REX Introduces Bitcoin Corporate Treasury Convertible Bond ETF

Bitcoin is increasingly being integrated into the traditional financial system through indirect exposure via corporate securities and ETFs.

REX Shares, an ETF provider with over $6 billion in assets under management (AUM), has launched its Bitcoin Corporate Treasury Convertible Bond (BMAX) ETF. This fund invests in convertible bonds issued by companies that have adopted a Bitcoin corporate reserve strategy.

As announced on March 14, the ETF will purchase the convertible notes of companies like Strategy. Convertible notes are commercial paper that can be converted into equity at a predetermined rate if the investor opts to do so.

Typically, these convertible bonds are acquired by institutional investors, such as pension funds, some of which specialize in this type of investment. Greg King, CEO of REX Financial, commented, "Until now, these bonds have been difficult for individual investors to access. BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor—using corporate debt to acquire Bitcoin as a treasury asset."

By investing in convertible bonds, ETFs, and the equity of companies like Strategy, MARA, and Metaplanet, investors gain indirect exposure to Bitcoin. This approach eliminates the technical challenges and self-custodial risks associated with holding Bitcoin directly.

Strategy: A Proxy Bitcoin Bet for Institutional Investors

Institutional investors often face challenges when it comes to holding Bitcoin directly, either due to a lack of technical expertise or legal and fiduciary restrictions that prevent them from investing in digital assets. As a result, companies like Strategy offer a proxy way to gain exposure to Bitcoin without directly holding the asset.

At least 12 U.S. states currently hold Strategy stock as part of their state pension funds and treasuries. These states collectively own over $271 million in Strategy stock based on current market prices. The states include Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah, and Wisconsin.

Among them, California’s State Teachers’ Retirement Fund holds $67.2 million, while the Public Employees Retirement System holds $62.8 million in Strategy stock.

Strategy’s Bitcoin purchases in 2025. Source: SaylorTracker

According to SaylorTracker, Strategy currently holds 499,096 BTC, valued at over $41.4 billion, making it one of the largest corporate Bitcoin holders globally—surpassing the U.S. government’s estimated 198,000 BTC.

Strategy's most recent Bitcoin acquisition took place on February 24, when the company purchased 20,356 BTC for nearly $2 billion.