Rex Shares has launched a brand new exchange-traded fund (ETF) designed to supply buyers with publicity to convertible bonds issued by firms incorporating Bitcoin into their company treasuries. The REX Bitcoin Company Treasury Convertible Bond ETF (BMAX), launched on March 14, 2025, is the primary fund of its sort.
Rex Shares Introduces First Bitcoin Company Treasury Bond ETF
In accordance with a press release, BMAX goals to offer retail buyers and monetary advisors simpler entry to convertible bonds from firms that use debt to finance Bitcoin acquisitions. These bonds, typically linked to Bitcoin treasury methods, have sometimes been tough for particular person buyers to entry instantly.
“BMAX is the primary ETF giving retail buyers and funding advisors entry to convertible bonds issued by firms integrating Bitcoin into their monetary technique,” stated Greg King, CEO of Rex Monetary.
The fund gives a extra accessible choice for buyers trying to achieve publicity to the rising pattern of Bitcoin-backed company debt, which has been primarily utilized by firms like Technique (previously MicroStrategy), headed by Michael Saylor.
A New Funding Possibility for Bitcoin-Associated Company Debt
The BMAX ETF focuses on corporations which have issued convertible bonds to fund Bitcoin purchases. The technique of utilizing convertible bonds to accumulate Bitcoin was pioneered by Technique, which has used this technique to accumulate a good portion of its complete Bitcoin holdings, now reaching practically 500,000 BTC. BMAX simplifies entry to those company bonds by consolidating them right into a single, actively managed ETF.
Convertible bonds are a pretty choice for a lot of firms as a result of they supply a strategy to elevate capital with out instantly diluting current fairness. By investing in BMAX, buyers can achieve 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 trying to capitalize on Bitcoin’s rising position in company finance with out instantly proudly owning the cryptocurrency. Moreover, Rumble, the media platform, has 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 Technique, which accounts for over 80% of the fund’s weight. Different important holdings embrace 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 belongings are allotted to money and different investments.
This focus displays the rising pattern of Bitcoin-backed company debt available in the market, as extra firms leverage this monetary technique.
For instance, Technique, after completing a $2 billion zero-coupon convertible observe providing in February 2025, acquired an extra 20,356 BTC. This additional strengthened the corporate’s Bitcoin treasury, which is now valued at over $41 billion. With such substantial investments, Technique continues to guide the motion of Bitcoin adoption in company treasuries.
Market Reception and Broader Crypto ETF Traits
BMAX’s launch follows a surge in curiosity in Bitcoin-related monetary merchandise. The ETF supplies a substitute for conventional Bitcoin spot ETFs, which supply direct publicity to Bitcoin itself. Along with BMAX, different Bitcoin-focused ETFs have 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 enlargement of crypto-related funding merchandise, offering alternatives for buyers in search of publicity to Bitcoin’s potential with out instantly 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 buyers main the way in which.
Kelvin Munene Murithi
Kelvin is a distinguished author with experience in crypto and finance, holding a Bachelor’s diploma in Actuarial Science. Recognized 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 offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
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