REX Shares has introduced a groundbreaking convertible-bonds exchange-traded fund (ETF) that provides investors with exposure to convertible debt issued by corporations looking to add bitcoin to their balance sheet.
Known as the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), the majority of the fund consists of convertible paper issued by Michael Saylor’s Strategy (MSTR), the largest issuer of such debt. Other top 10 holdings include convertible notes from bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT).
Greg King, CEO of Rex Financial, stated in a press release, “Until now, these bonds have been difficult for individual investors to access. BMAX eliminates those barriers, making it simpler to invest in the strategy pioneered by Michael Saylor — using corporate debt to acquire 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 was initially funded with $25 million in assets.
Shares of the ETF are up in early trading as bitcoin has risen from an overnight low of about $80,000 to over $84,000.
