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Invesco Galaxy Ethereum ETF
Invesco and Galaxy jointly sponsor a spot ether ETF bringing physical ETH exposure within a regulated fund structure.
Invesco Galaxy Ethereum ETF
The Invesco Galaxy Ethereum ETF is a spot ether exchange-traded fund jointly sponsored by Invesco Ltd., the $1.6 trillion global asset manager, and Galaxy Digital, the Mike Novogratz-led digital-assets merchant bank. The product launched in mid-2024 as part of the SEC's first wave of spot-ether ETF approvals, converting an existing Galaxy-managed vehicle into a regulated, exchange-listed wrapper. Galaxy serves as the execution agent for ether trading and custody, while Invesco brings distribution scale through its IVZ-branded ETF platform. The fund holds physical ether and prices off the Lukka Prime reference rate, aiming to track the spot price minus a 0.25% expense ratio. Galaxy Digital Trading handles the daily creation and redemption baskets, sourcing ETH from OTC desks and exchanges. The vehicle competes directly with products from BlackRock, Fidelity, and Grayscale in a category that aggregated roughly $10 billion in AUM by late 2024. Unlike Galaxy's private funds, this ETF operates under the Investment Company Act of 1940 with daily liquidity, T+1 settlement, and custody through Coinbase Custody Trust Company. Invesco's ETF franchise managed over $430 billion in US-listed products before the launch; Galaxy's asset management arm advised on roughly $5 billion across passive and active crypto strategies as of March 2024. The partnership extends to a parallel spot-bitcoin ETF with an identical co-sponsor structure. In May 2025, Galaxy announced it had expanded institutional coverage for the ether ETF by onboarding additional authorized participants including Virtu and Jane Street, aiming to tighten bid-ask spreads on-exchange. Galaxy CEO Mike Novogratz publicly stated the vehicle would waive fees entirely for the first six months or until reaching $1 billion in assets, whichever came first. A structural differentiator is the dual-sponsor architecture: Invesco's institutional sales force connects to RIAs and wealth platforms that would not otherwise open accounts with a crypto-native manager, while Galaxy provides the operational infrastructure for staking, custody, and trade execution — a pairing that distributes counterparty risk across two regulated entities with separate balance sheets.
General information
Firm type
Asset Manager
Year founded
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AUM
Undisclosed
Location
Region
North America
Country
United States
City
—
Corporate office
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Sector focus
Frequently asked questions
Who sponsors and manages the Invesco Galaxy Ethereum ETF?
The product is jointly sponsored by Invesco Ltd. and Galaxy Digital. Invesco serves as the primary fund sponsor and handles the ETF wrapper, while Galaxy Asset Management acts as sub-adviser. Galaxy Digital Trading functions as the execution agent for buying and selling ether to facilitate creation and redemption baskets.
What is the fee structure for this ETF?
The stated expense ratio is 0.25%, though the sponsors initially waived fees entirely for the first six months or until the fund reached $1 billion in assets, whichever came first. Fee waivers are a common competitive tactic in the spot-crypto ETF category where multiple issuers launched simultaneously.
Where is the underlying ether held and who values it?
Custody is provided by Coinbase Custody Trust Company, a regulated entity separate from the exchange. The fund's net asset value is calculated daily using the Lukka Prime reference rate, which aggregates price feeds from multiple eligible trading venues rather than relying on a single exchange print.
How does this ETF differ from holding ether directly?
Investors gain exposure to the spot price of ether without managing private keys, wallets, or direct exchange accounts. The ETF trades on-exchange during regular market hours, settles T+1, and sits within standard brokerage accounts — making it accessible to institutions and RIAs that cannot custody digital assets directly.
What regulatory structure does the fund operate under?
The fund is registered under the Investment Company Act of 1940, the same framework governing most US-listed ETFs. This separates it from grantor-trust structures used by some competing products and from Galaxy's private placement crypto funds, which operate under different exemptions and carry higher minimums and lock-ups.
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