Get access to bitcoin, Ethereum, and other digital assets using a familiar investment vehicle that's easy to own and trade.
Invesco and Galaxy — leaders in ETFs and digital assets — have merged our strengths and expertise. Our strategic partnership provides secure and efficient access to the world’s largest cryptocurrencies in a traditional ETF structure.
Leveraging Galaxy’s extensive experience in digital assets trading, our products seek to offer a low total cost of ownership.
Access, transparency, and liquidity through an ETF wrapper can be less risky than directly holding cryptocurrency.
Our combined experience informs the unique product structure, potentially improving trading efficiency and liquidity.1
| Ticker | Fund name | Expense ratio | Description | Download |
|---|---|---|---|---|
| BTCO | Invesco Galaxy Bitcoin ETF | 0.25% | Learn more | Fact sheet |
QETH |
Invesco Galaxy Ethereum ETF | 0.25% | Learn more |
Product flyer |
| BLKC | Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | 0.60% | Learn more | Fact sheet |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 0.60% | Learn more | Fact sheet |
BTCO and QETH are not Investment Companies within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.
Improve your understanding of digital assets, their importance in the future of finance, and growth of bitcoin. Learn more with Galaxy’s Digital Assets Academy, a masterclass for investors.
There are many benefits to owning bitcoin, ether, and other cryptocurrencies through ETPs like BTCO and QETH:
Cryptocurrencies offer several potential benefits to an investment portfolio.
Invesco has a 15-year track record in the ETF space, with expertise that’s led to a diverse range of innovative solutions. Invesco’s spot bitcoin and Ethereum ETFs grew out of our strategic partnership with Galaxy, a leading financial services innovator in the digital asset sector. Coupling Invesco’s extensive ETF experience and Galaxy’s deep crypto know-how gives us the tools to support investors every step of the way. Each partner is battle-tested over multiple crypto cycles and committed to building a bridge to the future of digital assets investing.
Galaxy is a leading financial services innovator in the digital asset, cryptocurrency, and blockchain technology sectors. It provides cutting-edge insights into investible opportunities across the digital asset ecosystem. Beyond research support and asset class expertise, Galaxy is the executing agent for Invesco’s crypto ETPs. Their strong network in this space allows for a more robust and efficient operating model, potentially enhancing liquidity and lowering the total cost of ownership.
What is Ethereum, and how does it work?
Ethereum has a broad range of financial and non-financial use cases and can support a diverse marketplace of financial services, games, social media, and more.
Digital asset ETFs: The investor's guide to blockchain and crypto
Blockchain and cryptocurrency (e.g.bitcoin) are distruptive forces that are transforming the way people, businesses, and governments transact and share information.
Digital asset ETFs: Easier access to blockchain and crypto
ETFs can provide investors with exposure to different aspects of the digital asset ecosystem, all through well-known vehicles that are efficient to own and trade.
Galaxy Research: The impact and opportunity of bitcoin in a portfolio
Bitcoin can play many roles in an investor’s portfolio – a hedge against global financial uncertainty; a scarce, secure, price-inelastic digital commodity; and an asset with portability features that allow it to function as money. Download Galaxy's research.
Explore our lineup of ETFs and see how they can be cost-effective, tax-efficient tools for maximizing investments and building long-term wealth.
Access our latest insights on investment opportunities and ways to use ETFs in your portfolio.
We have a deep expertise and experience in real estate, private credit, macro, and hedged strategies and a range of solutions.
BTCO provides exposure to bitcoin, the world’s first and largest cryptocurrency, while offering the ease, security, transparency, and efficiency of an exchange-traded fund (ETF).
QETH provides access to innovation with Ethereum's ability to decentralize and disrupt and ETFs' democratized access to new asset classes and investment strategies.
BLKC targets key segments of the crypto economy – miners, enabling technologies, buyers and crypto trusts, and exchange-traded products — with additional exposure to companies that use blockchain technology.
SATO targets key segments of the crypto economy — miners, enabling technologies, buyers and crypto trusts, and exchange-traded products.
For creates/redeems, BTCO will be leveraging Galaxy for institutional-quality bitcoin trade execution. In comparison, most competitor ETFs will need to rely on trades placed through their custodians, potentially leading to higher costs.
Miners could act in collusion to raise transaction fees, which may affect the usage of the Bitcoin network. If the award of new bitcoin for solving blocks and transaction fees for recording transactions are not sufficiently high to incentivize miners, miners may reduce or cease processing power to solve blocks which could lead to confirmations on the Bitcoin blockchain being temporarily slowed. Significant delays in transaction confirmations could result in a loss of confidence in the Bitcoin network.
Proof of Stake is a consensus algorithm used in blockchain networks to determine which participant gets to validate the next block. While Proof of Work miners perform computational work and compete to determine who adds the next block and secures the network, Proof of Stake validators deposit collateral, or stake, to become eligible to produce the next block. There are many ways to design a Proof of Stake system, but often the size of the user’s stake determines the likelihood of being selected to add the next block and receive the associated block rewards. To become a validator, an ETH holder must "stake" a specific amount of ETH or, in other words, lock up a portion of collateral. Blocks are validated by multiple validators, and when a certain threshold of the number of total active validators verify that the block is accurate, the voting period is finalized and closed. Proof of Stake is less energy-intensive than Proof of Work since it doesn’t require competition based on computational power but rather random selection based on a pool of eligible validators. It is estimated that Ethereum’s switch from PoW to PoS has reduced the network’s energy consumption by more than 99%.
While the dollar is not backed by gold or other standards, it is backed by the full faith and credit of the US Government.
NA3763703
Important Information
BTCO Risks
See the prospectus for more information.
The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund.
The Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.
Shares in the Fund are not FDIC insured, may lose value and have no bank guarantee.
This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.
The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.
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.
The further development and acceptance of the Bitcoin network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of the network may adversely affect the price of bitcoin and therefore an investment in the Shares.
Currently, there is relatively limited use of bitcoin in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, contributing to price volatility that could adversely affect an investment in the Shares.
Regulatory changes or actions may alter the nature of an investment in bitcoin or restrict the use of bitcoin or the operations of the Bitcoin network or venues on which bitcoin trades. For example, it may become difficult or illegal to acquire, hold, sell or use bitcoin in one or more countries, which could adversely impact the price of bitcoin.
The Trust’s returns will not match the performance of bitcoin because the Trust incurs the Sponsor Fee and may incur other expenses.
The Market Price of shares may reflect a discount or premium to NAV.
The price of bitcoin may be impacted by the behaviour of a small number of influential individuals or companies.
Bitcoin faces scaling obstacles that can lead to high fees or slow transaction settlement times, and attempts to increase the volume of transactions may not be effective.
Miners could act in collusion to raise transaction fees, which may affect the usage of the Bitcoin network.
Competition from central bank digital currencies (“CDBCs”) and other digital assets could adversely affect the value of bitcoin and other digital assets.
Prices of bitcoin may be affected due to stablecoins, the activities of stablecoin users and their regulatory treatment.
The open-source structure of the Bitcoin network protocol means that certain core developers and other contributors may not be directly compensated for their contributions in maintaining and developing the Bitcoin network protocol. A failure to properly monitor and upgrade the Bitcoin network protocol could damage the network.
Lack of clarity in the corporate governance of bitcoin may lead to ineffective decision-making that slow development or prevents the Bitcoin network from overcoming important obstacles.
If the award of new bitcoin for solving blocks and transaction fees for recording transactions are not sufficiently high to incentivize miners, miners may reduce or cease processing power to solve blocks which could lead to confirmations on the Bitcoin blockchain being temporarily slowed. Significant delays in transaction confirmations could result in a loss of confidence in the Bitcoin network, which could adversely affect an investment in the Shares.
A temporary or permanent “fork” in the blockchain network could adversely affect an investment in the Shares.
Flaws in the source code of Bitcoin, or flaws in the underlying cryptography, could leave the Bitcoin network vulnerable to a multitude of attack vectors.
A disruption of the internet may affect the use of bitcoin and subsequently the value of the Shares.
Risks of over or under regulation in the digital asset ecosystem could stifle innovation, which could adversely impact the value of the Shares.
Shareholders do not have the protections associated with ownership of Shares in an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) or the protections afforded by the Commodity Exchange Act (the “CEA”).
Future regulations may require the Trust and the Sponsor to become registered, which may cause the Trust to liquidate.
The tax treatment of bitcoin and other digital assets is uncertain and may be adverse, which could adversely affect the value of an investment in the Shares.
Intellectual property rights claims may adversely affect the operation of the Bitcoin network.
The venues through which bitcoin trades are relatively new and may be more exposed to operations problems or failure than trading venues for other assets.
Ownership of bitcoin is pseudonymous, and the supply of accessible bitcoin is unknown. Entities with substantial holdings in bitcoin may engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, which could result in a reduction in in the price of bitcoin.
The Trust is subject to the risks due to its concentration in a single asset.
Bitcoin spot trading venues are not subject to the same regulatory oversight as traditional equity exchanges.
Bitcoin transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment in the Trust.
QETH
The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such,
investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.
The Trust will not participate in the proof-of-stake validation mechanism of the Ethereum network (i.e., the Trust will not “stake” its ether) to earn additional ether or seek other means of generating income from its ether holdings.
Ether 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.
The further development and acceptance of the Ethereum network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of the network may adversely affect the price of ether and therefore an investment in the Shares.
Currently, there is relatively limited use of ether in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, contributing to price volatility that could adversely affect an investment in the Shares.
Regulatory changes or actions may alter the nature of an investment in bitcoin or restrict the use of ether or the operations of the Ethereum network or venues on which bitcoin trades. For example, it may become difficult or illegal to acquire, hold, sell or use ether in one or more countries, which could adversely impact the price of ether.
In the past, flaws in the source code for ether have been discovered, including those that resulted in the theft of users’ ether. Several errors and defects have been publicly found and corrected, including those that disabled some functionality for users and exposed users’ personal information. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention of known network rules has occurred.
The Trust’s returns will not match the performance of ether because the Trust incurs the Sponsor Fee and may incur other expenses.
The Market Price of shares may reflect a discount or premium to NAV.
The price of ether may be impacted by the behavior of a small number of influential individuals or companies.
The Ethereum network and ether face scaling obstacles that can lead to high fees or slow transaction settlement times and attempts to increase the volume of transactions may not be effective.
Competition from central bank digital currencies (“CDBCs”) and other digital assets could adversely affect the value of ether and other digital assets.
Prices of ether may be affected due to stablecoins, the activities of stablecoin users and their regulatory treatment.
A temporary or permanent “fork” in the Ethereum network could adversely affect an investment in the Shares.
A disruption of the internet may affect the use of Ethereum and subsequently the value of the Shares.
Future regulations may require the Trust and the Sponsor to become registered, which may cause the Trust to liquidate.
The tax treatment of ether and other digital assets is uncertain and may be adverse, which could adversely affect the value of an investment in the Shares.
The venues through which ether trades are relatively new and may be more exposed to operations problems or failure than trading venues for other assets.
The Trust is subject to the risks due to its concentration in a single asset.
Ether spot trading venues are not subject to the same regulatory oversight as traditional equity exchanges.
Ethereum transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment in the Trust.
This link takes you to a site not affiliated with Invesco. The site is for informational purposes only. Invesco does not guarantee nor take any responsibility for any of the content.
