REX Shares launched the first-of-its-kind REX Bitcoin Corporate Treasury Convertible Bond ETF (NASDAQ: BMAX) on March 14, 2025. The fund aims to provide investors with unprecedented access to convertible bonds issued by companies holding Bitcoin in their corporate treasuries.
Unlike direct Bitcoin investments or broader cryptocurrency ETFs, BMAX offers exposure to convertible bonds—hybrid securities that provide both interest payments and potential equity upside.
Rex Shares sees Opportunity in Growing Bitcoin Corporate Treasury Trend
Macroeconomic uncertainty has driven businesses toward substitutes for conventional cash reserves.
With its deflationary design and restricted supply of 21 million coins, Bitcoin has gained traction as a solution and a reputation as “digital gold.” Unlike fiat money, which loses value through unlimited printing, Bitcoin’s natural scarcity prevents inflationary deterioration.
This evolution has resulted in a strategic financial asset rather than just an investment view of cryptocurrencies. Moreover, the development of institutional-grade custody solutions and the rollout of Bitcoin ETFs have made Bitcoin more easily available for corporate treasuries.
Furthermore, regulated exchanges and financial tools address liquidity issues by enabling direct ownership and synthetic exposure to Bitcoin.
To pay for its Bitcoin purchases, MicroStrategy, for instance, has effectively issued convertible debt and equity raises, therefore leveraging its BTC holdings as collateral for capital market operations.
BMAX’s Unique Offering and Structure
The BMAX ETF is actively managed and strategically concentrates on issuers like Strategy (MSTR), which has established itself as a leader in Bitcoin-backed convertible debt. Under typical market conditions, the fund will invest at least 80% of its net assets in convertible bonds issued by corporations owning Bitcoin in their corporate treasury.
This distinguishes it from other ETFs, such as the Bitwise Bitcoin Standard Company ETF, which invests in the stocks of companies having notable Bitcoin reserves. Additionally, the Strive Bitcoin Bond ETF invests in a broader variety of corporate debt instruments.
Though BMAX is not the first ETF to provide access to businesses that include Bitcoin in their business plans, it stands out by solely focusing on convertible bonds issued by companies using debt to acquire Bitcoin.
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