Key Takeaways
- Rex Shares launched BMAX, the first Bitcoin corporate treasury bond ETF.
- Strategy's convertible bonds account for 81.21% of the fund.
- Strategy recently acquired 20,356 BTC, bringing its holdings to 499,096 BTC.
Investment manager Rex Shares has launched BMAX, the first Bitcoin corporate treasury convertible bond ETF, offering investors access to bonds issued by companies integrating Bitcoin into their financial strategy.
CEO’s statement
Rex Financial CEO Greg King said:
BMAX is the first ETF giving retail investors and investment advisors access to convertible bonds issued by companies integrating Bitcoin into their financial strategy… Until now, these bonds have been difficult for individual investors to reach.
Pioneering efforts
Strategy Executive Chairman Michael Saylor pioneered the use of convertible bonds to finance Bitcoin acquisitions.
The BMAX ETF simplifies access to such bonds, combining debt stability with potential equity upside.
Fund composition
According to fund details, Strategy convertible bonds make up 81.21% of BMAX’s weightings.
The ETF also includes Bitcoin miners MARA (14.6%) and Riot Platforms (4.02%), with 0.17% allocated to cash and other assets.
Recent acquisitions
Following Strategy’s $2 billion zero-coupon convertible note issuance in February, the company acquired 20,356 BTC for $1.99 billion at an average price of $97,514 per Bitcoin, bringing its total holdings to 499,096 BTC, worth over $41 billion.
Market context
BMAX’s launch follows Bitwise’s Bitcoin Standard Corporations ETF (OWNB), which invests in stocks of companies holding over 1,000 BTC.
Additionally, Rex Shares has increased its ETF offerings, recently filing applications for multiple Bitcoin and altcoin funds.
