Rex Shares has launched a brand new exchange-traded fund (ETF) designed to offer traders with publicity to convertible bonds issued by firms incorporating Bitcoin into their company treasuries. The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), launched on March 14, 2025, is the primary fund of its sort.
Rex Shares Introduces First Bitcoin Corporate Treasury Bond ETF
According to a press release, BMAX goals to present retail traders and monetary advisors simpler entry to convertible bonds from firms that use debt to finance Bitcoin acquisitions. These bonds, usually linked to Bitcoin treasury methods, have usually been tough for particular person traders to entry immediately.
“BMAX is the first ETF giving retail investors and investment advisors access to convertible bonds issued by companies integrating Bitcoin into their financial strategy,” stated Greg King, CEO of Rex Financial.
The fund provides a extra accessible choice for traders seeking to acquire publicity to the rising development of Bitcoin-backed company debt, which has been primarily utilized by firms like Strategy (previously MicroStrategy), headed by Michael Saylor.
A New Investment Option for Bitcoin-Related Corporate Debt
The BMAX ETF focuses on companies which have issued convertible bonds to fund Bitcoin purchases. The technique of utilizing convertible bonds to accumulate Bitcoin was pioneered by Strategy, which has used this methodology to accumulate a good portion of its complete Bitcoin holdings, now reaching almost 500,000 BTC. BMAX simplifies entry to those company bonds by consolidating them right into a single, actively managed ETF.
Convertible bonds are a sexy choice for a lot of firms as a result of they supply a option to elevate capital with out instantly diluting present fairness. By investing in BMAX, traders can acquire publicity to Bitcoin by way of company debt devices whereas benefiting from the potential upside of fairness conversion sooner or later.
Rex Shares designed the ETF to supply each debt safety and potential fairness upside, making it an interesting choice for these seeking to capitalize on Bitcoin’s rising function in company finance with out immediately proudly owning the cryptocurrency. Additionally, Rumble, the media platform, has just lately added around 188 BTC to its company treasury. This aligns with its plans to diversify its holdings and combine Bitcoin into its monetary technique.
Diversified Holdings and Key Issuers in BMAX
The BMAX ETF’s holdings are concentrated in convertible bonds issued by firms like Strategy, which accounts for over 80% of the fund’s weight. Other important holdings embody bonds from Bitcoin mining firms reminiscent of Marathon Digital Holdings (MARA) and Riot Platforms, which collectively make up 18.6% of the ETF’s portfolio. The remaining property are allotted to money and different investments.
This focus displays the rising development of Bitcoin-backed company debt available in the market, as extra firms leverage this monetary technique.
For instance, Strategy, after completing a $2 billion zero-coupon convertible observe providing in February 2025, acquired a further 20,356 BTC. This additional strengthened the corporate’s Bitcoin treasury, which is now valued at over $41 billion. With such substantial investments, Strategy continues to guide the motion of Bitcoin adoption in company treasuries.
Market Reception and Broader Crypto ETF Trends
BMAX’s launch follows a surge in curiosity in Bitcoin-related monetary merchandise. The ETF gives a substitute for conventional Bitcoin spot ETFs, which supply direct publicity to Bitcoin itself. In addition to BMAX, different Bitcoin-focused ETFs have just lately debuted, reminiscent of Bitwise’s Bitcoin Standard Corporations ETF (OWNB), which focuses on firms holding giant quantities of Bitcoin.
Rex Shares’ entry into the Bitcoin ETF market marks an growth of crypto-related funding merchandise, offering alternatives for traders looking for publicity to Bitcoin’s potential with out immediately holding the cryptocurrency.
The rising variety of Bitcoin-focused ETFs highlights how Bitcoin is changing into an integral a part of conventional finance, with institutional and company traders main the best way.
Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Known for his incisive evaluation and insightful content material, he possesses a powerful command of English and excels in conducting thorough analysis and delivering well timed cryptocurrency market updates.
Disclaimer: The introduced content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
