# 2025-04332: Swap Real Crypto for ETF Shares: Invesco Galaxy's Efficiency Upgrade

2025-04332, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend the Invesco Galaxy Bitcoin ETF and the Invesco Galaxy Ethereum ETF in Order To Permit In-Kind Creations and Redemptions, is a Federal Register notice from Securities and Exchange Commission published 2025-03-18, effective Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days as the Commission may designate (see III). Comments on the proposed rule change are due on or before April 8, 2025. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-04332
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04332
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend the Invesco Galaxy Bitcoin ETF and the Invesco Galaxy Ethereum ETF in Order To Permit In-Kind Creations and Redemptions
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12602
- Published: 2025-03-18
- Effective: Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days as the Commission may designate (see III). Comments on the proposed rule change are due on or before April 8, 2025.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Swap Real Crypto for ETF Shares: Invesco Galaxy's Efficiency Upgrade

## 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.

## Effects PRIA read

- Bitcoin ETF: Allow In-Kind Trades: benefit, medium. 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 mu…
- Ethereum ETF: Allow In-Kind Trades: benefit, medium. 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 mus…
- Creation/Redemption Efficiency Benefit: benefit, medium. 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…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-04332 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04332/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-of-a-proposed-rule-change-to)
- [2025-04332 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04332.pdf)

## Related
- [Previous: 2025-04331, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-04331)
- [Next: 2025-04335, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-04335)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04332 (as of 2026-06-08).