REX Introduces Bitcoin-Focused Convertible Bond ETF

REX Shares has launched a first-of-its-kind ETF that provides investors exposure to convertible bonds issued by companies using debt to acquire Bitcoin—with MicroStrategy (MSTR) making up the bulk of its holdings.

BMAX: A Gateway to Bitcoin-Linked Corporate Debt

The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) is designed to track the convertible notes of firms that have incorporated Bitcoin into their balance sheets.

Due to MicroStrategy’s aggressive Bitcoin acquisition strategy, its bonds comprise the majority of the ETF’s portfolio. The fund also holds debt from major Bitcoin miners such as Marathon Digital (MARA) and Riot Platforms (RIOT).

Bringing Institutional Bitcoin Strategies to Retail Investors

“Until now, these bonds have been challenging for individual investors to access,” said Greg King, CEO of REX Financial. “BMAX removes that hurdle, allowing investors to participate in the same debt-backed Bitcoin strategy used by major corporations.”

ETF Launch & Market Reaction

• Trades on Nasdaq with a 0.85% gross expense ratio and an initial asset base of $25 million.
• ETF shares rose in early trading, fueled by Bitcoin’s surge from $80,000 to over $84,000 overnight.

With BMAX, REX is expanding the intersection of traditional finance and Bitcoin, offering investors a new way to gain exposure to corporate debt tied to the crypto market.