Rex Financial Launnes Bitcoin（BTC）公司财政部敞篷债券（BMAX）ETF

Rex股票是一家交易所交易基金（ETF）的提供商，拥有超过60亿美元的管理资产（AUM），启动了其比特币（BTC）公司财政部敞篷债券（BMAX）ETF

REX Shares, an exchange-traded fund (ETF) provider with over $6 billion in AUM, has launched its Bitcoin (BTC) Corporate Treasury Convertible Bond (BMAX) ETF that invests in the convertible bonds of companies with a BTC corporate reserve strategy.

雷克斯（Rex）股票是AUM超过60亿美元的交易所交易基金（ETF）提供商，已推出其比特币（BTC）公司财政部可转换债券（BMAX）ETF，该债券（BMAX）ETF投资于与BTC公司储备战略的公司的可转换债券。

According to the March 14 announcement, the ETF will purchase the convertible notes of companies such as Strategy. Convertible notes are commercial paper that can be converted into equity at a predetermined rate if an investor chooses.

根据3月14日的公告，ETF将购买诸如战略等公司的可转换票据。可转换票据是商业纸张，如果投资者选择，可以以预定的利率转换为股权。

Typically, these convertible bonds are purchased by institutional investors, including pension funds, some of which specialize in convertible note investing. Greg King, CEO of REX Financial, said:

通常，这些可转换债券是由机构投资者购买的，其中包括养老基金，其中一些专门从事可转换票据投资。 Rex Financial首席执行官Greg King说：

“Investing in convertible bonds, ETFs and the equity of companies such as Strategy, MARA and Metaplanet provides investors with indirect exposure to Bitcoin that removes the technical barrier to entry and self-custodial risks of holding BTC directly.”

“投资于诸如战略，Mara和Metaplanet等公司的可转换债券，ETF和股权，为投资者提供了间接接触比特币的投资者，这可以直接消除持有BTC的进入技术障碍和自治风险。”

Related: Michael Saylor’s Strategy to raise up to $21B to purchase more Bitcoin

相关：迈克尔·塞勒（Michael Saylor）筹集高达$ 21B以购买更多比特币的策略

Strategy a proxy Bitcoin bet for institutional investors

战略机构投资者的代理比特币下注

The announcement noted that institutional investors may lack the technical sophistication to hold BTC directly or have legal or fiduciary constraints preventing them from investing in digital assets.

该公告指出，机构投资者可能缺乏直接持有BTC的技术成熟，或者具有法律或受信的限制，从而阻止他们投资数字资产。

At least 12 US states currently hold Strategy stock as part of their state pension funds and treasuries. Collectively, these states hold over $271 million in Strategy stock using current market prices.

目前，至少有12个州作为其州养老基金和国债的一部分持有战略股票。总的来说，这些州使用当前的市场价格持有超过2.71亿美元的战略股票。

The list comprises Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah and Wisconsin.

该清单包括亚利桑那州，加利福尼亚，科罗拉多州，佛罗里达，伊利诺伊州，路易斯安那州，马里兰州，北卡罗来纳州，新泽西州，德克萨斯州，犹他州和威斯康星州。

California’s State Teachers’ Retirement Fund and its Public Employees Retirement System hold $67.2 million and $62.8 million in Strategy stock, respectively.

加利福尼亚州的州教师退休基金及其公共雇员退休系统分别持有6720万美元和6280万美元的战略股票。

According to SaylorTracker, Strategy currently holds 499,096 BTC, valued at over $41.4 billion, making the company one of the largest corporate BTC holders in the world — eclipsing the US government’s estimated 198,000 BTC.

根据Saylortracker的说法，战略目前拥有499,096 BTC，价值超过414亿美元，使该公司成为世界上最大的公司BTC持有人之一，这使美国政府估计的198,000 BTC黯然失色。

Strategy’s most recent Bitcoin purchase occurred on Feb. 24, when the company acquired 20,356 BTC for nearly $2 billion.

策略最近的比特币购买发生在2月24日，当时该公司以近20亿美元的价格收购了20,356 BTC。