Invesco Galaxy Bitcoin ETF
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
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-K
Period ended 2024-12-31; filed 2025-02-28.
0000950170-25-029444
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001193125-26-083572
Item 7. 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 39 previous paragraphs and 50 current paragraphs.
35 unchanged; 3 reworded; 8 added; 0 removed; 1 previous and 4 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 (8)
Current report
Operating Activities
Current report
Net cash flow provided by (used in) operating activities was $111.1 million and $(321.5) million during the year ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, $268.1 million was paid to purchase bitcoin and $379.1 million was received from sales of bitcoin for redemptions. During the year ended December 31, 2024, $670.5 million was paid to purchase bitcoin and $349.1 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 $(111.1) million and $321.4 million during the year ended December 31, 2025 and 2024, respectively. This included $268.1 million and $724.8 million from Shares purchased by Authorized Participants and $379.1 million and $403.5 million from Shares redeemed by Authorized Participants during the year ended December 31, 2025 and 2024, respectively.
Current report
FOR THE YEAR ENDED DECEMBER 31, 2025 AND PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024
Current report
FOR THE YEAR ENDED DECEMBER 31, 2025 AND FOR THE PERIOD JANUARY 10, 2024 TO DECEMBER 31, 2024
Current report
Bitcoin (BTC) ended 2025 in negative territory despite strong gains during the second and third quarters. After a weak first quarter—driven by macroeconomic worries, deteriorating sentiment, heavy outflows from crypto ETPs, and a confidence shock following the ByBit hack—BTC staged a robust recovery mid‑year. Improving risk appetite, renewed institutional demand, accelerating ETP inflows, and a series of supportive U.S. policy developments—including progress on the CLARITY Act, GENIUS Act, Anti‑CBDC Surveillance Act, and an executive order permitting crypto in retirement accounts—collectively served as meaningful tailwinds for digital assets. Additional support came from the initiation of Federal Reserve rate cuts and rising uncertainty around the potential U.S. government shutdown, which bolstered interest in alternative assets like BTC. However, the fourth quarter fully reversed these gains. A broad risk‑off environment took hold as hawkish Federal Reserve signals emerged ahead of the December rate cut, compounded by the actual U.S. government shutdown, widespread forced liquidations of leveraged positions, and technical breakdowns as BTC failed to hold key support levels. Market sentiment deteriorated sharply and U.S. spot crypto ETPs posted record outflows in November, as the Crypto Fear & Greed Index plunged into “extreme fear.”
Current report
basis was +101.34%.
Reworded paragraphs (3)
Previous wording
You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Trust and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
Current wording
You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Trust and the Sponsor undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.
Previous wording
FOR THE PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024
Current wording
FOR THE YEAR ENDED DECEMBER 31, 2025 AND FOR THE PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024
Previous wording
For the period January 11, 2024 (commencement of trading) to December 31, 2024, the Exchange market value of each Share increased from $46.30 per Share to $93.22 per Share. The Share price low and high for the period ended December 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 (-15.53%) on January 23, 2024, and a high of $106.49 per Share (+130.00%) on December 17, 2024. The total return for the Trust on a market value basis was +101.34%.
Current wording
For the period January 11, 2024 (commencement of trading) to December 31, 2024, the Exchange market value of each Share increased from $46.30 per Share to $93.22 per Share. The Share price low and high for the period ended December 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 (-15.53%) on January 23, 2024, and a high of $106.49 per Share (+130.00%) on December 17, 2024. The total return for the Trust on a market value
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Current report — wording carried from elsewhere
For the year ended December 31, 2025, the Exchange market value of each Share decreased from $93.22 per Share to $87.20 per Share. The Share price low and high for the year ended December 31, 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 $125.18 per Share (+34.28%) on October 6, 2025. The total return for the Trust on a market value basis was -6.46%.
Current report — wording carried from elsewhere
For the Year Ended December 31, 2025, the NAV of each Share decreased from $93.28 per Share to $87.22 per Share. The falling price for bitcoin during the period ended December 31, 2025 contributed to an overall 6.26% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -6.50%.
Current report — wording carried from elsewhere
Net income (loss) for the period ended December 31, 2025 was $(72.3) million, primarily resulting from net realized gain (loss) of $62.4 million, net change in unrealized gain (loss) of $(133.2) million and net operating expenses of $1.5 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
FOR THE PERIOD JANUARY 11, 2024 TO DECEMBER 31, 2024