REX Shares has launched the Bitcoin Corporate Treasury Convertible Bond (BMAX) ETF, designed to give investors access to convertible bonds issued by companies using debt to acquire Bitcoin.
The fund, announced on March 14, will target firms that incorporate Bitcoin into their corporate treasuries. Over recent years, publicly traded companies have increasingly turned to convertible notes to raise funds for BTC purchases.
Strategy, under executive chairman Michael Saylor, pioneered the approach, acquiring a significant portion of its 499,096 BTC holdings through convertible bond issuances. Other firms, including Metaplanet, have followed suit.
BMAX simplifies access to these bonds by packaging them into a single, actively managed ETF. The fund will focus on key issuers such as Strategy, offering a structured way for investors to gain exposure to this market.
The ETF aims to balance debt security and potential equity upside. This structure allows investors to benefit from companies leveraging BTC as part of their treasury strategy while capitalizing on the advantages of convertible bonds.
By offering a regulated investment vehicle, BMAX removes the complexity of sourcing individual bonds or managing direct BTC ownership. Investors can engage with this market in a more controlled manner without dealing with the volatility of holding Bitcoin directly.
REX Financial CEO Greg King 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. It follows 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.
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