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        <name>Grayscale Bitcoin Trust ETF</name>
        <lei>549300XZGUJEF0EHBE41</lei>
        <title>Grayscale Bitcoin Trust ETF</title>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Core Scientific, Inc.</name>
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        <name>Coinbase Global, Inc.</name>
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        <name>GameStop Corp.</name>
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        <name>HashKey Holdings Ltd.</name>
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        <name>Advanced Micro Devices, Inc.</name>
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        <name>Visa Inc.</name>
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        <title>Visa Inc., Class A</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Nakamoto Inc.</name>
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        <name>Riot Platforms, Inc.</name>
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        <name>Bullish</name>
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        <name>ARK 21Shares Bitcoin ETF</name>
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        <title>ARK 21Shares Bitcoin ETF</title>
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        <name>Hut 8 Corp.</name>
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        <name>Bitwise Bitcoin ETF</name>
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        <name>Fidelity Wise Origin Bitcoin Fund</name>
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        <name>Goldman Sachs Group, Inc. (The)</name>
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        <name>NVIDIA Corp.</name>
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        <name>PayPal Holdings, Inc.</name>
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        <name>Metaplanet Inc.</name>
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        <name>Etoro Group Ltd.</name>
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        <name>OSL Group Ltd.</name>
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        <title>OSL Group Ltd.</title>
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        <name>American Bitcoin Corp.</name>
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        <title>American Bitcoin Corp., Class A</title>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canaan Inc.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Aker ASA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IREN Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gemini Space Station, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bit Digital, Inc.</name>
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        <title>Bit Digital, Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BTCS Inc.</name>
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        <title>BTCS Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Bitmine Immersion Technologies, Inc.</name>
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        <title>Bitmine Immersion Technologies, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boyaa Interactive International Ltd.</name>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>iShares Bitcoin Trust ETF</name>
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        <title>iShares Bitcoin Trust ETF</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mara Holdings, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Soluna Holdings, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Galaxy Digital Inc.</name>
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        <title>Galaxy Digital Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Keel Infrastructure Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bitdeer Technologies Group</name>
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        <title>Bitdeer Technologies Group</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Bitgo Holdings, Inc.</name>
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        <name>Invesco Private Government Fund</name>
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        <name>VanEck Bitcoin ETF</name>
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        <name>Hive Digital Technologies Ltd.</name>
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        <name>Microsoft Corp.</name>
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        <name>Strategy Inc.</name>
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        <name>SharpLink, Inc.</name>
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        <name>Exodus Movement, Inc.</name>
        <lei>984500E614L4114D9667</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Hyperscale Data, Inc.</name>
        <lei>549300OXRKHU5GYA9Q74</lei>
        <title>Hyperscale Data, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co. Ltd.</name>
        <lei>549300KB6NK5SBD14S87</lei>
        <title>Taiwan Semiconductor Manufacturing Co. Ltd., ADR</title>
        <cusip>874039100</cusip>
        <identifiers>
          <isin value="US8740391003"/>
        </identifiers>
        <balance>217.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85945.02000000</valUSD>
        <pctVal>0.979500620988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trump Media &amp; Technology Group Corp.</name>
        <lei>6488S3A83U2SRQ48O215</lei>
        <title>Trump Media &amp; Technology Group Corp.</title>
        <cusip>25400Q105</cusip>
        <identifiers>
          <isin value="US25400Q1058"/>
        </identifiers>
        <balance>8587.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>78571.05000000</valUSD>
        <pctVal>0.895460752312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Twenty One Capital, Inc.</name>
        <lei>N/A</lei>
        <title>Twenty One Capital, Inc., Class A</title>
        <cusip>90138L109</cusip>
        <identifiers>
          <isin value="US90138L1098"/>
        </identifiers>
        <balance>21362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178159.08000000</valUSD>
        <pctVal>2.030448413353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="10672.29000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cipher Digital Inc.</name>
        <lei>254900QABG5HCQZ28A17</lei>
        <title>Cipher Digital Inc.</title>
        <cusip>17253J106</cusip>
        <identifiers>
          <isin value="US17253J1060"/>
        </identifiers>
        <balance>8670.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>153805.80000000</valUSD>
        <pctVal>1.752898266956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TeraWulf Inc.</name>
        <lei>254900CVMW1SX2T78A64</lei>
        <title>TeraWulf Inc.</title>
        <cusip>88080T104</cusip>
        <identifiers>
          <isin value="US88080T1043"/>
        </identifiers>
        <balance>7454.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>161975.42000000</valUSD>
        <pctVal>1.846006021928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="147727.58000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bakkt, Inc.</name>
        <lei>N/A</lei>
        <title>Bakkt, Inc.</title>
        <cusip>05759B305</cusip>
        <identifiers>
          <isin value="US05759B3050"/>
        </identifiers>
        <balance>16906.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145729.72000000</valUSD>
        <pctVal>1.660856571287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="131544.96000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Forum Markets, Inc.</name>
        <lei>98450063A2D8EF54EB11</lei>
        <title>Forum Markets, Inc.</title>
        <cusip>68236V401</cusip>
        <identifiers>
          <isin value="US68236V4014"/>
        </identifiers>
        <balance>69533.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>380345.51000000</valUSD>
        <pctVal>4.334732404914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="36260.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Robinhood Markets, Inc.</name>
        <lei>213800FS5AO3YWIE6F63</lei>
        <title>Robinhood Markets, Inc., Class A</title>
        <cusip>770700102</cusip>
        <identifiers>
          <isin value="US7707001027"/>
        </identifiers>
        <balance>1134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82657.26000000</valUSD>
        <pctVal>0.942030585357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="79886.40000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
