Invesco Galaxy Bitcoin ETF reported significant financial changes in its latest 10-Q filing for the quarter ending March 31, 2025. The Trust's total assets decreased to $436.3 million from $727.8 million at the end of the previous fiscal period, primarily due to a decline in the value of its Bitcoin investments. The net assets also fell sharply, from $727.6 million to $436.2 million, reflecting a decrease in paid-in capital and distributable earnings. The number of shares outstanding decreased from 7.8 million to 5.3 million, resulting in a net asset value (NAV) per share of $82.30, down from $93.28.
The Trust's financial performance showed a net loss of $73.4 million for the quarter, a stark contrast to the net income of $185.8 million reported for the same period in 2024. This loss was attributed to a net realized gain of $60.9 million and a net change in unrealized loss of $133.9 million from Bitcoin investments. The Trust's expenses increased to $407,000, up from $181,500 in the previous year, primarily due to higher sponsor fees. The total return for the Trust on a market value basis was -11.77%, reflecting the overall downturn in Bitcoin prices during the quarter.
Operationally, the Trust experienced a notable reduction in share transactions, with redemptions totaling 2.8 million shares, compared to 4.2 million shares in the same quarter last year. The Trust's cash flows from operating activities showed a net cash inflow of $218 million, contrasting with a cash outflow of $228.6 million in the prior year. The Trust's investment strategy remains focused solely on Bitcoin, which exposes it to significant market risks, as indicated by the concentration risk noted in the filing.
Looking ahead, the Trust's management remains cautious but optimistic about the regulatory landscape for digital assets, particularly following recent executive orders aimed at strengthening the U.S. position in digital financial technology. The Trust's investment objective continues to be aligned with reflecting the performance of Bitcoin's spot price, and it aims to provide investors with a straightforward means of gaining exposure to Bitcoin. However, the Trust acknowledges the inherent volatility and risks associated with Bitcoin investments, which could impact future performance and shareholder value.
About Invesco Galaxy Bitcoin ETF
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