- REX Shares launched the BMAX ETF providing access to Strategy’s convertible bonds, with 81% concentration in Strategy (formerly MicroStrategy) securities.
- The $24.8 million fund aims to democratize access to Bitcoin-focused debt instruments previously available primarily to institutional investors.
- REX continues expanding its crypto-focused ETF offerings, including leveraged products and potential spot crypto ETFs for various tokens and meme coins.
REX Shares has introduced a new exchange-traded fund that gives retail investors unprecedented access to Strategy‘s convertible bonds, marking another financial product tied to the largest corporate holder of Bitcoin. The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) launched Friday on Nasdaq with $24.8 million in initial assets.
The fund primarily focuses on debt securities from companies that maintain Bitcoin as a treasury asset, with an overwhelming 81% concentration in Strategy convertible notes. The remaining exposure comes from similar debt instruments issued by Bitcoin miners Marathon Digital and Riot Platforms.
Greg King, CEO of REX Financial, emphasized the fund’s role in democratizing investment opportunities previously limited to institutional players: “Until now, these bonds have been difficult for individual investors to reach. BMAX removes those barriers making it easier to invest in the strategy pioneered by Michael Saylor.”
Convertible senior notes, the primary investment vehicle for BMAX, represent bonds that investors can convert into company shares when the underlying stock reaches specified price thresholds. This hybrid security offers both debt security and potential equity upside.
According to the company’s press release, the actively managed fund may allocate up to 20% of its assets toward equities of companies leveraging Bitcoin as treasury reserves, either through secondary market purchases or by converting bonds into shares.
This launch extends REX’s growing portfolio of Bitcoin-adjacent investment products. The firm already offers leveraged ETFs delivering 2x long or short exposure to Strategy‘s stock performance, allowing investors to amplify their bets on the company formerly known as MicroStrategy.
Beyond Bitcoin-focused corporate securities, REX has aggressively pursued spot cryptocurrency ETFs. The company recently filed for an ETF tracking MOVE, an Ethereum layer-2 scaling network that just launched its mainnet this week.
REX is also racing to capitalize on meme coin interest with ETF applications for President Donald Trump‘s meme coin on Solana, BONK, and Dogecoin, positioning itself at the intersection of traditional finance and emerging crypto assets.
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