Invesco
Compare Invesco…BTCO (with Galaxy) is the firm's spot BTC ETF. Broader crypto product suite developed via the Galaxy partnership.
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InvescoBTCO (with Galaxy) is the firm's spot BTC ETF. Broader crypto product suite developed via the Galaxy partnership.
| Product | Launch Date | AUM | Fee | JV Structure | |
|---|---|---|---|---|---|
| Invesco Galaxy Bitcoin ETF (BTCO) | Jan 11, 2024 | ~$900M (2026-Q1) | 0.25% management fee | 50/50 JV; Invesco distribution + brand; Galaxy IM | |
| Invesco Galaxy Crypto Index (planned) | Target 2026 H2 | TBD | TBD | 50/50 JV structure | |
| Tokenized US Treasury product (planned) | Target 2026-2027 | TBD | TBD | 50/50 JV; targeting institutional + retail | |
| Crypto options + structured products (institutional) | Selective bilateral; not retail | Not separately disclosed | Bespoke | 50/50 JV institutional desk | |
| BTCO market position vs peers | 8th-largest spot BTC ETF by AUM | ~$900M (2026-Q1) | 0.25% mid-range fee | Below BLK IBIT ($70B) + FBTC ($25B) + GBTC ($15B) + BITB ($5B); above smaller issuers | |
| JV economics + revenue split | Established structure | Combined IVZ + GLXY revenue | 50/50 split (fees + commissions + IM) | Galaxy's institutional positioning + Invesco's brand + distribution | |
| Editorial. Why this matters | Strategic context | The Invesco-Galaxy JV is the marquee asset-manager + crypto-native partnership in the US ETF market. Unlike BlackRock (in-house) + Fidelity (in-house) + Franklin Templeton (in-house), Invesco partnered with a crypto-native firm. Marquee question: does the JV expand beyond BTCO into multi-product portfolio + cross $5B AUM by FY2027, or does in-house crypto operations (a la BlackRock IBIT scaling) become the dominant model + force Invesco to internalize crypto investment management? |
2021-Q2-2026-Q1
2021-Q2-2026-Q1
2012-2025
$IVZ
BTCO (with Galaxy) is the firm's spot BTC ETF. Broader crypto product suite developed via the Galaxy partnership.