Invesco Galaxy Bitcoin ETF
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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, 2026 · Filed Aug 7, 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-Q
Period ended 2026-03-31; filed 2026-05-07.
0001193125-26-209710
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-338719
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 62 previous paragraphs and 84 current paragraphs.
31 unchanged; 11 reworded; 41 added; 15 removed; 5 previous and 1 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 (41)
Current report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Current report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Current report
FOR THE THREE MONTHS ENDED JUNE 30, 2026 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2025
Current report
For the three months ended June 30, 2026, the Exchange market value of each Share decreased from $67.44 per Share to $58.41 per Share. The Share price low and high for the three months ended June 30, 2026 and related change from the Share price on March 31, 2026 was as follows: Shares traded at a low of $58.41 per Share (-13.39%) on June 30, 2026 and a high of $81.58 per Share (+20.97%) on May 11, 2026. The total return for the Trust on a market value basis was -13.39%.
Current report
Bitcoin delivered negative performance during the second quarter of 2026 as a combination of ETF outflows, a more hawkish U.S. interest rate outlook, and shifting investor preferences weighed on digital assets. After showing resilience earlier in the quarter, Bitcoin came under pressure in June as geopolitical uncertainty surrounding U.S.-Iran tensions, tighter financial conditions, and continued strength in the U.S. dollar reduced demand for risk assets. Despite the price decline, institutional adoption continued to advance, with growing interest in tokenization, corporate bitcoin treasury strategies, and digital asset investment products providing support to the longer-term investment case. However, these developments were insufficient to offset near-term market headwinds, resulting in weaker bitcoin prices during the quarter.
Current report
$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
Current report
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
Current report
(+34.99%) on May 22, 2025. The total return for the Trust on a market value basis was +30.65%.
Current report
Bitcoin bounced back in the second quarter of 2025, rallying over 30%. The rebound was driven by strong investment
Current report
demand with U.S. spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence.
Current report
However, the inflows may have also been due to investors finding substitutes for gold as bitcoin is often described as “digital gold.”
Current report
Regulatory progress also supported the rally, with the Digital Asset Market Clarity Act of 2025 (CLARITY Act), Guiding and
Current report
Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and Anti-CBDC Surveillance State Act all making
Current report
congressional progress, while Europe continued implementation of the Markets in Crypto Asset Regulation (MiCA) framework. These
Current report
regulatory developments offered increased legitimacy for cryptocurrencies like bitcoin and supported bitcoin’s investment case.
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.
Current report
The rising price for bitcoin during the three months ended June 30, 2025 contributed to an overall 30.70% increase in the level of the
Current report
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, 2025 was $126.4 million, primarily resulting from net realized gain (loss)
Current report
of $12.3 million, net change in unrealized gain (loss) of $114.4 million and net operating expenses of $0.3 million.
Current report
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current report
Trust Share Price Performance
Current report
per Share. The Share price low and high for the six months ended June 30, 2026 and related change from the Share price on
Current report
Bitcoin generated negative performance during the first half of 2026 as digital asset markets navigated a prolonged period of volatility and declining investor risk appetite. During the first quarter, uncertainty surrounding monetary policy, regulation, and the macroeconomic outlook weighed on sentiment and contributed to the plunge in bitcoin prices, especially in January. Market conditions remained challenging in the second quarter as investors continued to favor more defensive assets amid heightened geopolitical and economic uncertainty. While bitcoin benefited from ongoing progress in institutional adoption, including continued development of digital asset investment products and broader integration of blockchain-based financial infrastructure, these structural advances were overshadowed by weaker market demand and persistent pressure across the broader cryptocurrency ecosystem. As a result, bitcoin prices declined over the period, leading to negative year-to-date performance for the Trust.
Current report
per Share. The Share price low and high for the six months ended June 30, 2025 and related change from the Share price on
Current report
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
Current report
Share (+19.11%) on May 22, 2025. The total return for the Trust on a market value basis was +15.27%.
Current report
Bitcoin had a volatile first half of 2025, posting losses in the first quarter as economic concerns eroded investor
Current report
confidence, triggering a downturn in U.S. stock markets. This led to sharp outflows from spot bitcoin ETPs, the largest since the
Current report
launch in January 2024. The Bybit hack also added pressure on digital assets, though bitcoin held up better than Ethereum. Despite
Current report
this, regulatory progress including a pro-crypto executive order and crypto-friendly appointments at key regulatory agencies provided
Current report
support. In the second quarter, bitcoin rebounded nearly 30%, driven by a strong rebound in ETP inflows as global investor risk
Current report
appetite improved with most U.S. tariffs stalled and emerging trade deal headlines provided optimism. Congressional progress for
Current report
three key digital assets bills (CLARITY Act, GENIUS Act, Anti-CBDC Surveillance State Act) also provided a boost for the asset
Current report
class overall.
Current report
Trust Share Net Asset Performance
Current report
For the six months ended June 30, 2026, the NAV of each Share decreased from $87.22 per Share to $58.42 per Share. The falling price for bitcoin during the six months ended June 30, 2026 contributed to an overall 32.93% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -33.02%.
Current report
Net income (loss) for the six months ended June 30, 2026 was $(183.1) million, primarily resulting from net realized gain (loss) of $(51.9) million, net change in unrealized gain (loss) of $(130.6) million and net operating expenses of $0.6 million.
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. The 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
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (15)
Previous report
Bitcoin traded lower during the first quarter of 2026, resulting in negative performance for the Trust. Digital asset markets experienced elevated volatility amid a combination of shifting global risk sentiment, tighter financial conditions, and ongoing uncertainty surrounding macroeconomic policy and regulatory developments. Periods of risk aversion weighed on investor demand for digital assets, contributing to declines in bitcoin prices over the quarter. Together, weaker bitcoin pricing and continued market volatility led to net losses for the Trust during the period.
Previous report
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
Previous report
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
Previous report
year-end 2024 rally driven by the excitement from President Trump’s election, mounting economic concerns took the center stage for
Previous report
the rest of the quarter. The nosedive in U.S. financial markets eroded investor risk appetite which triggered a flight to safe havens and
Previous report
outflows from U.S. crypto ETPs. Another headwind was the ByBit hack in late February. Despite the negative price action, regulatory
Previous report
progress for digital assets continued to provide optimism and some downside protection. Most notably, President Trump signed the
Previous report
“Strengthening American Leadership in Digital Financial Technology” executive order, which ordered the establishment of a strategic
Previous report
bitcoin reserve and digital assets stockpile, SAB 121 was repealed, and crypto-friendly policymakers were either nominated or
Previous report
appointed to the SEC and Commodity Futures Trading Commission, the two primary U.S. regulators for the crypto space.
Previous report
For the three months ended March 31, 2025, the NAV of each Share decreased from $93.28 per Share to $82.30 per Share.
Previous report
Benchmark. The total return for the Trust on a NAV basis was -11.77%.
Previous report
Net income (loss) for the three months ended March 31, 2025 was $(73.4) million, primarily resulting from net realized gain
Previous report
(loss) of $60.9 million, net change in unrealized gain (loss) of $(133.9) million and net operating expenses of $0.4 million.
Reworded paragraphs (11)
Previous wording
The Invesco Galaxy Bitcoin ETF (the “Trust”) is a Delaware statutory trust that was formed on April 5, 2021. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust (“Shares”). The Trust operates pursuant to its Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of January 5, 2024 (the “Trust Agreement”). The Shares began trading on the Cboe BZX Exchange, Inc. (the “Exchange”) under the ticker symbol “BTCO” on January 11, 2024. The Trust offers Shares only to certain eligible financial institutions (“Authorized Participants”) in one or more blocks of 5,000 Shares (“Creation Baskets”) based on the quantity of bitcoin attributable to each Share of the Trust.
Current wording
Invesco Galaxy Bitcoin ETF (the “Trust”) is a Delaware statutory trust that was formed on April 5, 2021. The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust (“Shares”). The Trust operates pursuant to its Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of January 5, 2024 (the “Trust Agreement”). The Shares began trading on the Cboe BZX Exchange, Inc. (the “Exchange”) under the ticker symbol “BTCO” on January 11, 2024. The Trust offers Shares only to certain eligible financial institutions (“Authorized Participants”) in one or more blocks of 5,000 Shares (“Creation Baskets”) based on the quantity of bitcoin attributable to each Share of the Trust.
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, 2026, and its results of operations for the three months ended March 31, 2026 and 2025. 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, 2026, and its results of operations for the three and six months ended June 30, 2026 and 2025. It should be read in conjunction with the unaudited financial statements and related notes thereto contained in this Report.
Previous wording
The investment objective of the Trust is for the Shares to reflect the performance of the spot price of bitcoin as measured using the Lukka Prime Bitcoin Reference Rate (the “Benchmark”) less the Trust’s expenses and other liabilities. The Shares are intended to provide institutional and retail investors with a simple, cost-effective means of gaining investment benefits similar to those of holding bitcoin.
Current wording
The investment objective of the Trust is for the Shares to reflect the performance of the spot price of bitcoin as measured using the Lukka Prime Bitcoin Reference Rate (the “Benchmark”) less the Trust’s expenses and other liabilities.
Previous wording
In seeking to achieve its investment objective, the Trust will hold bitcoin. The Trust values its Shares each Business Day as of 4:00 p.m. ET. 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 value of bitcoin held by the Trust is determined based on the FMV price for bitcoin, reflecting the execution price of bitcoin on its principal market as determined each day by the Benchmark Provider. The FMV 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. The Benchmark is designed to provide an estimated fair market value price for bitcoin, based on the execution price of bitcoin on its principal market. In this regard, the Benchmark Provider seeks to identify a “principal market” for bitcoin each day by evaluating eligible bitcoin trading platforms across a variety of different criteria, including the trading platforms’ oversight and governance frameworks, microstructure efficiency, trading volume, data transparency and data integrity.
Current wording
In seeking to achieve its investment objective, the Trust holds bitcoin. The Trust values its Shares each Business Day as of 4:00 p.m. ET. 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 value of bitcoin held by the Trust is determined based on the FMV price for bitcoin, reflecting the execution price of bitcoin on its principal market as determined each day by the Benchmark Provider. The FMV 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 an investment’s fair value. The Benchmark is designed to provide an estimated fair market value price for bitcoin, based on the execution price of bitcoin on its principal market. In this regard, the Benchmark Provider seeks to identify a “principal market” for bitcoin each day by evaluating eligible bitcoin trading platforms across a variety of different criteria, including the trading platforms’ oversight and governance frameworks, microstructure efficiency, trading volume, data transparency and data integrity.
Previous wording
Net cash flow provided by (used in) operating activities was $(39.9) million and $218.0 million during the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, $55.1 million was paid to purchase bitcoin and $15.2 million was received from sales of bitcoin for redemptions. During the three months ended March 31, 2025, $28.4 million was paid to purchase bitcoin and $246.4 million was received from sales of bitcoin for redemptions.
Current wording
Net cash flow provided by (used in) operating activities was $45.4 million and $224.7 million during the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, $66.3 million was paid to purchase bitcoin and $111.7 million was received from sales of bitcoin for redemptions. 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.
Previous wording
The Trust’s net cash flow provided by (used in) financing activities was $39.9 million and $(218.0) million during the three months ended March 31, 2026 and 2025, respectively. This included $55.1 million and $28.4 million from Shares purchased by Authorized Participants and $15.2 million and $246.4 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively.
Current wording
The Trust’s net cash flow provided by (used in) financing activities was $(45.4) million and $(224.7) million during the six months ended June 30, 2026 and 2025, respectively. This included $66.3 million and $89.0 million from Shares purchased by Authorized Participants and $111.7 million and $313.8 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2026 and 2025, respectively.
Previous wording
$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
Current wording
For the three months ended June 30, 2025, the Exchange market value of each Share increased from $82.25 per Share to
Previous wording
For the three months ended March 31, 2026, the NAV of each Share decreased from $87.22 per Share to $67.51 per Share. Falling price for bitcoin during the three months ended March 31, 2026 contributed to an overall 22.55% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -22.60%.
Current wording
For the three months ended June 30, 2026, the NAV of each Share decreased from $67.51 per Share to $58.42 per Share. The falling price for bitcoin during the three months ended June 30, 2026 contributed to an overall 13.40% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -13.46%.
Previous wording
Net income (loss) for the three months ended March 31, 2026 was $(127.0) million, primarily resulting from net realized gain (loss) of $(7.8) million, net change in unrealized gain (loss) of $(118.9) million and net operating expenses of $0.3 million.
Current wording
Net income (loss) for the three months ended June 30, 2026 was $(56.1) million, primarily resulting from net realized gain (loss) of $(44.1) million, net change in unrealized gain (loss) of $(11.7) million and net operating expenses of $0.3 million.
Previous wording
For the three months ended March 31, 2026, the Exchange market value of each Share decreased from $87.20 per Share to $67.44 per Share. The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows: Shares traded at a low of $63.37 per Share (-27.33%) on February 5, 2026 and a high of $97.37 per Share (+11.66%) on January 14, 2026. The total return for the Trust on a market value basis was -22.66%.
Current wording
December 31, 2025 was as follows: Shares traded at a low of $58.41 per Share (-33.02%) on June 30, 2026 and a high of $97.37 per Share (+11.66%) on January 14, 2026. The total return for the Trust on a market value basis was -33.02%.
Previous wording
For the three months ended March 31, 2025, the Exchange market value of each Share decreased from $93.22 per Share to
Current 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
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, the Exchange market value of each Share decreased from $87.20 per Share to $58.41
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Previous report — wording carried elsewhere
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Previous report — wording carried elsewhere
NEITHER THE PAST PERFORMANCE OF THE TRUST NOR THE PRIOR BENCHMARK LEVELS AND CHANGES,
Previous report — wording carried elsewhere
POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE TRUST’S FUTURE PERFORMANCE.
Previous report — wording carried elsewhere
Falling price for bitcoin during the three months ended March 31, 2025 contributed to an overall 11.72% decrease in the level of the