Bitcoin-Linked Convertible Bond ETF Hits Market
Author: Helen Brown, James Van Straten | Edited by: Stephen Alpher Updated: 14 Mar 2025 15:21 UTC Published: 14 Mar 2025 15:18 UTC
REX Shares has introduced a first-of-its-kind convertible bond exchange-traded fund (ETF) that allows investors who invest in convertible bonds issued by corporations to add Bitcoin to their portfolio.
The fund, called the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), is primarily made up of convertible bonds issued by Michael Saylor’s (MSTR) strategy, which is the undisputed leader among issuers of such debt. The other 10 major holdings include convertible bonds from Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT).
“These bonds have previously been unavailable to retail investors,” said Greg King, CEO of Rex Financial, in a statement. “BMAX removes these barriers by making it more accessible to invest in a strategy pioneered by Michael Saylor — using corporate debt to purchase Bitcoin as a treasury asset.”
The fund officially launched today and is traded on the Nasdaq. It has a gross expense ratio of 0.85% and initial assets of $25 million.
Shares of the ETF rose in early trading as the price of bitcoin rose from an overnight low of around $80,000 to more than $84,000.
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