tl;dr
REX Shares launched the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) on Nasdaq, providing access to convertible bonds from three U.S. companies, including Strategy. The fund, with $24.8 million in assets, aims to make these bonds more accessible to retail investors and investment advis...
REX Shares recently launched the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) on Nasdaq, providing access to convertible bonds from three U.S. companies, including Strategy. The fund, with $24.8 million in assets, aims to make these bonds more accessible to retail investors and investment advisors. Strategy's convertible notes make up 81% of the fund's exposure, and it also includes similar products from Marathon Digital and Riot Platforms.
The actively managed fund may invest up to 20% of its assets in equities from companies using Bitcoin as a treasury reserve asset. REX has previously issued ETFs focused on Strategy and has filed for spot crypto ETFs, including one for the price of MOVE, an Ethereum layer-2 scaling network, and meme coins like BONK and Dogecoin.
According to REX, the fund is "highly concentrated" in products offered by Strategy, the world’s largest corporate holder of Bitcoin. REX Financial CEO Greg King highlighted the fund's aim to provide retail investors and investment advisors with access to previously inaccessible bonds, stating that these bonds have been difficult for individual investors to reach. King emphasized that BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor.
Aside from Strategy’s convertible notes, which account for 81% of the fund’s exposure, the fund contains similar products issued by Bitcoin miners Marathon Digital and Riot Platforms. The actively managed fund may invest up to 20% of its assets in equities issued by companies that leverage Bitcoin as a treasury reserve asset. REX has also filed for several spot crypto ETFs, including one for the price of MOVE, an Ethereum layer-2 scaling network, and meme coins like BONK and Dogecoin.