Swap Real Crypto for ETF Shares: Invesco Galaxy's Efficiency Upgrade
Published Date: 3/18/2025
Notice
Summary
The Cboe BZX Exchange wants to update the Invesco Galaxy Bitcoin and Ethereum ETFs so investors can trade shares by swapping actual crypto assets instead of just cash. This change makes buying and selling smoother and could save money on fees. If approved, this new way of trading could start soon, helping crypto fans and investors get more flexible with their ETFs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Bitcoin ETF: Allow In-Kind Trades
If approved, the Invesco Galaxy Bitcoin ETF would allow authorized participants to create or redeem Creation Baskets of 5,000 shares by delivering or receiving actual bitcoin (in-kind) instead of only cash. Cash creation orders must be placed by 2:30 p.m. Eastern Time and in-kind creation orders must be placed by 4:00 p.m. Eastern Time on the business day the order is received.
Ethereum ETF: Allow In-Kind Trades
If approved, the Invesco Galaxy Ethereum ETF would allow authorized participants to create or redeem Creation Baskets of 5,000 shares by delivering or receiving actual ether (in-kind) instead of only cash. Cash creation orders must be placed by 2:30 p.m. Eastern Time and in-kind creation orders must be placed by 4:00 p.m. Eastern Time on the business day the order is received.
Creation/Redemption Efficiency Benefit
The Exchange states that allowing in-kind creations and redemptions would let authorized participants source or deliver bitcoin or ether themselves, which could reduce the Trusts' direct market impact, increase efficiency, and ultimately benefit end investors in the Trusts. The change is described as making the creation/redemption process more efficient and may lessen how the Trusts affect the market.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11919 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
MEMX is changing its fees starting June 1, 2026, by lowering some rebates for certain stock trades that add liquidity, especially for hidden and price-improved orders. These updates affect traders and members who use MEMX, meaning they might earn a bit less back on some trades. The goal? Keep things fair and balanced while keeping the exchange running smoothly.
2026-11927 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 18.7 and 18.9 To Permit an Increase in Position and Exercise Limits for Options on IBIT
MEMX is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF (IBIT). This change affects anyone trading IBIT options and lets them handle bigger positions starting right away. It’s designed to keep MEMX competitive and support growing market interest without any immediate cost impact.
2026-11922 — Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved by the Commission That Concern the Reporting and Dissemination of Odd-Lot Information, and an Additional Ministerial Change to Rule 11.220 To Correct a Typographical Error
Green Impact Exchange is updating its trade reporting rules to match new federal rules about sharing odd-lot trade info (small stock orders). They’re also fixing a tiny typo in another rule. These changes take effect right away and help keep trading info clear and accurate for everyone involved.
Previous / Next Documents
Previous: 2025-04331 — Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule at Options 7, Section 3
Nasdaq GEMX is shaking up its options pricing starting now! They’re removing some old fee tiers, tweaking rebates and fees for different traders, and raising the bar for special discounts. If you trade options on GEMX, expect some changes to how much you pay or earn, effective immediately.
Next: 2025-04335 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Connectivity Fee Schedule
NYSE Arca is updating its Connectivity Fee Schedule to reflect the name change of NYSE Chicago to NYSE Texas. This change affects anyone using the Exchange’s connectivity services but doesn’t change any fees or costs. The update is effective immediately, so users should note the new name right away!