# Invesco Physical Bitcoin ETP (BTIP) **Page:** https://fundology.uk/fund/btip · ISIN XS2376095068 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, BTIP (Invesco Physical Bitcoin ETP, ISIN XS2376095068) closed at £50.46 on the London Stock Exchange. Its ongoing charge is 0.99% a year (about £99 on £10,000). Over the five years to 13/11/2026 its total return was −27.4%, or −43.3% after UK CPIH inflation. ## Summary Invesco Physical Bitcoin ETP is an exchange-traded product from Invesco, launched in 2021. It tracks the CoinShares Bitcoin Hourly Reference Rate - 4pm Fixing - Benchmark TR Net. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.99% a year — about £99 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. > **Crypto:** Cryptoassets are high-risk and largely unregulated in the UK. Prices can rise and fall very sharply, and you could lose all the money you put in. Latest close: **£50.46** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | BTIP | | ISIN | XS2376095068 | | Also listed as | BTIC (London Stock Exchange, US dollars) | | Category | Crypto | | Type | ETN / ETP | | Provider | Invesco | | Tracks | CoinShares Bitcoin Hourly Reference Rate - 4pm Fixing - Benchmark TR Net | | Income | Accumulating | | Ongoing charge | 0.99% a year (£99 per £10,000) | | Fund size | £196m | | Launched | 2021 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 31/03/2022 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -29.72% | -32.21% | income reinvested | | 5 years | -27.36% | -43.30% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Invesco Physical Bitcoin ETP in pounds (price, with income reinvested in the fund): 2025 −15.7%; 2026 to 13/11/2026 −22.3%. Returns of Invesco Physical Bitcoin ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −30.0%; to 30/09/2025: +81.3%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2025 | -15.7% | -18.6% | Price | | 2026 to 13/11/2026 | -22.3% | -24.8% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 45.01% | -41.03% | ## Largest fall Volatility of Invesco Physical Bitcoin ETP in pounds, annualised from weekly returns to 13/11/2026: 45.0% over 1 year. Largest fall in the price of Invesco Physical Bitcoin ETP since June 2024, in pounds: −49.6% from 03/10/2025 to 05/06/2026. The lowest 12-month return of Invesco Physical Bitcoin ETP in pounds (price, with income reinvested in the fund) since June 2024 was −46.4% (12 months to 17/07/2026); the highest was +98.8% (12 months to 05/09/2025). On 13/11/2026 the price of Invesco Physical Bitcoin ETP was 42.4% below its highest weekly close since June 2024 (03/10/2025), in pounds. ## Charges compared with similar funds Ongoing charge of Invesco Physical Bitcoin ETP 0.99% a year. Compared on 14/11/2026, 6 of the 19 other crypto products charge more, 0 the same and 13 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.99%** per year (as of 13/11/2026) - Stocks and shares ISA eligible: no (crypto ETN). Since 06/04/2026 crypto ETNs cannot be added to a stocks and shares ISA (or a Junior ISA). HMRC rules allow them in an Innovative Finance ISA, where a provider offers one, and in a SIPP. Crypto ETNs bought into a stocks and shares ISA before that date may stay there. - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## Questions people ask **What is the ongoing charge of BTIP?** The ongoing charge of BTIP is 0.99% a year — about £99 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco Physical Bitcoin ETP 0.99% a year. Compared on 14/11/2026, 6 of the 19 other crypto products charge more, 0 the same and 13 less (share classes counted once). **What does BTIP track?** BTIP tracks the CoinShares Bitcoin Hourly Reference Rate - 4pm Fixing - Benchmark TR Net. **Is BTIP accumulating or distributing?** BTIP is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of BTIP?** The ISIN of BTIP is XS2376095068. An ISIN identifies one exact share class of a fund; BTIP is its ticker on the London Stock Exchange. The same share class is also listed as BTIC (London Stock Exchange, US dollars). **What were BTIP’s returns in each of the last five years?** Calendar-year returns of BTIP in pounds (price, with income reinvested in the fund): 2025 −15.7%; 2026 to 13/11/2026 −22.3%. Past performance is not a guide to future returns. **How has BTIP done after inflation?** Over the five years to 13/11/2026 BTIP’s total return was −27.4%, or −43.3% after UK CPIH inflation. Past performance is not a guide to future returns. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.