ETF Evaluator:
Invesco Galaxy Bitcoin ETF (BTCO)
Follow This ETF
(as of Jul 31)
Best Performing in Digital Assets Over the Last Year
| 899.4% | Grayscale Zcash Trust (ZEC) () |
| 108.9% | ProShares UltraShort Bitcoin ETF (SBIT) |
| 14.8% | Simplify US Equity PLUS Bitcoin Stgy ETF (SPBC) |
| 6.7% | ProShares Short Ether ETF (SETH) |
| 5.6% | Nicholas Crypto Income ETF (BLOX) |
Risk
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Risk
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ETF Details
Invesco Galaxy Bitcoin ETF Overview
Invesco Galaxy Bitcoin ETF (BTCO) is a passively managed Miscellaneous Digital Assets exchange-traded fund (ETF). Invesco launched the ETF in 2024.
The investment seeks 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 benchmark is designed to provide an estimated fair market value price for bitcoin, based on the execution price of bitcoin on its principal market. The value of bitcoin held by the trust is determined based on the estimated fair market value (“FMV”) price for bitcoin, reflecting the execution price of bitcoin on its principal market as determined each day by Lukka Inc., an independent third-party digital asset data company.
About Invesco Galaxy Bitcoin ETF (BTCO)
There are 1 members of the management team with an average tenure of 2.47 years: Management Team (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Lukka Prime Bitcoin Ref Rate TR USD index with a weighting of 100%. Invesco Galaxy Bitcoin ETF has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco Galaxy Bitcoin ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Invesco Galaxy Bitcoin ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco Galaxy Bitcoin ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $313 million in total assets, which is below the $522 million average for the Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BTCO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Galaxy Bitcoin ETF expense ratio is below average compared to funds in the Digital Assets category. Invesco Galaxy Bitcoin ETF has an expense ratio of 0.25%, which is 75% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Galaxy Bitcoin ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 85% for the Digital Assets category.
Recently, in the month of June 2026, Invesco Galaxy Bitcoin ETF returned -20.0%, which earned it a grade of C, as the Digital Assets category had an average return of -18.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco Galaxy Bitcoin ETF has a trailing yield of 0.00%, which is below the 17.02% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco Galaxy Bitcoin ETF Grades
Year to date, the ETF has returned -33.0%, 0.6 percentage points worse than the category, which translates into a grade of C. The fund has returned -45.7% over the past year (grade of D).
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BTCO Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BTCO Return (NAV) | -20.0% | -13.5% | -45.7% | na | na | na |
| BTCO Return (Price) | -20.0% | -13.4% | -45.7% | na | na | na |
| NAV +/- Price Return | 0.006% | -0.022% | 0.034% | na | na | na |
| Digital Assets Avg | -18.3% | -15.1% | -30.3% | 3.0% | -19.1% | 53.7% |
| BTCO Grade (NAV) | C | B | D | na | na | na |
| +/- Category (NAV) | -1.7% | 1.7% | -15.3% | na | na | na |
| BTCO Tax-Cost Ratio | na | na | 0.0% | na | na | na |
BTCO Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BTCO Return (NAV) | -33.0% | -6.5% | na | na | na | na | na | na | na | na | na |
| BTCO Return (Price) | -33.0% | -6.6% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | 0.013% | na | na | na | na | na | na | na | na | na |
| Digital Assets Avg | -32.4% | -11.3% | 63.4% | 159.0% | -73.9% | 199.4% | 175.1% | 11.8% | -81.4% | 1391.4% | 119.9% |
| BTCO Grade (NAV) | C | B | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.6% | 4.8% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 314 Mil |
| Share Class Assets: | $ 314 Mil |
| Turnover: | na |
| Expense Ratio: | 0.25% |
| Index Fund: | Yes |
| Index Tracked: | Lukka Prime Bitcoin Ref Rate TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.5 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Team Management (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Grantor Trust |
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | |
| Inception Date: | January 11, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 1.00% |
