Invesco Galaxy Bitcoin ETF

For the period ended Sep 30, 2025. Filed Nov 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.

Sep 30, 2025 · Filed Nov 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

September 30, 2025 and December 31, 2024

	September 30,	December 31,
	2025	2024
Assets
Investments in Bitcoin, at value (cost $333,570,336 and $381,198,226, respectively)	$696,779,108	$727,789,330
Total Assets	$696,779,108	$727,789,330
Liabilities
Payable for:
Accrued Sponsor's fees	$131,435	$177,497
Total Liabilities	$131,435	$177,497
Commitments and Contingencies (Note 9)
Net Assets	$696,647,673	$727,611,833
Net assets consist of:
Paid-in-capital	$201,910,420	$321,367,689
Distributable earnings (loss)	494,737,253	406,244,144
	$696,647,673	$727,611,833
Shares outstanding	6,125,000	7,800,000
Net asset value per share	$113.74	$93.28
Market value per share	$113.98	$93.22

Schedule of Investments

September 30, 2025

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Bitcoin	6,108	$333,570,336		$696,779,108		100.02%
Total Investments	6,108	$333,570,336		$696,779,108		100.02%
Other Assets Less Liabilities			$(131,435)		(0.02)%
Net assets			$696,647,673		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 Nine Months Ended September 30, 2025 and 2024

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Income
Total Income	$—	$—	$—	$—
Expenses
Sponsor Fees	396,553	296,332	1,122,955	749,050
Total Expenses	396,553	296,332	1,122,955	749,050
Less: Waivers	—	(28,021)	—	(480,739)
Net Expenses	396,553	268,311	1,122,955	268,311
Net Investment Income (Loss)	(396,553)	(268,311)	(1,122,955)	(268,311)
Net Realized and Net Change in Unrealized Gain (Loss)
Net Realized Gain (Loss) from
Investments in Bitcoin Sold to Pay Sponsor Fee	(25,504)	(24,850)	111,040	(24,850)
Investments in Bitcoin Sold for Redemptions	(259,605)	(3,921,986)	72,887,356	30,036,020
Net Realized Gain (Loss)	(285,109)	(3,946,836)	72,998,396	30,011,170
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin	36,148,408	8,275,270	16,617,668	111,052,266
Net Realized and Net Change in Unrealized Gain (Loss) from Investments in Bitcoin	35,863,299	4,328,434	89,616,064	141,063,436
Net Income (Loss)	$35,466,746	$4,060,123	$88,493,109	$140,795,125

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

Shares · Total Shareholders'Equity
Balance at June 30, 2025	5,200,000		$555,895,477
Purchases of Shares	970,000		110,368,238
Redemption of Shares	(45,000)		(5,082,788)
Net Increase (Decrease) due to Share Transactions	925,000		105,285,450
Net Income (Loss)
Net Investment Income (Loss)		(396,553)
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		(285,109)
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		36,148,408
Net Income (Loss)		35,466,746
Net Change in Shareholders' Equity	925,000		140,752,196
Balance at September 30, 2025	6,125,000		$696,647,673

Shares · Total Shareholders'Equity
Balance at June 30, 2024	6,945,000		$435,244,053
Purchases of Shares	1,580,000		99,636,056
Redemption of Shares	(380,000)		(22,308,539)
Net Increase (Decrease) due to Share Transactions	1,200,000		77,327,517
Net Income (Loss)
Net Investment Income (Loss)		(268,311)
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		(3,946,836)
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		8,275,270
Net Income (Loss)		4,060,123
Net Change in Shareholders' Equity	1,200,000		81,387,640
Balance at September 30, 2024	8,145,000		$516,631,693

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2025 and 2024

Shares · Total Shareholders'Equity
Balance at December 31, 2024	7,800,000		$727,611,833
Purchases of Shares	1,880,000		199,401,310
Redemption of Shares	(3,555,000)		(318,858,579)
Net Increase (Decrease) due to Share Transactions	(1,675,000)		(119,457,269)
Net Income (Loss)
Net Investment Income (Loss)		(1,122,955)
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		72,998,396
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		16,617,668
Net Income (Loss)		88,493,109
Net Change in Shareholders' Equity	(1,675,000)		(30,964,160)
Balance at September 30, 2025	6,125,000		$696,647,673

Shares · Total Shareholders'Equity
Balance at December 31, 2023	4,000		$100,000
Purchases of Shares	13,285,000		663,638,201
Redemption of Shares	(5,144,000)		(287,901,633)
Net Increase (Decrease) due to Share Transactions	8,141,000		375,736,568
Net Income (Loss)
Net Investment Income (Loss)		(268,311)
Net Realized Gain (Loss) from Investments in Bitcoin Sold for Sponsor Fee and Redemptions		30,011,170
Net Change in Unrealized Gain (Loss) from Investments in Bitcoin		111,052,266
Net Income (Loss)		140,795,125
Net Change in Shareholders' Equity	8,141,000		516,531,693
Balance at September 30, 2024	8,145,000		$516,631,693

Statements of Cash Flows

For the Nine Months Ended September 30, 2025 and 2024

	Nine Months EndedSeptember 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$88,493,109	$140,795,125
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of bitcoin purchased	(199,389,498)	(609,352,034)
Proceeds from bitcoin sold to pay Sponsor Fee	1,169,010	171,659
Proceeds from bitcoin sold for redemptions	318,846,774	233,515,465
Net Realized (Gain) Loss from Investments in Bitcoin Sold to pay Sponsor Fee	(111,040)	24,850
Net Realized (Gain) Loss from Investments in Bitcoin Sold for Redemptions	(72,887,356)	(30,036,020)
Net Change in Unrealized (Gain) Loss from Investments in Bitcoin	(16,617,668)	(111,052,266)
Change in operating assets and liabilities:
Accrued Sponsor's fees	(46,062)	96,653
Net cash provided by (used in) operating activities	119,457,269	(375,836,568)
Cash flows from financing activities:
Proceeds from purchases of Shares	199,401,310	663,638,201
Redemption of Shares	(318,858,579)	(287,901,633)
Net cash provided by (used in) financing activities	(119,457,269)	375,736,568
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.