Invesco is a global asset manager founded in 1935, with about $1.7 trillion in AUM. Invesco entered the US spot Bitcoin ETF market via a joint venture with Galaxy Digital, launching the Invesco Galaxy Bitcoin ETF (BTCO) in January 2024.
BTCO is operated as a partnership between Invesco and Galaxy Digital, with Galaxy serving as a key institutional partner for trading and execution. BTCO trades on Cboe BZX with a 0.25% expense ratio and launched with a temporary fee waiver. It targets institutional investors served by Invesco's existing distribution network.
Invesco operates at smaller scale in spot Bitcoin ETFs than the leaders, but the Galaxy Digital partnership gives it differentiated institutional execution capability. Investors who value the operational link to Galaxy as a prime broker may prefer BTCO over peers.
BTCO is the Invesco Galaxy Bitcoin ETF, a US spot Bitcoin ETF that launched in January 2024 as a joint venture between Invesco and Galaxy Digital.
BTCO's headline expense ratio is 0.25%, in line with BlackRock IBIT and Fidelity FBTC.
Galaxy Digital is the institutional partner on BTCO, providing trading, execution and ecosystem expertise. Invesco is the lead issuer and ETF sponsor.
BTCO trades on Cboe BZX exchange.
BTCO has a similar expense ratio to IBIT but materially smaller AUM and lower daily volume. Investors choose BTCO when they value Invesco's institutional relationships or the Galaxy Digital partnership specifically.