Rex Shares launches BMAX ETF for Bitcoin corporate treasury convertible bonds

Rex Shares has announced the launch of the Bitcoin Corporate Treasury Convertible Bond (BMAX) exchange-traded fund (ETF). The new product allows investors to gain exposure to the convertible bonds of companies adopting Bitcoin treasury.

According to the asset manager, this ETF is a first-of-its-kind product that will finally give accredited and retail investors access to companies buying BTC as a corporate financial strategy.

Interest in Bitcoin as a treasury asset has increased over the years due to Strategy’s (formerly MicroStrategy) large-scale acquisitions. Last year, Strategy adopted convertible debt to finance its Bitcoin acquisition, and several publicly listed firms have also embraced the same approach. This has created a class of corporate Bitcoin-related convertible debts in the market.

BMAX exists as a single fund through which investors can access all these convertible bonds through one index instead of gaining direct exposure to each bond. However, the firm said that investing in BMAX ETF is not the same as investing directly in Bitcoin. Rex Shares CEO Greg King described the fund as removing barriers for retail investors.

He said:

“Until now, these bonds have been difficult for individual investors to reach. 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.”

Meanwhile, information from the firm shows that BMAX mostly focuses on Strategy convertible bonds, with six of the company’s convertible debt offerings accounting for 81.21% of the ETF’s weighting. The fund also has exposure to two MARA Holdings convertible bonds and a Riot Platforms convertible bond.

Although BMAX is the only product exclusively focused on Bitcoin-convertible debts, it is far from the only ETF focused on corporate convertible bonds. Data from Bloomberg shows at least seven ETFs focused on convertible bonds. Of these seven, at least five have exposure to Strategy.

Interestingly, BMAX is only the latest in a series of crypto-focused ETFs from Rex Shares. The firm showed interest in crypto ETFs in January 2025 when it partnered with Osprey funds to register applications for seven crypto ETFs, including one for TRUMP memecoin. More recently, it filed an ETF application for MOVE token after the network’s beta launch for its mainnet.

More crypto-focused ETFs emerging despite market struggles

Meanwhile, BMAX highlights the trend of new crypto-focused ETF applications and launches that have continued to pile on since the start of President Donald Trump’s administration. Only a few days ago, Bitwise unveiled its Bitcoin Standard Corporations ETF (OWNB), which provides exposure to the stocks of companies that hold over 1,000 BTC in their treasury.

Strategy’s MSTR is the biggest holding of the ETF with 20.87%, followed by MARA Holdings with 12.12%. Other stocks in the index include CleanSpark CLSK, Riot Platforms RIOT, Booya Interactive, and Metaplanet.

Beyond the variety of Bitcoin-focused ETFs that issuers have launched in recent weeks, there have also been more applications for altcoin ETFs. The latest is an Avalanche ETF filed by VanEck. According to Bloomberg Senior Analyst Eric Balchunas, the US Securities and Exchange Commission (SEC) has at least 60 spot crypto ETF proposals awaiting review.

The strong interest in crypto ETFs sharply contrasts the market, which has seen a sizable decline in recent weeks. Several cryptocurrencies, led by Bitcoin, have tanked significantly over the last 30 days, causing Bitcoin ETF inflows to fall from their peak of $40 billion to $35 billion.

In contrast, the total value of all Bitcoin ETFs combined is now below the gold ETF due to a 12% gain for GLD this year. However, experts believe that Bitcoin ETFs still have the potential to surpass Gold ETFs in value.

Balchunas said, “Despite the legit W for gold I still think btc ETFs will grow to triple that of gold ETFs but as I’ve said repeatedly it aint gonna be a a smooth path, but rather two steps fwd, one step back.”

For now, crypto assets look to be on the path to a rebound, with Bitcoin rising more than 4% in the last 24 hours to surpass $84,000. Solana is also up 9% and has become one of the best performers, while TRUMP memecoin gained 13%.

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