As of September 30, 2024, the Invesco Galaxy Bitcoin ETF reported total assets of $516.7 million, a significant increase from $100,000 as of December 31, 2023. The net assets also rose to $516.6 million, reflecting a substantial growth from the previous fiscal period. The net asset value (NAV) per share surged to $63.43, up from $25.00 at the end of 2023, while the market value per share similarly increased to $63.44.
The Trust's investments in Bitcoin, valued at $516.7 million (cost basis of $405.7 million), contributed to a net change in unrealized gains of $8.3 million for the three months ended September 30, 2024, and $111.1 million for the nine months. The net realized and unrealized gains for the same periods were $4.3 million and $141.1 million, respectively. The net income for the three months was reported at $4.1 million, while for the nine months, it reached $140.8 million.
The Trust's total shareholders' equity increased to $516.6 million by September 30, 2024, up from $435.2 million at the end of June 2024, driven by a net increase of 1.2 million shares. The net cash used in operating activities for the nine months was $(375.8 million), offset by proceeds from share purchases totaling $663.6 million and net cash provided by financing activities of $375.7 million.
The Invesco Galaxy Bitcoin ETF, formed on April 5, 2021, and managed by Invesco Capital Management LLC, aims to reflect the performance of Bitcoin's spot price, less expenses. The Trust commenced trading on the Cboe BZX Exchange on January 11, 2024, after receiving SEC approval. The Sponsor Fee was adjusted to 0.39% per annum on January 9, 2024, and waived for the first six months post-listing, returning to 0.25% thereafter.
The Trust's investment strategy is concentrated solely in Bitcoin, exposing it to significant market risks. As of September 30, 2024, the Trust held no cash equivalents and relied on Coinbase Custody Trust Company, LLC for Bitcoin custody. The Bank of New York Mellon serves as the administrator and calculates the Trust's NAV daily. The financial statements were prepared in accordance with U.S. GAAP, reflecting normal recurring adjustments.
About Invesco Galaxy Bitcoin ETF
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