First-Ever Bitcoin-Linked Convertible Bond ETF Launches

REX Launches Bitcoin Corporate Treasury Convertible Bond ETF

REX Shares has introduced a new ETF designed to give investors access to convertible bonds from companies using debt to acquire Bitcoin, with MicroStrategy (MSTR) as its largest holding.

BMAX: A New Investment Vehicle for Bitcoin-Linked Debt

The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) focuses on convertible notes issued by firms that have incorporated Bitcoin into their financial strategy.

Given MicroStrategy’s leading role in leveraging debt for Bitcoin purchases, its bonds make up the majority of BMAX’s holdings, alongside debt from Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT).

Making Bitcoin-Backed Corporate Debt Accessible

“These types of bonds have historically been difficult for individual investors to reach,” said Greg King, CEO of REX Financial. “BMAX simplifies the process, offering exposure to a corporate strategy that has driven significant Bitcoin accumulation.”

Key ETF Details & Market Impact

Trades on Nasdaq, with a 0.85% expense ratio and $25 million in initial assets.
ETF shares climbed in early trading, boosted by Bitcoin’s rally from $80,000 to over $84,000 overnight.

By launching BMAX, REX is bridging the gap between traditional finance and Bitcoin-focused corporate strategies, creating a new opportunity for investors seeking exposure to Bitcoin-backed convertible bonds.