Rex Shares has boldly moved into the crypto-financial space, launching the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), the first-ever fund giving retail investors exposure to Bitcoin-backed corporate debt.
This innovative ETF, introduced on 14 March 2025, allows investors to tap into convertible bonds issued by companies that finance their Bitcoin holdings through debt instruments.
Traditionally, convertible bonds tied to Bitcoin acquisitions have remained out of reach for most individual investors. These financial instruments, primarily issued by companies like Strategy (formerly MicroStrategy) and Bitcoin mining firms, have typically been limited to institutional players.
Greg King, CEO of Rex Financial, highlighted the significance of this launch:
“BMAX is the first ETF giving retail investors and financial advisors access to convertible bonds issued by companies integrating Bitcoin into their financial strategy.”
The move signals a growing recognition of Bitcoin’s role in corporate treasuries, not just as an asset class but as a legitimate financial strategy.
A Game Changer for Corporate Finance
BMAX focuses on firms that have issued convertible bonds to fund Bitcoin purchases, a strategy pioneered by Strategy’s Michael Saylor. This method has allowed companies to acquire Bitcoin without immediate equity dilution, appealing to institutional and retail investors.
The ETF streamlines access to this emerging financial strategy by consolidating multiple Bitcoin-backed bonds into a single actively managed fund. The dual advantage of convertible bonds, a debt security and potential equity upside—makes BMAX an attractive alternative for those hesitant to hold Bitcoin directly.
Another recent example of Bitcoin adoption in corporate finance is Rumble, the media platform. It recently added 188 BTC to its balance sheet, reflecting a broader trend of companies diversifying into Bitcoin-backed reserves.
What’s in the Portfolio?
BMAX’s holdings are heavily weighted towards major Bitcoin treasury companies:
- Strategy (MSTR) accounts for over 80% of the ETF’s composition, following its $2 billion zero-coupon convertible note offering in February 2025, which helped it acquire an additional 20,356 BTC.
- Bitcoin mining giants like Marathon Digital Holdings (MARA) and Riot Platforms make up 18.6% of the fund, reinforcing the connection between the mining sector and corporate Bitcoin adoption.
- Remaining assets are allocated to cash and other convertible bonds.
This concentration of Bitcoin-linked companies highlights the increasing use of crypto-backed financial instruments across multiple industries.
Unlike spot Bitcoin ETFs, which provide direct exposure to Bitcoin’s price fluctuations, BMAX offers indirect exposure through corporate debt instruments. This makes it a hybrid investment vehicle—blending the potential upside of Bitcoin with the structured security of bonds.
BMAX enters the market amid a wave of crypto-related ETF launches, including Bitwise’s Bitcoin Standard Corporations ETF (OWNB), which focuses on publicly traded companies with significant Bitcoin holdings.
A Step Towards Bitcoin Integration in Traditional Finance
The launch of BMAX reinforces a larger trend: Bitcoin is no longer viewed as just a speculative asset but as a legitimate reserve strategy for corporate treasuries. With institutional adoption accelerating, Bitcoin-backed bonds could become a mainstream financial instrument, much like gold reserves once were.
As Bitcoin solidifies its place in global finance, the emergence of ETFs like BMAX underscores a growing bridge between crypto and traditional markets. The question now is not if corporations will continue using Bitcoin as a treasury asset, but how far the trend will go.
