REX Launches BMAX ETF for Bitcoin Corporate Bonds

REX Shares has launched the Bitcoin Corporate Treasury Convertible Bond (BMAX) ETF, a new investment vehicle designed to provide investors with access to convertible bonds issued by companies that use debt to acquire Bitcoin. The fund, announced on March 14, targets firms that incorporate Bitcoin into their corporate treasuries, a strategy that has gained traction in recent years. Publicly traded companies have increasingly turned to convertible notes to raise funds for BTC purchases, with Strategy, under executive chairman Michael Saylor, being a notable pioneer in this approach. Strategy acquired a significant portion of its 499,096 BTC holdings through convertible bond issuances, and other firms, including Metaplanet, have followed suit.

BMAX simplifies access to these bonds by packaging them into a single, actively managed ETF. The fund focuses on key issuers such as Strategy, offering a structured way for investors to gain exposure to this market. By investing in BMAX, investors can benefit from companies leveraging BTC as part of their treasury strategy while capitalizing on the advantages of convertible bonds. This structure allows investors to balance debt security and potential equity upside, providing a regulated investment vehicle that removes the complexity of sourcing individual bonds or managing direct BTC ownership.

Greg King, CEO of REX Financial, described BMAX as the first ETF to provide access to convertible bonds tied to corporate BTC holdings. He noted that individual investors previously faced hurdles in reaching these bonds, but BMAX eliminates those barriers, making it easier to participate in corporate strategies that use debt to acquire Bitcoin. This ETF joins a growing list of Bitcoin-related financial products that do not require direct Bitcoin ownership, following recent launches of ETFs focused on Bitcoin mining stocks and treasury-backed Bitcoin investments.

The expansion of these offerings reflects Bitcoin’s increasing presence in traditional finance, highlighting investment opportunities beyond spot Bitcoin ETFs. By offering a regulated investment vehicle, BMAX allows investors to engage with this market in a more controlled manner without dealing with the volatility of holding Bitcoin directly. This development marks a significant step in the integration of Bitcoin into the broader financial landscape, providing investors with a new avenue to participate in the growing trend of companies incorporating Bitcoin into their financial strategies.