The Invesco Galaxy Bitcoin ETF (BTCO) is a U.S. spot Bitcoin exchange-traded product listed on Cboe BZX. It began trading on January 11, 2024 and holds Bitcoin directly to provide price exposure through brokerage-traded shares.
Investment Structure
BTCO seeks to reflect Bitcoin's spot price, measured using the Lukka Prime Reference Rate, after expenses and liabilities. It is physically backed by Bitcoin, rather than using Bitcoin futures as its investment strategy. Shares represent an interest in the trust, not coins in an investor's personal wallet.
Fees
Invesco lists a 0.25% total expense ratio for BTCO. This recurring fund charge is separate from any brokerage commission and the bid-ask spread paid when trading shares. The broker's own fee schedule determines transaction charges.
Risks and Shareholder Rights
Bitcoin's price can move sharply, and BTCO shares may trade above or below net asset value. The trust also depends on custody and other service providers. It is not registered as an investment company under the Investment Company Act of 1940.
See our BTCO review for the assessment of costs, custody and disclosures.
