Invesco Galaxy Bitcoin ETF (BTCO)

Quarterly Report Filed: 2026-05-07

Bitcoin holdings declined significantly from 6,218 BTC (Dec 31, 2025) to 6,712 BTC (Mar 31, 2026), representing net inflows of 494 BTC despite substantial unrealized losses of $118.9M during Q1 2026.
Net assets fell sharply from $544.2M to $457.2M (−16.0%) in just one quarter, driven by a $118.9M decline in unrealized gains on Bitcoin as the asset price depreciated from $87.22 to $67.83 per share (−22.2%).
The ETF experienced net share creation of 500,000 shares (8.0% growth) with 705,000 shares purchased and 205,000 redeemed, indicating investor confidence despite significant quarterly losses and declining NAV per share.
Sponsor fees totaled $307,928 for Q1 2026 versus $406,973 in Q1 2025 (−24.3% YoY), reflecting the smaller asset base and lower Bitcoin holdings, compressing the fee base as the fund shrinks.

Annual Report Filed: 2026-03-02

The Invesco Galaxy Bitcoin ETF (BTCO) is an emerging growth company with recent investment in bitcoin and other cryptocurrencies.
The ETF had an increase in net assets from $558.8 million at the end of 2024 to $675.4 million at the end of 2025, indicating growing investor interest.
The filing highlights several key risks related to investing in cryptocurrencies, including high volatility, regulatory uncertainty, and cybersecurity threats.

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