NEW YORK - Invesco Ltd. (NYSE: IVZ), a global investment management firm, in collaboration with Galaxy Asset Management, has launched the Invesco Galaxy Bitcoin ETF (NYSE Arca: BTCO), which began trading on the Cboe BZX Exchange today. The ETF provides investors with access to the performance of bitcoin's market price, measured by the Lukka Prime Bitcoin Reference Rate.
Invesco has waived the entire management fee of BTCO for the first six months for assets up to $5 billion, setting the total expense ratio at zero basis points during this period. The company has the discretion to extend this fee waiver.
Brian Hartigan, Global Head of ETFs Investments at Invesco, highlighted the partnership with Galaxy Asset Management as a key differentiator for BTCO, citing the combination of ETF innovation and digital asset expertise. Steve Kurz, Global Head of Galaxy Asset Management, emphasized the benefits of their partnership, including their experience in managing crypto ETPs in various international markets and their direct experience with a cash create bitcoin ETF in Canada.
BTCO's bitcoin holdings are secured in institutional-grade storage through a custody agreement with Coinbase (NASDAQ:COIN). This ETF structure aims to alleviate the operational challenges of direct bitcoin investment, such as custodial duties and security.
Galaxy Asset Management, not affiliated with Invesco, acts as the execution agent for BTCO, managing the buying and selling of bitcoin for cash. The firm oversees $5.3 billion in assets under management as of November 30, 2023, and is known for its conservative, fiduciary-first approach.
This news is based on a press release statement.
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