The Invesco Galaxy Bitcoin ETF is a passively managed ETF that holds bitcoin directly, giving investors exposure to bitcoin's spot price through a regulated, exchange-listed product without requiring investors to buy, store, or secure bitcoin themselves. The Trust issues shares that trade on the Cboe BZX Exchange, with each share representing a fractional ownership interest in the Trust's bitcoin holdings. The Trust's investment objective is to track bitcoin's spot price as measured by the Lukka Prime Bitcoin Reference Rate, minus expenses. Invesco Capital Management serves as Sponsor, managing day-to-day operations, while Coinbase Custody holds the bitcoin in cold storage. Bank of New York Mellon handles NAV calculation and shareholder records, and Galaxy Digital Funds serves as execution agent for bitcoin transactions. Shares are created and redeemed exclusively through Authorized Participants in blocks of 5,000 shares, who then distribute shares to retail and institutional investors on the secondary market. The Trust charges a single Sponsor Fee of 0.25% per annum on daily net assets, which is the Trust's only recurring expense. Invesco absorbs all operational costs out of this fee, including payments to Coinbase Custody, Bank of New York Mellon, and Galaxy Digital Funds. The Trust's economics are straightforward: Sponsor Fee revenue scales directly with AUM, which depends on bitcoin's price and shares outstanding. The Trust does not generate investment returns beyond tracking bitcoin's price performance net of fees.