BTCO charges 0.25% — the same as IBIT and FBTC — and held $315.8m of net assets at 30 June 2026. Galaxy Digital is the fund's execution agent, not a sub-adviser. What the pairing actually buys you.
TL;DR. Invesco Galaxy Bitcoin ETF (BTCO) started trading on Cboe BZX on 11 January 2024 and charges 0.25% a year. That is the same fee as BlackRock IBIT and Fidelity FBTC, and BTCO has a fraction of their size and liquidity. At 30 June 2026 the trust held $315,788,534 of net assets and 5,345 BTC across 5.37 million shares. The launch waiver (0% on the first $5 billion) expired on 11 July 2024, when the fund was nowhere near the threshold. Coinbase Custody Trust holds the bitcoin. Galaxy Digital does less than its name on the fund suggests. It is the trust's execution agent and co-branding partner. It does not manage anything inside the fund.
Contents · 10 sections
The basics
| Field | Value |
|---|---|
| Ticker | BTCO |
| Exchange | Cboe BZX Exchange |
| Trust formed | 5 April 2021 (Delaware statutory trust) |
| Trading started | 11 January 2024 |
| Sponsor | Invesco Capital Management LLC |
| Execution agent | Galaxy Digital Funds LLC |
| Bitcoin custodian | Coinbase Custody Trust Company, LLC |
| Administrator, transfer agent, cash custodian | The Bank of New York Mellon |
| Trustee | CSC Delaware Trust Company |
| Benchmark | Lukka Prime Bitcoin Reference Rate |
| Expense ratio | 0.25% |
| Net assets (30 Jun 2026) | $315,788,534 — 5,345 BTC |
| Shares outstanding (30 Jun 2026) | 5,370,000 (NAV $58.81/share) |
| Creation basket | 5,000 shares |
Figures from the trust's Form 10-Q for the quarter ended 30 June 2026 (CIK 0001855781).
Invesco as an issuer
The sponsor is Invesco Capital Management LLC, a Delaware limited liability company formed on 7 February 2003 and wholly owned by Invesco Ltd. (NYSE: IVZ). Invesco reported $2,470 billion of assets under management at 30 June 2026 and average AUM of $2.4 trillion for the quarter, which puts it among the largest asset managers in the world.
Invesco also sponsors the Invesco QQQ Trust, one of the most heavily traded ETFs anywhere, which converted to an open-end fund ETF on 20 December 2025. Running QQQ means Invesco already has the trading operations, authorised participant contracts and broker-platform listings a high-volume ETF needs, and BTCO uses the same setup.
What Invesco brings is distribution. The price is no better. For an adviser already running Invesco models, adding BTCO needs no new manager approval and no new operational review. Anyone else is comparing a fund with $316 million of assets at 0.25% against IBIT, which charges the same and has $43 billion.
What Galaxy Digital actually does
Galaxy Digital is a crypto financial services firm. Galaxy Digital Holdings Ltd. trades on Nasdaq under GLXY. The trust's filings spell out what it does for BTCO:
- Execution. Invesco has hired Galaxy Digital Funds LLC to sell bitcoin for the trust when it needs dollars to pay the sponsor fee or any expenses the sponsor has not taken on. The trust may also use Galaxy to buy or sell bitcoin for cash creations and redemptions.
- Branding. Under the same agreement Galaxy co-brands and co-markets the trust, and Invesco licenses certain Galaxy trademarks and trade names.
That is all. Galaxy is not a sub-adviser, runs no strategy inside the fund and has no say over the portfolio. BTCO is a passive trust that holds bitcoin and nothing else. Some write-ups call it a "joint venture" in which Galaxy feeds the fund market intelligence or its own flow data; the filings say nothing of the kind. The deal gives the trust a crypto firm to handle its bitcoin sales, and a second name on the label.
The fund's legal name is still Invesco Galaxy Bitcoin ETF. It is registered under that name and filed its August 2026 10-Q with the SEC under it.
Fees and fee history
BTCO's fee changed twice. Before 9 January 2024 the sponsor fee was 0.59% a year. From 9 January to 28 January 2024 it was 0.39%, and since then it has been 0.25%. On top of that, for 6 months from the 11 January 2024 listing, the sponsor charged nothing on the first $5 billion of trust assets. That waiver expired on 11 July 2024 and was not renewed. In the trust's 2025 financial statements, expenses were 0.25% both before and after waivers, compared with 0.15% for 2024, when the waiver was in force for part of the year.
At 0.25%, BTCO charges what IBIT and FBTC charge. Cheaper spot Bitcoin ETFs include Morgan Stanley MSBT (0.14%), the Grayscale Bitcoin Mini Trust (0.15%), Franklin EZBC (0.19%), Bitwise BITB and VanEck HODL (0.20%) and ARK 21Shares ARKB (0.21%). Grayscale GBTC is still far above everyone at 1.50%. The full list: Bitcoin ETF expense ratios compared.
In 2025 the trust tracked bitcoin closely. Total return was −6.50% at NAV and −6.46% at market value. The share price went from $93.22 to $87.20 over the year, with a low of $76.59 on 8 April 2025 and a high of $125.18 on 6 October 2025.
Custody
Coinbase Custody Trust Company, LLC holds all of the trust's bitcoin. IBIT, GBTC, the Grayscale Mini, BITB, EZBC and BTCW name the same custodian. BNY Mellon is administrator, transfer agent and cash custodian, and calculates the NAV once each business day.
So BTCO does not spread your custody risk. If you want your bitcoin held somewhere other than Coinbase, this fund won't do it. See how Bitcoin ETF custody works for which funds do and do not.
How BTCO compares to its peers
Net assets at 30 June 2026 across the mid-and-small tier, from each fund's 10-Q:
| Fund | Fee | Net assets 30 Jun 2026 |
|---|---|---|
| BITB (Bitwise) | 0.20% | $2.126bn |
| ARKB (ARK 21Shares) | 0.21% | $1.889bn |
| HODL (VanEck) | 0.20% | $0.959bn |
| EZBC (Franklin) | 0.19% | $0.335bn |
| BTCO (Invesco) | 0.25% | $0.316bn |
| BTCW (WisdomTree) | 0.25% | $0.136bn |
BTCO is the second-smallest fund in this group and shares the highest fee with BTCW. You will sometimes read that it is "roughly comparable to BITB and HODL". It isn't: BITB is about seven times its size and HODL three times. EZBC is almost exactly the same size and costs 6 bp less. On fees, BTCO loses to its direct peers. Against IBIT and FBTC its only edge is convenience on platforms that already carry Invesco.
See the VanEck HODL review for the closest comparison: a small fund at 0.20% with a different custody setup.
Pros and cons
Reasons to consider BTCO
- Invesco distribution: nothing to set up on platforms where Invesco funds are already approved.
- A large sponsor: $2.47 trillion of assets under management, and the sponsor entity has run ETFs for two decades.
- A crypto firm sells the trust's bitcoin. Galaxy Digital does it, so a traditional desk doesn't have to learn on the job.
- Custody most of the category already uses: Coinbase Custody Trust, regulated by NYDFS, with segregated cold storage.
Reasons to look elsewhere
- No fee advantage. 0.25% is what IBIT and FBTC charge, and six funds in the category charge less.
- A small fund: $315.8m against IBIT's $43.39bn and FBTC's $10.30bn. Trading is thinner and outflows hit harder.
- Same custodian as most rivals, so no custody diversification.
- Galaxy's part is smaller than the name suggests. It handles execution and branding and does not manage the portfolio.
Who should consider BTCO
BTCO makes sense for investors who already use Invesco: advisers running Invesco models, or accounts where Invesco products are the default. There it is easy to add and works the same way as its larger rivals.
Starting from scratch, it is harder to justify. IBIT costs the same and is far larger. EZBC is the same size and 6 bp cheaper. BITB and HODL are cheaper and bigger. If what you want is a crypto firm running the fund itself, ARKB is the better match: its sponsor is 21Shares US LLC.
For the wrapper-versus-coin question, see Bitcoin ETF vs spot Bitcoin.
FAQ
What is the expense ratio of Invesco BTCO?
0.25% per year. The fee was 0.59% before 9 January 2024 and 0.39% from 9 to 28 January 2024, then dropped to 0.25%. The sponsor also charged nothing on the first $5 billion of trust assets for 6 months from the 11 January 2024 listing. That waiver expired on 11 July 2024 and was not renewed.
How big is Invesco BTCO?
$315,788,534 of net assets and 5,345 BTC at 30 June 2026, across 5,370,000 shares at a NAV of $58.81, per the trust's Form 10-Q. That makes it one of the two smallest US spot Bitcoin ETFs that launched in January 2024 and still trade.
What does Galaxy Digital actually do for BTCO?
Galaxy Digital Funds LLC is the trust's execution agent. It sells bitcoin for the trust when the trust needs dollars to pay the sponsor fee or other expenses, and it may buy or sell bitcoin for cash creations and redemptions. Galaxy also co-brands and co-markets the fund under a trademark licence. It is not a sub-adviser and has no say over the portfolio; BTCO is a passive trust.
Who custodies the bitcoin held by BTCO?
Coinbase Custody Trust Company, LLC, a New York-chartered limited purpose trust company. BNY Mellon is the administrator, transfer agent and cash custodian. This is the same custody arrangement used by most US spot Bitcoin ETFs.
Why is BTCO so much smaller than IBIT or FBTC?
IBIT and FBTC came to the January 2024 launch with BlackRock's and Fidelity's sales networks and brand names, and most of the early money went to them. At 30 June 2026 IBIT held $43.39bn and FBTC $10.30bn against BTCO's $315.8m. Invesco is a very large manager but has not been the default crypto choice on adviser platforms.
Is BTCO better than VanEck HODL?
HODL charges 0.20% against BTCO's 0.25% and held about three times the net assets at 30 June 2026 ($959m vs $316m). HODL also names Gemini Trust Company as its bitcoin custodian, with Coinbase Custody as an additional custodian, where BTCO uses Coinbase alone. HODL wins on fee and size. On distribution, it depends on which platform you invest through.
Can I buy BTCO in a Roth IRA or 401(k)?
Yes. BTCO trades on Cboe BZX and is available at major US brokerages. Any account that can hold a US-listed ETF can hold it, including Roth IRAs and 401(k) plans whose menu allows ETF trading.
Sources and further reading
- Invesco Galaxy Bitcoin ETF, Form 10-Q for the quarter ended 30 June 2026 and Form 10-K for 2025 — sec.gov/Archives/edgar (CIK 0001855781).
- Invesco Ltd., Form 10-Q for the quarter ended 30 June 2026 — sec.gov (CIK 0000914208).
- Internal: VanEck HODL review, Bitcoin ETF expense ratios compared, how Bitcoin ETF custody works, Bitcoin ETF vs spot Bitcoin.
For information only. Not investment advice.
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