REX Launches Bitcoin Corporate Treasury Convertible Bond ETF
A new ETF from REX Shares is bringing investor access to convertible debt issued by corporations acquiring Bitcoin, with Michael Saylor’s MicroStrategy (MSTR) making up the bulk of its holdings.
A First-of-Its-Kind Bitcoin-Linked Convertible Bond ETF
The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) is designed to give investors exposure to convertible bonds issued by companies leveraging debt to hold Bitcoin as a treasury asset.
Due to MicroStrategy’s dominance in issuing such debt, the majority of BMAX’s holdings come from Saylor’s firm. Other key positions include convertible notes from Bitcoin mining giants Marathon Digital (MARA) and Riot Platforms (RIOT).
Democratizing Access to Bitcoin-Related Debt
“Until now, these bonds have been difficult for individual investors to reach,” said Greg King, CEO of REX Financial. “BMAX removes those barriers, allowing investors to follow the strategy pioneered by Michael Saylor—using corporate debt to acquire Bitcoin.”
ETF Details and Market Reaction
- Launched on Nasdaq today, the ETF has a gross expense ratio of 0.85% and started with $25 million in assets.
- In early trading, BMAX shares moved higher, benefiting from Bitcoin’s price surge from $80,000 to over $84,000 overnight.
The introduction of BMAX marks a significant step in bridging traditional finance with Bitcoin-based corporate strategies, offering investors a new way to gain exposure to companies betting on Bitcoin.
