Invesco Galaxy Bitcoin ETF Releases Q2 2024 10-Q Report

Invesco Galaxy Bitcoin ETF, a financial trust that aims to reflect the performance of the spot price of bitcoin, has released its Form 10-Q report for the second quarter of 2024. The report provides insights into the Trust's operational activities, market performance, and future outlook.

Financial Highlights

The provided SEC filing 10-Q does not contain the specific financial metrics typically found in a Condensed Consolidated Statements of Income, such as Revenue, Gross Profit, Operating Income, Net Income, or Net Income Per Share. The document focuses on the financial condition and results of operations related to the Invesco Galaxy Bitcoin ETF, which primarily involves investments in Bitcoin and related financial activities. As such, these specific metrics are not applicable or provided in the report.

Business Highlights

Investment Objective

The Invesco Galaxy Bitcoin ETF aims to reflect the performance of the spot price of bitcoin, as measured by the Lukka Prime Bitcoin Reference Rate, minus the Trust's expenses and liabilities. This provides investors with a cost-effective means of gaining investment benefits similar to holding bitcoin.

Trust Operations

The Trust issues shares representing fractional undivided beneficial interest in and ownership of the Trust. These shares are traded on the Cboe BZX Exchange under the ticker symbol 'BTCO'.

Bitcoin Transactions

The Trust engages in purchasing and selling bitcoin to manage its operations, including covering the Sponsor Fee and any extraordinary expenses not assumed by the Sponsor.

Sponsor Fee Structure

The Sponsor Fee was adjusted from 0.59% to 0.25% per annum over the reporting period, with a waiver on the first $5 billion of Trust assets for six months starting January 11, 2024.

Market Performance

For the three months ended June 30, 2024, the market value of each share decreased from $70.98 to $59.94, reflecting a total return of -15.56% on a market value basis.

Bitcoin Market Trends

Bitcoin's price was range-bound between $55,000 and $70,000 during the reporting period, influenced by events such as the April bitcoin halving and macroeconomic factors like Federal Reserve policies.

Share Price Volatility

The share price experienced significant volatility, with a low of $56.87 and a high of $71.81 during the three months ended June 30, 2024.

Future Outlook

The Trust anticipates that future bitcoin price movements will be influenced by macroeconomic factors such as Federal Reserve policies and upcoming US elections.

SEC Filing: Invesco Galaxy Bitcoin ETF Releases Q2 2024 [ CBOE:BTCO ] - 10-Q - Aug. 07, 2024