exchange market value of each Share increased from $107.46 per Share to $113.98 per Share. The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows: Shares traded at a low of $105.20 per Share (-2.10%) on July 1, 2025 and a high of $122.59 per Share (+14.08%) on August 13, 2025. The total return for the Trust on a market value basis was +6.07%.
Current report
Bitcoin posted positive returns in the third quarter of 2025 as supportive regulatory developments such as the Digital Assets CLARITY Act, and the Anti-CDBC Surveillance State Act progressed, and the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was passed, which supported digital assets overall. Bitcoin also benefited after President Trump signed an executive order in August that would permit retirement accounts to hold cryptocurrencies. Persistent inflows into spot bitcoin exchange-traded products (“ETPs”) also continued to be a tailwind, even as other assets reacted to policy and geopolitical noise. Finally, the broader macro backdrop lent support, with the restart of the Federal Reserve’s (the “Fed”) easing cycle supporting risk appetite. While there was an increase in redemptions in August and September as several large bitcoin investors took profit near the record highs and shifted to alternatives like Ethereum, bitcoin recovered with seasonally higher demand ahead of October, historically bitcoin’s best performing month.
Current report
For the three months ended September 30, 2024, the Exchange market value of each Share increased from $59.94 per Share to
Current report
$63.44 per Share. The Share price low and high for the three months ended September 30, 2024 and related change from the Share
Current report
price on June 30, 2024 was as follows: Shares traded at a low of $53.47 per Share (-10.80%) on August 5, 2024 and a high of $68.30
Current report
per Share (+13.94%) on July 22, 2024. The total return for the Trust on a market value basis was +5.84%.
Current report
Bitcoin posted positive performance in the third quarter of 2024. The launch of spot Ethereum ETPs in July and the kickoff of
Current report
the Fed easing cycle in September 2024 fueled more bullish sentiment for cryptocurrencies. Although bitcoin has been range-bound, it was generally trending lower since mid-March 2024 on growing economic concerns in the U.S. and reduced risk appetite, however, Fed Chair Powell’s optimistic messaging on the economy provided some relief. Another influencing factor was market expectations for a potential second term as president by former President Trump, especially prior to Vice President Harris joining the presidential race in August. In this respect, former President Trump was generally viewed as more “pro-crypto” and could potentially seek relaxed regulations and more innovation-focused projects.
Current report
Net income (loss) for the three months ended September 30, 2025 was $35.5 million, primarily resulting from net realized gain (loss) of $(0.3) million, net change in unrealized gain (loss) of $36.1 million and net operating expenses of $0.4 million.
Current report
Benchmark. The total return for the Trust on a NAV basis was +5.81%.
Current report
Bitcoin posted strong gains in the first three quarters of 2025. After experiencing losses in the first quarter due to economic concerns and a dip in sentiment that led to significant outflows from crypto ETPs, as well as the ByBit hack that temporarily fueled security concerns in crypto, bitcoin rebounded in the second and third quarters. Recovering sentiment, strong institutional demand and ETP inflows, as well as supportive regulatory developments such as the adoption of the GENIUS Act, additional progress in the Senate for the draft CLARITY Act, and the Anti-CDBC Surveillance Act, and the signing of the executive order permitting crypto in retirement accounts were tailwinds for digital assets overall. The commencement of Fed rate easing and the lead up to the U.S. government shutdown also contributed to a supportive backdrop for bitcoin demand.
Current report
For the period January 11, 2024 (commencement of trading) to September 30, 2024, the Exchange market value of each Share
Current report
was +37.02%.
Current report
historically provided upside potential for bitcoin. However, after hitting a record high at the time in March 2024 of $73,000, bitcoin prices trended lower in a range for the balance of the period, waiting for a catalyst to break out. The third quarter was a positive quarter for bitcoin as the kickoff of the Fed easing cycle and market expectations for a potential second term as president by former President Trump fueled the bullish sentiment around cryptocurrencies. The launch of spot Ethereum ETPs in July 2024 may have also been a supportive catalyst.
Current report
Net income (loss) for the nine months ended September 30, 2025 was $88.5 million, primarily resulting from net realized gain (loss) of $73.0 million, net change in unrealized gain (loss) of $16.6 million and net operating expenses of $1.1 million.
Current report
For the period January 11, 2024 (commencement of trading) to September 30, 2024, the NAV of each Share increased from
Current report
36.75% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +37.03%.
Current report
Net income (loss) for the nine months ended September 30, 2024 was $140.8 million, primarily resulting from net realized gain
Current report
(loss) of $30.0 million, net change in unrealized gain (loss) of $111.1 million and net operating expenses of $0.3 million.
Removed paragraphs (12)
Previous 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%.
Previous 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.
Previous 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%.
Previous 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
Previous 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
Previous report
bitcoin halving, where the reward for “mining” bitcoin is cut in half. In past halvings, on average, prices for bitcoin moved higher
Previous report
before and after the event, but as this digital asset class matures, price moves may not follow historical trends. Gains leading into the
Previous report
halving may have also been exaggerated by the launch of the spot bitcoin ETPs, possibly tempering any move after the event.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (15)
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 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.
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 September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025, the three months ended September 30, 2024, and the period January 11, 2024 to September 30, 2024. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Previous wording
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 wording
Net cash flow provided by (used in) operating activities was $119.5 million and $(375.8) million during the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025, $199.4 million was paid to purchase bitcoin and $318.8 million was received from sales of bitcoin for redemptions. During the nine months ended September 30, 2024, $609.4 million was paid to purchase bitcoin and $233.5 million was received from sales of bitcoin for redemptions.
Previous wording
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 wording
The Trust's net cash flow provided by (used in) financing activities was $(119.5) million and $375.7 million during the nine months ended September 30, 2025 and 2024, respectively. This included $199.4 million and $663.6 million from Shares purchased by Authorized Participants and $318.9 million and $287.9 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025, THREE MONTHS ENDED JUNE 30, 2024 AND THE
Current wording
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, THREE MONTHS ENDED SEPTEMBER 30, 2024 AND THE
Previous wording
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 wording
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, THREE MONTHS ENDED SEPTEMBER 30, 2024 AND THE PERIOD JANUARY 11, 2024 TO SEPTEMBER 30, 2024
Previous wording
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 wording
For the three months ended September 30, 2025, the NAV of each Share increased from $107.50 per Share to $114.05 per Share. Rising prices for bitcoin during the three months ended September 30, 2025 contributed to an overall 6.17% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +6.09%.
Previous 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%.
Current wording
For the three months ended September 30, 2024, the NAV of each Share increased from $59.95 per Share to $63.43 per Share. Rising price for bitcoin during the three months ended September 30, 2024 contributed to an overall 2.48% increase in the level of the
Previous 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.
Current wording
Net income (loss) for the three months ended September 30, 2024 was $4.1 million, primarily resulting from net realized gain (loss) of $(3.9) million, net change in unrealized gain (loss) of $8.3 million and net operating expenses of $0.3 million.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED TO THE PERIOD JANUARY 11, 2024 TO JUNE 30, 2024
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE PERIOD JANUARY 11, 2024 TO SEPTEMBER 30, 2024
Previous wording
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 wording
For the nine months ended September 30, 2025, the Exchange market value of each Share increased from $93.22 per Share to $113.98 per Share. The Share price low and high for the nine months ended September 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 $122.59 per Share (+31.51%) on August 13, 2025. The total return for the Trust on a market value basis was +22.27%.
Previous 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%.
Current wording
increased from $46.30 per Share to $63.44 per Share. The Share price low and high for the period ended September 30, 2024 and
Previous wording
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 wording
For the period January 11, 2024 through September 30, 2024, bitcoin’s spot price rallied over 35%, leading to strong gains for the Trust. The rally was initially driven by spot bitcoin ETP demand following their historic launch on January 11, 2024, improving
Previous wording
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 wording
For the nine months ended September 30, 2025, the NAV of each Share increased from $93.28 per Share to $114.05 per Share. Rising price for bitcoin during the nine months ended September 30, 2025 contributed to an overall 22.50% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +22.27%.
Previous 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%.
Current wording
$46.29 per Share to $63.43 per Share. Rising prices for bitcoin during the period ended September 30, 2024 contributed to an overall
Previous wording
The preparation of financial statements in conformity with U.S. GAAP requires the Sponsor to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period covered by this report. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin,” above. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Part II, Item 7 – “Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in the Annual Report on Form 10-K for the period ended December 31, 2024.
Current wording
The preparation of financial statements in conformity with U.S. GAAP requires the Sponsor to make estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period covered by this report. A description of the valuation of bitcoin, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Bitcoin,” above. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust’s accounting policies and Part II, Item 7 – “Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in the Annual Report on Form 10-K for the period ended December 31, 2024, as filed with the SEC on February 28, 2025.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
macro sentiment supporting investor risk appetite, and the anticipation leading up to the April 2024 bitcoin halving event, which has