REX Bitcoin Corporate Treasury Convertible Bond ETF
BMAX
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- REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) is an actively managed exchange-traded fund that seeks total return through investments in convertible bonds issued by Bitcoin Corporate Treasury Companies, which are U.S.-listed public companies holding 15% or more of assets in Bitcoin or Bitcoin-linked instruments, deriving 15% or more of income from Bitcoin-related activities, or engaging directly in Bitcoin mining. The fund invests at least 80% of its net assets in such convertible bonds, typically holding 10-15 bonds across 5-10 issuers including those from MicroStrategy (MSTR), Marathon Digital Holdings (MARA), Riot Platforms, GameStop (GME), and Trump Media & Technology Group (DJT); it may allocate up to 20% to equity securities of these companies arising from bond conversions or secondary market purchases, while avoiding direct Bitcoin ownership, derivatives, or primary offerings. BMAX emphasizes indirect Bitcoin exposure via the equity optionality in these zero or near-zero coupon convertible bonds rather than income generation, with active management of conversions, maturities, and rebalancing in response to Bitcoin and credit market dynamics. Launched in March 2025 by REX Shares, LLC, an innovative provider of alternative-strategy ETFs and ETNs headquartered in Stamford, Connecticut, BMAX represents a recent expansion into Bitcoin-linked corporate debt strategies amid growing corporate adoption of Bitcoin as a treasury asset. The fund's introduction coincides with heightened issuances of convertible bonds by Bitcoin treasury firms, such as multiple MSTR series maturing 2028-2032, MARA bonds maturing 2030-2031, and others, enabling retail access to institutional-sized offerings previously inaccessible to individual investors. As a new fund with no prior operating history, BMAX operates with total annual expenses of 1.14% (including 0.85% management fee) and quarterly distributions, though minimal due to low coupons.