Invesco Galaxy Bitcoin ETF (BTCO) is a digital asset trust that holds bitcoin directly on behalf of shareholders. The Trust generates revenue by charging a sponsor fee assessed against the Trust's bitcoin holdings, with Invesco Capital Management LLC serving as Sponsor. Shares are created and redeemed by authorized participants, giving investors exposure to bitcoin's price without directly holding the asset. Coinbase Custody Trust Company, LLC, chartered by the New York State Department of Financial Services in 2018, holds all bitcoin in custody on behalf of the Trust. BNY Mellon serves as Transfer Agent, handling share issuance, redemptions, and shareholder account maintenance. The Trust commenced operations on December 20, 2023, based on the period-start date reflected in its financial statements. Brian Hartigan serves as Principal Executive Officer and Kelli Gallegos as Principal Financial and Accounting Officer, both in their capacities as officers of the Sponsor, Invesco Capital Management LLC.

Revenue model

The Trust charges a sponsor fee accrued against the Trust's bitcoin holdings. The fee is the sole source of Trust expenses and represents the revenue mechanism for the Sponsor, Invesco Capital Management LLC. No investment income is generated; returns to shareholders are driven entirely by changes in bitcoin's market value.

Products and services

A single exchange-traded product: shares of the Invesco Galaxy Bitcoin ETF (BTCO), each representing a fractional interest in bitcoin held in custody by Coinbase Custody Trust Company, LLC. The Trust holds no assets other than bitcoin.

Customers and end markets

Authorized participants create and redeem shares in the Trust. End investors gain bitcoin price exposure through exchange-listed shares. The filing does not disclose customer concentration data or specific authorized participant names.

Value-chain role

Pass-through investment vehicle. The Trust sits between bitcoin markets and exchange investors, with Invesco Capital Management LLC as Sponsor, Coinbase Custody Trust Company, LLC as Bitcoin Custodian, and BNY Mellon as Transfer Agent and cash custodian.

Geographic exposure

The filing does not specify geographic revenue breakdown. The Trust's principal service providers are U.S.-based: Invesco Capital Management LLC (Sponsor), Coinbase Custody Trust Company, LLC (New York State-chartered), and BNY Mellon at 240 Greenwich Street, New York, New York 10286.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers