Invesco Galaxy Bitcoin ETF
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001193125-26-338719
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-450234
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 84 previous paragraphs and 60 current paragraphs.
36 unchanged; 12 reworded; 12 added; 33 removed; 3 previous and 0 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 (12)
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Current report
For the three months ended September 30, 2026, the Exchange market value of each Share increased from $58.41 per Share to $83.15 per Share. The Share price low and high for the three months ended September 30, 2026 and related change from the Share price on June 30, 2026 was as follows: Shares traded at a low of $59.69 per Share (+2.19%) on July 1, 2026 and a high of $86.02 per Share (+47.27%) on September 21, 2026. The total return for the Trust on a market value basis was +42.35%.
Current report
Bitcoin rebounded sharply during the third quarter of 2026, breaking out of its range-bound trading pattern and moving into the $80,000s. The recovery was supported by renewed investment demand through U.S. spot bitcoin exchange-traded products (“ETPs”) as improving liquidity conditions, a softer U.S. dollar, and expanded Treasury bond buybacks revived investor appetite for scarce assets like bitcoin. Spot bitcoin ETP inflows accelerated in August and remained positive in September, with spot bitcoin ETPs taking in nearly $5.9 billion for the quarter, signaling recovering institutional demand. The third quarter exploit of Coinkite’s Coldcard hardware wallets also highlighted the appeal of regulated ETP access, institutional-grade custody controls, and insurance arrangements. Although the CLARITY Act failed to advance in the Senate, the regulatory backdrop remained constructive as the SEC introduced Regulation Crypto Assets, a tailored offering regime intended to provide clearer pathways for certain crypto-asset issuances and capital formation in the U.S. and a temporary Innovation Exemption that created a conditional pathway for limited on-chain trading of tokenized U.S.-listed stocks. This step, together with continued growth in tokenized financial assets, reinforced confidence in the broader digital asset ecosystem and helped bitcoin largely offset losses from earlier in the year.
Current report
$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
Net income (loss) for the three months ended September 30, 2026 was $126.7 million, primarily resulting from net realized gain (loss) of $3.1 million, net change in unrealized gain (loss) of $123.9 million and net operating expenses of $0.2 million.
Current report
For the three months ended September 30, 2025, the NAV of each Share increased from $107.50 per Share to $114.05 per Share. The rising price 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%.
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
Bitcoin generated negative performance year to date through the third quarter of 2026 as first-half weakness slightly outweighed the strong third-quarter rebound. Earlier in the year, tighter financial conditions, geopolitical uncertainty, and reduced investor risk appetite drove ETP outflows and kept bitcoin largely range bound. Sentiment improved during the third quarter as Treasury bond buybacks supported liquidity, the U.S. dollar softened, and capital returned to spot bitcoin ETPs. While the CLARITY Act failed to advance in the Senate, the SEC’s Innovation Exemption created a conditional pathway for limited on-chain trading of tokenized U.S.-listed stocks, signaling continued regulatory progress under existing authority. Alongside growing adoption of tokenized financial assets, these developments helped strengthen confidence in the asset class and supported bitcoin’s breakout into the $80,000s, although the rally was not sufficient to bring bitcoin into positive territory.
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-CBDC 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
Net income (loss) for the nine months ended September 30, 2026 was $(56.3) million, primarily resulting from net realized gain (loss) of $(48.8) million, net change in unrealized gain (loss) of $(6.7) million and net operating expenses of $0.8 million.
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.
Removed paragraphs (33)
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous report
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous 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.
Previous report
For the three months ended June 30, 2025, the Exchange market value of each Share increased from $82.25 per Share to
Previous 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
Previous report
(+34.99%) on May 22, 2025. The total return for the Trust on a market value basis was +30.65%.
Previous report
Bitcoin bounced back in the second quarter of 2025, rallying over 30%. The rebound was driven by strong investment
Previous report
demand with U.S. spot bitcoin exchange-traded products (“ETPs”) seeing strong inflows, a sign of recovering investor confidence.
Previous report
However, the inflows may have also been due to investors finding substitutes for gold as bitcoin is often described as “digital gold.”
Previous report
Regulatory progress also supported the rally, with the Digital Asset Market Clarity Act of 2025 (CLARITY Act), Guiding and
Previous report
congressional progress, while Europe continued implementation of the Markets in Crypto Asset Regulation (MiCA) framework. These
Previous report
regulatory developments offered increased legitimacy for cryptocurrencies like bitcoin and supported bitcoin’s investment case.
Previous report
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 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.
Previous 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
Previous report
Benchmark. The total return for the Trust on a NAV basis was +30.62%.
Previous report
Net income (loss) for the three months ended June 30, 2025 was $126.4 million, primarily resulting from net realized gain (loss)
Previous report
of $12.3 million, net change in unrealized gain (loss) of $114.4 million and net operating expenses of $0.3 million.
Previous 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
Previous 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.
Previous 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
Previous report
Share (+19.11%) on May 22, 2025. The total return for the Trust on a market value basis was +15.27%.
Previous report
Bitcoin had a volatile first half of 2025, posting losses in the first quarter as economic concerns eroded investor
Previous report
confidence, triggering a downturn in U.S. stock markets. This led to sharp outflows from spot bitcoin ETPs, the largest since the
Previous report
launch in January 2024. The Bybit hack also added pressure on digital assets, though bitcoin held up better than Ethereum. Despite
Previous report
this, regulatory progress including a pro-crypto executive order and crypto-friendly appointments at key regulatory agencies provided
Previous report
support. In the second quarter, bitcoin rebounded nearly 30%, driven by a strong rebound in ETP inflows as global investor risk
Previous report
appetite improved with most U.S. tariffs stalled and emerging trade deal headlines provided optimism. Congressional progress for
Previous report
three key digital assets bills (CLARITY Act, GENIUS Act, Anti-CBDC Surveillance State Act) also provided a boost for the asset
Previous report
class overall.
Previous 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.
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
Previous report
$73.3 million, net change in unrealized gain (loss) of $(19.5) million and net operating expenses of $0.7 million.
Reworded paragraphs (12)
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, 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.
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, 2026, and its results of operations for the three and nine months ended September 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
As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, BNY Mellon Capital Markets, LLC, Citadel Securities LLC, Goldman Sachs & Co., Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Macquarie Capital (USA) Inc., Marex Capital Markets Inc., Morgan Stanley & Co. LLC and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Current wording
As of the date of this Report, each of ABN AMRO Clearing USA LLC, BNY Mellon Capital Markets, LLC, Citadel Securities LLC, Goldman Sachs & Co., Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Macquarie Capital (USA) Inc., Marex Capital Markets Inc., Morgan Stanley & Co. LLC and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.
Previous 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.
Current wording
Net cash flow provided by (used in) operating activities was $55.8 million and $119.5 million during the nine months ended September 30, 2026 and 2025, respectively. During the nine months ended September 30, 2026, $75.3 million was paid to purchase bitcoin and $131.1 million was received from sales of bitcoin for redemptions. 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.
Previous 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.
Current wording
The Trust’s net cash flow provided by (used in) financing activities was $(55.8) million and $(119.5) million during the nine months ended September 30, 2026 and 2025, respectively. This included $75.3 million and $199.4 million from Shares purchased by Authorized Participants and $131.1 million and $318.9 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
$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 wording
For the three months ended September 30, 2025, the Exchange market value of each Share increased from $107.46 per Share to
Previous wording
Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) and Anti-CBDC Surveillance State Act all making
Current wording
Bitcoin posted positive returns in the third quarter of 2025 as supportive regulatory developments such as the Digital Assets CLARITY Act, and the Anti-CBDC 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 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.
Previous 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%.
Current wording
For the three months ended September 30, 2026, the NAV of each Share increased from $58.42 per Share to $83.09 per Share. The rising price for bitcoin during the three months ended September 30, 2026 contributed to an overall 42.31% increase in the level of the Benchmark. The total return for the Trust on a NAV basis was +42.23%.
Previous wording
FOR THE SIX MONTHS ENDED JUNE 30, 2026 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2025
Current wording
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2025
Previous wording
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 wording
For the nine months ended September 30, 2026, the Exchange market value of each Share decreased from $87.20 per Share to $83.15 per Share. The Share price low and high for the nine months ended September 30, 2026 and related change from the Share price on 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 -4.64%.
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
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 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 wording
For the nine months ended September 30, 2026, the NAV of each Share decreased from $87.22 per Share to $83.09 per Share. The falling price for bitcoin during the nine months ended September 30, 2026 contributed to an overall 4.55% decrease in the level of the Benchmark. The total return for the Trust on a NAV basis was -4.74%.
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. 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 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. The 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%.
Rearranged previous paragraphs (3)
Previous report — wording carried 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
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
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