Invesco Galaxy Bitcoin ETF

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

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, 2026 · Filed Nov 6, 2026

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, 2026 and December 31, 2025

	September 30,	December 31,
	2026	2025
Assets
Investments in Bitcoin, at value (cost $219,595,376 and $330,940,642, respectively)	$426,334,668	$544,369,140
Total Assets	$426,334,668	$544,369,140
Liabilities
Payable for:
Accrued Sponsor fee	$84,562	$119,145
Total Liabilities	$84,562	$119,145
Commitments and Contingencies (Note 9)
Net Assets	$426,250,106	$544,249,995
Net assets consist of:
Paid-in-capital	$148,635,313	$210,297,191
Distributable earnings (loss)	277,614,793	333,952,804
	$426,250,106	$544,249,995
Shares outstanding	5,130,000	6,240,000
Net asset value per share	$83.09	$87.22
Market value per share	$83.15	$87.20

Schedule of Investments

September 30, 2026

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Bitcoin	5,102	$219,595,376		$426,334,668		100.02%
Total Investments	5,102	$219,595,376		$426,334,668		100.02%
Other Assets Less Liabilities			$(84,562)		(0.02)%
Net assets			$426,250,106		100.00%

Schedule of Investments

December 31, 2025

Description · Quantity · Cost · Fair Value · % of Net Assets
Cryptocurrency
Bitcoin	6,218	$330,940,642		$544,369,140		100.02%
Total Investments	6,218	$330,940,642		$544,369,140		100.02%
Other Assets Less Liabilities			$(119,145)		(0.02)%
Net assets			$544,249,995		100.00%

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2026 and 2025

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Income
Total Income	$—	$—	$—	$—
Expenses
Sponsor Fee	234,608	396,553	834,453	1,122,955
Total Expenses	234,608	396,553	834,453	1,122,955
Net Investment Income (Loss)	(234,608)	(396,553)	(834,453)	(1,122,955)
Net Realized and Net Change in Unrealized Gain (Loss)
Net Realized Gain (Loss) on
Investments in Bitcoin Sold to Pay Sponsor Fee	(34,940)	(25,504)	(336,531)	111,040
Investments in Bitcoin Sold for Redemptions	(2,147,196)	(259,605)	(53,766,249)	72,887,356
In-Kind Redemptions of Bitcoin	5,288,428	—	5,288,428	—
Net Realized Gain (Loss)	3,106,292	(285,109)	(48,814,352)	72,998,396
Net Change in Unrealized Gain (Loss) on Investments in Bitcoin	123,867,555	36,148,408	(6,689,206)	16,617,668
Net Realized and Net Change in Unrealized Gain (Loss) on Investments in Bitcoin	126,973,847	35,863,299	(55,503,558)	89,616,064
Net Income (Loss)	$126,739,239	$35,466,746	$(56,338,011)	$88,493,109

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2026 and 2025

Shares · Total Shareholders’Equity
Balance at June 30, 2026	5,370,000		$315,788,534
Purchases of Shares	245,000		15,650,437
Redemption of Shares	(485,000)		(31,928,104)
Net Increase (Decrease) due to Share Transactions	(240,000)		(16,277,667)
Net Income (Loss)
Net Investment Income (Loss)		(234,608)
Net Realized Gain (Loss) on Investments in Bitcoin Sold for Sponsor Fee and Redemptions		3,106,292
Net Change in Unrealized Gain (Loss) on Investments in Bitcoin		123,867,555
Net Income (Loss)		126,739,239
Net Change in Shareholders’ Equity	(240,000)		110,461,572
Balance at September 30, 2026	5,130,000		$426,250,106

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) on Investments in Bitcoin Sold for Sponsor Fee and Redemptions		(285,109)
Net Change in Unrealized Gain (Loss) on 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

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2026 and 2025

Shares · Total Shareholders’Equity
Balance at December 31, 2025	6,240,000		$544,249,995
Purchases of Shares	1,090,000		81,965,239
Redemption of Shares	(2,200,000)		(143,627,117)
Net Increase (Decrease) due to Share Transactions	(1,110,000)		(61,661,878)
Net Income (Loss)
Net Investment Income (Loss)		(834,453)
Net Realized Gain (Loss) on Investments in Bitcoin Sold for Sponsor Fee and Redemptions		(48,814,352)
Net Change in Unrealized Gain (Loss) on Investments in Bitcoin		(6,689,206)
Net Income (Loss)		(56,338,011)
Net Change in Shareholders’ Equity	(1,110,000)		(117,999,889)
Balance at September 30, 2026	5,130,000		$426,250,106

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) on Investments in Bitcoin Sold for Sponsor Fee and Redemptions		72,998,396
Net Change in Unrealized Gain (Loss) on 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

Statements of Cash Flows

For the Nine Months Ended September 30, 2026 and 2025

	Nine Months EndedSeptember 30,
	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$(56,338,011)	$88,493,109
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of Bitcoin purchased	(75,298,432)	(199,389,498)
Proceeds from Bitcoin sold to pay Sponsor Fee	869,036	1,169,010
Proceeds from Bitcoin sold for redemptions	131,069,734	318,846,774
Net Realized (Gain) Loss on Investments in Bitcoin Sold to pay Sponsor Fee	336,531	(111,040)
Net Realized (Gain) Loss on Investments in Bitcoin Sold for Redemptions	53,766,249	(72,887,356)
Net Realized (Gain) Loss on In-kind Redemptions of Bitcoin	(5,288,428)	—
Net Change in Unrealized (Gain) Loss on Investments in Bitcoin	6,689,206	(16,617,668)
Change in operating assets and liabilities:
Accrued Sponsor fee	(34,583)	(46,062)
Net cash provided by (used in) operating activities	55,771,302	119,457,269
Cash flows from financing activities:
Proceeds from purchases of Shares	75,299,859	199,401,310
Redemption of Shares	(131,071,161)	(318,858,579)
Net cash provided by (used in) financing activities	(55,771,302)	(119,457,269)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of non-cash financing activities
In-kind Creations of Bitcoin	$6,665,380	$—
In-kind Redemptions of Bitcoin	(12,555,956)	—

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.