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REX Shares launched BMAX, the first Bitcoin convertible-bond ETF

BMAX, the first convertible-bonds ETF issued by REX Shares, aims to simplify access to convertible bonds issued by companies that use debt financing to acquire bitcoin for their corporate treasury, a strategy popularized by Strategy Executive Chairman Michael Saylor

BMAX's launch follows Strategy’s recent issuance of $2 billion in zero-coupon convertible notes, which funded its acquisition of an additional 20,356 BTC, increasing Strategy’s total Bitcoin holdings to 499,096 BTC

BMAX, launched by REX Shares, primarily holds convertible bonds from Michael Saylor's Strategy (81.21%), followed by bitcoin miners Marathon Digital (MARA) at 14.6% and Riot Platforms (RIOT) at 4.02%

BMAX, issued by REX Shares, debuted with $25 million in assets under management (AUM) and carries an expense ratio of 0.85%, providing investors easier access to bitcoin-tied corporate debt instruments previously difficult for individual investors to obtain

BMAX's launch follows the recent introduction of the Bitwise Bitcoin Standard ETF (OWNB), which provides exposure to stocks of companies holding over 1,000 BTC, with Strategy as its top holding, followed by Marathon Digital, CleanSpark and Riot Platforms

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REX Shares launched Bitcoin corporate treasury convertible bond ETF (BMAX)

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