Rex Shares has introduced a new exchange-traded fund (ETF) designed to provide investors with exposure to convertible bonds issued by companies incorporating Bitcoin into their corporate treasuries. The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), launched on March 14, 2025, is the first fund of its kind.
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 finance Bitcoin 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 looking to gain 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 focuses 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 concentrated in convertible bonds issued by companies like Strategy, which accounts for over 80% of the fund’s weight. Other significant holdings include bonds from Bitcoin mining companies such as Marathon Digital Holdings (MARA) and Riot Platforms, which together make up 18.6% of the ETF’s portfolio. The remaining assets are allocated to cash and other investments.
This concentration reflects the growing trend of Bitcoin-backed corporate debt in the market, as more companies leverage this financial strategy.
For example, Strategy, after completing a $2 billion zero-coupon convertible note offering in February 2025, acquired an additional 20,356 BTC. This further strengthened the company’s Bitcoin treasury, which is now valued at over $41 billion. With such substantial investments, Strategy continues to lead the movement of Bitcoin adoption in corporate treasuries.
Market Reception and Broader Crypto ETF Trends
BMAX’s launch 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 highlights how Bitcoin is becoming an integral part of traditional finance, with institutional and corporate investors leading the way.
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