Invesco Galaxy Bitcoin ETF is a Delaware statutory trust that offers investors exchange-traded shares reflecting the spot price performance of bitcoin, less fees and expenses. The Trust holds bitcoin directly in segregated cold storage with Coinbase Custody, valuing holdings daily against the Lukka Prime Bitcoin Reference Rate by identifying prices across principal bitcoin trading platforms. The Trust generates revenue through a unified sponsor fee of 0.25% per annum on total net assets, paid to Invesco Capital Management LLC, which covers all operational, custodial, trustee, administrative, regulatory, and audit expenses; the Trust competes with other exchange-traded bitcoin products in a market subject to evolving regulatory oversight of digital assets.