Bitcoin (BTC) Related Convertible Bond ETF Holding Primarily MSTR Comes to Market
03/14/2025 22:22
Convertible debt from Michael Saylor's Strategy comprises the majority of the fund's holdings.
Convertible debt from Michael Saylor's Strategy comprises the majority of the fund's holdings.
Mar 14, 2025, 3:18 p.m. UTC
REX Shares has launched a first-of-its-kind convertible-bonds exchange-traded fund (ETF), allowing investors exposure to the convertible debt issued by corporates to add bitcoin to their balance sheet.
Called the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), the fund is necessarily mostly made up of convertible paper issued by Michael Saylor's Strategy (MSTR), by far the largest issuer of such debt. Other top 10 holdings include the convertible notes of bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT).
“Until now, these bonds have been difficult for individual investors to reach,” said Greg King, CEO of Rex Financial, in a statement. “BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor — leveraging corporate debt to acquire Bitcoin as a treasury asset.”
The fund officially launched today, and trades on the Nasdaq. It has a gross expense ratio of 0.85% and was seeded with $25 million in assets.
Shares of the ETF are higher in early trading as bitcoin has rallied from an overnight low of around $80,000 to above $84,000.
Helene Braun
Helene is a New York-based news reporter at CoinDesk, covering news about Wall Street, the rise of the spot bitcoin exchange-traded funds (ETFs) and updates on crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show on Spotify and Youtube. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
