Rex Shares launches bitcoin corporate treasury convertible bond ETF focusing on issuers like Strategy

Investment manager Rex Shares launched its bitcoin corporate treasury convertible bond exchange-traded fund, BMAX, on Friday. The fund provides exposure to convertible bonds issued by companies actively incorporating bitcoin into their corporate treasury.

"BMAX is the first ETF giving retail investors and investment advisors access to convertible bonds issued by companies integrating bitcoin into their financial strategy," Rex Financial CEO Greg King said in a statement. "Until now, these bonds have been difficult for individual investors to reach."

Pioneered by Strategy Executive Chairman Michael Saylor, an increasing number of public companies are issuing convertible bonds to finance bitcoin acquisitions for their treasury, with BMAX aiming to simplify access to such bonds via a single, actively managed ETF offering a blend of debt stability and potential equity upside.

Various Strategy convertible bonds make up a total of 81.21% of the BMAX fund's weightings. Bitcoin miners MARA and Riot Platforms' bonds account for 14.6% and 4.02%, respectively, with the remaining 0.17% of holdings in "cash and other" assets, according to details shared with The Block.

Following the completion of Strategy’s latest $2 billion zero-coupon convertible note offering in February, the company acquired an additional 20,356 BTC for approximately $1.99 billion at an average price of $97,514 per bitcoin, taking its total holdings to 499,096 BTC, worth over $41 billion.

The launch of BMAX follows the debut of Bitwise's Bitcoin Standard Corporations ETF (OWNB) on Tuesday, which provides exposure to the stocks of companies holding over 1,000 BTC in their treasury. Strategy is also the top asset in the Bitwise ETF, followed by MARA, CleanSpark and Riot Platforms. The ETF is weighted by the amount of bitcoin owned, with the largest holding capped at 20% for diversification purposes.

Rex ramping up crypto-related ETFs

Rex has been ramping up its crypto-related ETF activity in recent weeks. In January, the firm teamed up with Osprey Funds, where Greg King is also CEO, to file registration statements for seven separate funds a day after President Donald Trump's inauguration and shortly after he launched an official TRUMP memecoin that garnered billions of dollars of investments.

That filing also included an ETF proposal for the TRUMP memecoin, as well as proposals for Ethereum, Bitcoin, Solana, XRP, Dogecoin and Bonk funds.

On Monday, Rex and Osprey Funds then filed the first application to list an ETF tracking MOVE, the native token of the Movement network, amid that project's public mainnet beta launch.

Updated with details of the BMAX fund's weightings.