Rex Shares Introduces First Bitcoin Corporate Treasury Bond ETF

The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), launched on March 14, 2025, is the first fund of its kind.

Rex Shares has launched a new exchange-traded fund (ETF) designed to provide investors with exposure to convertible bonds issued by companies that are incorporating Bitcoin into their corporate treasuries.

The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) is the first fund of its kind. It began trading on March 14.

Rex Shares Introduces First Bitcoin Corporate Treasury Bond ETF

According to a press release, BMAX aims to give retail investors and financial advisors easier access to convertible bonds from companies that use debt to fund Bitcoin (BTC) acquisitions. These bonds, often linked to Bitcoin treasury strategies, have typically been difficult for individual investors to access directly.

“BMAX is the first ETF giving retail investors and investment advisors access to convertible bonds issued by companies integrating Bitcoin into their financial strategy,” said Greg King, CEO of Rex Financial.

The fund offers a more accessible option for investors seeking exposure to the growing trend of Bitcoin-backed corporate debt, which has been primarily used by companies like Strategy (formerly MicroStrategy), headed by Michael Saylor.

A New Investment Option for Bitcoin-Related Corporate Debt

The BMAX ETF concentrates on firms that have issued convertible bonds to fund Bitcoin purchases. The strategy of using convertible bonds to acquire Bitcoin was pioneered by Strategy, which has used this method to acquire a significant portion of its total Bitcoin holdings, now reaching nearly 500,000 BTC. BMAX simplifies access to these corporate bonds by consolidating them into a single, actively managed ETF.

Convertible bonds are an attractive option for many companies because they provide a way to raise capital without immediately diluting existing equity. By investing in BMAX, investors can gain exposure to Bitcoin via corporate debt instruments while benefiting from the potential upside of equity conversion in the future.

Rex Shares designed the ETF to offer both debt security and potential equity upside, making it an appealing option for those looking to capitalize on Bitcoin’s growing role in corporate finance without directly owning the cryptocurrency. Additionally, Rumble, the media platform, has recently added around 188 BTC to its corporate treasury. This aligns with its plans to diversify its holdings and integrate Bitcoin into its financial strategy.

Diversified Holdings and Key Issuers in BMAX

The BMAX ETF’s holdings are heavily skewed towards convertible bonds issued by Strategy, which comprises over 80% of the fund’s weight. Other notable entries include bonds from Bitcoin mining companies such as Marathon Digital Holdings (MARA) and Riot Platforms, which together contribute 18.6% to the ETF’s portfolio. The remaining assets are allocated to cash and other investments.

This concentration reflects the significant presence of Bitcoin-backed corporate debt in the market, as more companies engage in this financial strategy.

For instance, Strategy, after completing a $2 billion zero-coupon convertible note offering in February, used the proceeds to purchase an additional 20,356 BTC. This move further bolstered the company’s Bitcoin treasury, which is now valued at over $41 billion. With such substantial investments, Strategy continues to spearhead the movement of Bitcoin adoption in corporate treasuries.

Market Reception and Broader Crypto ETF Trends

The launch of BMAX follows a surge in interest in Bitcoin-related financial products. The ETF provides an alternative to traditional Bitcoin spot ETFs, which offer direct exposure to Bitcoin itself. In addition to BMAX, other Bitcoin-focused ETFs have recently debuted, such as Bitwise’s Bitcoin Standard Corporations ETF (OWNB), which focuses on companies holding large amounts of Bitcoin.

Rex Shares’ entry into the Bitcoin ETF market marks an expansion of crypto-related investment products, providing opportunities for investors seeking exposure to Bitcoin’s potential without directly holding the cryptocurrency.

The growing number of Bitcoin-focused ETFs underscores how Bitcoin is becoming an increasingly integrated part of traditional finance, with institutional and corporate investors leading the way.