Invesco Galaxy Bitcoin ETF Files 2023 Annual Report
Ticker: BTCO · Form: 10-K · Filed: Mar 8, 2024 · CIK: 1855781
| Field | Detail |
|---|---|
| Company | Invesco Galaxy Bitcoin Etf (BTCO) |
| Form Type | 10-K |
| Filed Date | Mar 8, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 17 min |
| Key Dollar Amounts | $100,000, $5 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: ETF, Bitcoin, 10-K, SEC Filing, Invesco
TL;DR
<b>Invesco Galaxy Bitcoin ETF (BTCO) has filed its 2023 annual 10-K report, detailing its status as a non-accelerated filer and emerging growth company.</b>
AI Summary
Invesco Galaxy Bitcoin ETF (BTCO) filed a Annual Report (10-K) with the SEC on March 8, 2024. The Invesco Galaxy Bitcoin ETF (BTCO) filed its 10-K annual report for the fiscal year ended December 31, 2023. The ETF is registered in Delaware and its principal executive offices are located in Downers Grove, Illinois. Common Shares of Beneficial Interest are registered under the trading symbol BTCO on the Cboe BZX Exchange, Inc. The ETF is not a well-known seasoned issuer, an accelerated filer, or a large accelerated filer. The ETF is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company.
Why It Matters
For investors and stakeholders tracking Invesco Galaxy Bitcoin ETF, this filing contains several important signals. This filing provides investors with the official year-end financial and operational overview of the Invesco Galaxy Bitcoin ETF. Understanding the ETF's filing status (non-accelerated filer, smaller reporting company, emerging growth company) is crucial for assessing its regulatory oversight and disclosure requirements.
Risk Assessment
Risk Level: low — Invesco Galaxy Bitcoin ETF shows low risk based on this filing. The filing is a standard annual report for an ETF, with no immediate red flags or significant new risks highlighted in the provided excerpt.
Analyst Insight
Monitor future filings for performance data and any changes in the ETF's operational or financial status.
Key Numbers
- 2023-12-31 — Fiscal Year End (The period covered by the 10-K report)
- 2024-03-08 — Filing Date (The date the 10-K was filed with the SEC)
Key Players & Entities
- Invesco Galaxy Bitcoin ETF (company) — Registrant name
- BTCO (company) — Trading symbol
- Cboe BZX Exchange, Inc. (company) — Exchange where BTCO is registered
- Delaware (company) — State of incorporation
- December 31, 2023 (date) — Fiscal year end
- March 8, 2024 (date) — Filing date
FAQ
When did Invesco Galaxy Bitcoin ETF file this 10-K?
Invesco Galaxy Bitcoin ETF filed this Annual Report (10-K) with the SEC on March 8, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Invesco Galaxy Bitcoin ETF (BTCO).
Where can I read the original 10-K filing from Invesco Galaxy Bitcoin ETF?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Invesco Galaxy Bitcoin ETF.
What are the key takeaways from Invesco Galaxy Bitcoin ETF's 10-K?
Invesco Galaxy Bitcoin ETF filed this 10-K on March 8, 2024. Key takeaways: The Invesco Galaxy Bitcoin ETF (BTCO) filed its 10-K annual report for the fiscal year ended December 31, 2023.. The ETF is registered in Delaware and its principal executive offices are located in Downers Grove, Illinois.. Common Shares of Beneficial Interest are registered under the trading symbol BTCO on the Cboe BZX Exchange, Inc..
Is Invesco Galaxy Bitcoin ETF a risky investment based on this filing?
Based on this 10-K, Invesco Galaxy Bitcoin ETF presents a relatively low-risk profile. The filing is a standard annual report for an ETF, with no immediate red flags or significant new risks highlighted in the provided excerpt.
What should investors do after reading Invesco Galaxy Bitcoin ETF's 10-K?
Monitor future filings for performance data and any changes in the ETF's operational or financial status. The overall sentiment from this filing is neutral.
How does Invesco Galaxy Bitcoin ETF compare to its industry peers?
The Invesco Galaxy Bitcoin ETF is an exchange-traded fund designed to track the performance of Bitcoin. Its filing as a 10-K indicates it is subject to standard SEC reporting requirements for public companies.
Are there regulatory concerns for Invesco Galaxy Bitcoin ETF?
As a registered investment company, the ETF must comply with the Securities Exchange Act of 1934, including annual reporting requirements.
Industry Context
The Invesco Galaxy Bitcoin ETF is an exchange-traded fund designed to track the performance of Bitcoin. Its filing as a 10-K indicates it is subject to standard SEC reporting requirements for public companies.
Regulatory Implications
As a registered investment company, the ETF must comply with the Securities Exchange Act of 1934, including annual reporting requirements.
What Investors Should Do
- Review the full 10-K filing for detailed financial statements and risk factors.
- Track future filings for updates on the ETF's holdings and performance.
- Compare BTCO's filing status and disclosures against other Bitcoin ETFs.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K
- 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC
Year-Over-Year Comparison
This is the initial 10-K filing for the fiscal year ending December 31, 2023, as indicated by the filing date and the absence of prior year comparative data in the excerpt.
Filing Stats: 4,363 words · 17 min read · ~15 pages · Grade level 13.8 · Accepted 2024-03-07 19:31:55
Key Financial Figures
- $100,000 — purchased 4,000 Shares in exchange for $100,000, which comprise the initial purchase of
- $5 billion — ive the entire Sponsor Fee on the first $5 billion of Trust assets. The Trustee Delawa
Filing Documents
- btco_10k.htm (10-K) — 736KB
- btco-ex4_1.htm (EX-4.1) — 11KB
- btco-ex31_1.htm (EX-31.1) — 13KB
- btco-ex31_2.htm (EX-31.2) — 13KB
- btco-ex32_1.htm (EX-32.1) — 8KB
- btco-ex32_2.htm (EX-32.2) — 8KB
- btco-ex97.htm (EX-97) — 51KB
- 0000950170-24-028251.txt ( ) — 841KB
BUSINESS
BUSINESS 1 ITEM 1A.
RISK FACTORS
RISK FACTORS 5 ITEM 1B. UNRESOLVED STAFF COMMENTS 34 ITEM 1C. CYBERSECURITY 34 ITEM 2.
PROPERTIES
PROPERTIES 35 ITEM 3.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 35 ITEM 4. MINE SAFETY DISCLOSURES 35 PART II 36 ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 36 ITEM 6. RESERVED 36 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38 ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 39 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 47 ITEM 9A.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 47 ITEM 9B. OTHER INFORMATION 47 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 47 PART III 48 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 48 ITEM 11.
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION 50 ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 51 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 51 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 51 PART IV 52 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 52 i CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K (this “Report”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Report that address activities, events or developments that will or may occur in the future, including such matters as movements in the digital asset markets, the Trust’s operations, the Sponsor’s plans and references to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, technology developments regarding the use of bitcoin and other digital assets, including the systems used by the Sponsor and
BUSINESS
ITEM 1. BUSINESS Overview Invesco Galaxy Bitcoin ETF (the “Trust”) is a Delaware statutory trust, formed on April 5, 2021 pursuant to the Delaware Statutory Trust Act (“DSTA”). The Trust continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust. The Trust operates pursuant to its Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of January 5, 2024 (the “Trust Agreement”). Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the “Trustee”). The Trust is managed and controlled by Invesco Capital Management LLC (the “Sponsor”). On December 18, 2023, Invesco Ltd., the Seed Capital Investor, subject to certain conditions, purchased 4,000 Shares in exchange for $100,000, which comprise the initial purchase of the Trust’s Shares. The Trust has an unlimited number of shares authorized for issuance. The Trust’s investment objective is to reflect the performance of the spot price of bitcoin as measured using the Lukka Prime Bitcoin Reference Rate (the “Benchmark”), less the Trust’s expenses and other liabilities. In seeking to achieve its investment objective, the Trust will hold bitcoin. The Trust is passively managed and the Sponsor does not actively manage the bitcoin held by the Trust. This means that the Sponsor does not sell bitcoin at times when its price is high or acquire bitcoin at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional bitcoin investors to attempt to reduce the risks of losses resulting from price changes. Coinbase Custody Trust Company, LLC (the “Bitcoin Custodian”) will hold all of the Trust’s bitcoin on the Trust’s behalf as bitcoin custodian. The Bitcoin Custodian will keep t
RISK FACTORS
ITEM 1A. RISK FACTORS. You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this report, including the Trust’s financial statements and the related notes. Summary of Risk Factors • Market and Volatility Risk. Bitcoin has historically exhibited high price volatility relative to more traditional asset classes, which may be due to speculation regarding potential future appreciation in value. The value of the Trust’s investments in bitcoin could decline rapidly, including to zero. Some market observers have asserted that the bitcoin market periodically experiences pricing “bubbles” and have predicted that, in time, the value of bitcoin will fall to a fraction of its current value, or even to zero. Bitcoin has not been in existence long enough for market participants to assess these predictions with any precision, but if these observers are even partially correct, an investment in the Shares may turn out to be substantially worthless. • Adoption Risk. The further development and acceptance of the Bitcoin network, which is part of a new and rapidly changing industry, is su