At a glance
BTCO charges 0.25% a year, below the 0.37% average of the 7 funds most like it (the 5th cheapest of 8). It has $315.9M in assets, the 8th largest of that group. Over the past year it returned −30.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Invesco Galaxy Bitcoin ETF (BTCO) holds bitcoin directly and aims to track its spot price, as measured by the Lukka Prime Bitcoin Reference Rate, minus expenses. It is a grantor trust rather than a 1940 Act fund, so it lacks some fund investor protections. Its 0.25% fee matches IBIT and FBTC, though several rivals charge less. With $315.9 million in assets as of June 30, 2026, it was the smallest of eight comparable funds.
Price history
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BTCO -30.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BTCO price data to Oct 27, 2026 | -7.9% | -30.0% | — | — | — | +21.6% |
- Over the year to Oct 27, 2026, BTCO returned -30.0%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (-6.6%); its best was 2025 (-6.6%).
- The deepest fall in its price history was 53.3% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.9% |
| 2025 | -6.6% |
| 2024 | +100.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds bitcoin directly, worth $315.9M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
BTCO holds one thing: bitcoin. Its goal is to match the price of bitcoin, as measured by the Lukka Prime Bitcoin Reference Rate, minus the trust's costs. The fund is passive. Its sponsor, Invesco Capital Management, does not try to time prices or hedge against losses. Every trading day at 4:00 p.m. ET, the bitcoin is valued at a price set by Lukka Inc. Lukka picks a "principal market" from approved trading platforms such as Coinbase, Kraken and Gemini, and it reviews that list every quarter.
Coinbase Custody Trust Company holds the bitcoin. It keeps the private keys, the digital codes that control the coins, in offline "cold storage," in accounts kept separate from Coinbase's own assets and other customers' assets. The custodian's insurance covers only certain events, such as theft. It does not cover a fall in bitcoin's value and may not cover a full loss.
New shares are created and redeemed in blocks of 5,000 by large financial firms called authorized participants. This helps keep the share price close to the value of the bitcoin. Galaxy Digital Funds LLC buys and sells bitcoin for cash transactions. It also sells bitcoin to pay the 0.25% fee, so the amount of bitcoin behind each share slowly shrinks over time.
What it really costs
- BTCO charges 0.25% a year, versus an average of 0.37% for the similar funds below (5th of 8, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
BTCO tracks a single, very volatile asset that pays no income, so it fits only as a small add-on, not a portfolio foundation.
BTCO launched in January 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its own short history has been rough. From a peak on October 6, 2025 to a low on June 30, 2026, it fell 53.3%, and it had not recovered as of October 27, 2026. Its 1-year return was -30% and its 1-year volatility was 45.3% as of that date. In 2024, starting from its launch, it gained 100.5%. In 2025, its only full calendar year, it lost 6.6%. Someone who has to sell shares to cover spending during a slump like that could lock in steep losses. BTCO pays no income, so any cash has to come from selling shares. Its 0.25% fee is below the 0.37% peer average. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin price exposure in a regular brokerage or retirement account without handling digital wallets or private keys themselves.
- Those holding a small satellite position who can live with drops like the 53.3% fall from October 2025 to June 2026.
- Investors who value Invesco sponsorship, Coinbase cold-storage custody and a 0.25% fee, below the 0.37% average of similar bitcoin funds.
Look elsewhere if
- Retirees who need income: BTCO has recorded no distributions, and the bitcoin it holds pays no interest or dividends.
- Cost-focused investors: Grayscale Bitcoin Mini Trust (0.15%), Bitwise Bitcoin ETF (0.20%) and ARK 21Shares (0.21%) charge less for similar bitcoin exposure.
- Investors who want 1940 Act fund protections or a long track record; BTCO is a grantor trust with under three years of history.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BTCO this fund | 0.25% | $315.9M | -30.0% | — |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| FBTC Fidelity Wise Origin Bitcoin Fund | 0.25% | $10.31B | -30.0% | — |
| GBTC Grayscale Bitcoin Trust ETF | 1.5% | $8.14B | -30.8% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
Questions investors ask
Is BTCO a good investment for retirement?
BTCO is a high-risk holding, not a core retirement fund. It tracks only bitcoin, which pays no income. It fell 53.3% from October 6, 2025 to June 30, 2026 and had not recovered as of October 27, 2026. Its 1-year return was -30% as of that date. Some long-term investors may keep a small position for diversification. Anyone who may need to sell shares during a downturn faces the risk of locking in large losses.
What's the difference between BTCO and IBIT?
Both hold bitcoin directly and both charge 0.25% a year. The main difference is size. As of June 30, 2026, iShares Bitcoin Trust (IBIT) held about $43.4 billion, while BTCO held $315.9 million, the smallest of eight comparable funds. Their 1-year returns were similar: -28.2% for IBIT as of October 30, 2026, and -30% for BTCO as of October 27, 2026. Note that those figures are measured on different dates. BTCO uses the Lukka Prime Bitcoin Reference Rate as its benchmark.
Does BTCO pay dividends?
No. BTCO has recorded no distributions. It holds only bitcoin, which produces no interest or dividends. Returns come only from changes in bitcoin's price. The trust sells small amounts of bitcoin to pay its 0.25% annual sponsor fee, so the bitcoin behind each share slowly declines over time. Investors who want cash flow from BTCO would have to sell shares, possibly at low prices.
Where does BTCO keep its bitcoin, and is it insured?
Coinbase Custody Trust Company, a trust company regulated by New York, holds BTCO's bitcoin. It keeps the private keys in offline cold storage, in accounts kept separate from Coinbase's own assets. Some bitcoin may sit briefly in a Coinbase trading account during creations, redemptions or sales. The custodian carries insurance, but it covers only certain events such as fraud or theft. It does not cover price declines and likely would not cover the full amount of a loss.
What is BTCO's expense ratio compared with other bitcoin ETFs?
BTCO charges a 0.25% annual sponsor fee, and that covers all of its ordinary costs. That matches IBIT and FBTC and is below the 0.37% average of similar funds. It is well under Grayscale Bitcoin Trust's 1.5%. Several rivals charge less, including Grayscale Bitcoin Mini Trust at 0.15%, Bitwise at 0.20% and ARK 21Shares at 0.21%. On cost, BTCO ranked 5th of 8 comparable funds.