Rex Shares launches the BMAX ETF for corporate cash convertible bonds in Bitcoin

Rex Shares has just announced the launch of the Bitcoin Corporate Treasury Convertible Bond exchange-traded fund (BMAX). This new product allows investors to access convertible bonds from companies that adopt Bitcoin as a treasury reserve.

According to the asset manager, this ETF is a groundbreaking product that finally offers retail and accredited investors access to companies buying BTC as a financial strategy.

Interest in Bitcoin as a treasury asset has intensified in recent years, particularly due to the massive acquisitions by Strategy ( formerly MicroStrategy). Last year, Strategy used convertible debt to finance its Bitcoin purchases, and several listed companies adopted the same approach. This has created a class of convertible bonds linked to Bitcoin in the market.

BMAX exists as a unique fund allowing investors to access all these obligations through a single index. However, investing in the BMAX ETF does not equate to investing directly in Bitcoin. The CEO of Rex Shares, Greg King, describes this fund as removing barriers for retail investors.

He states: “Until now, these obligations were difficult for individual investors to access. BMAX removes these barriers, making it easier to invest in the strategy initiated by Michael Saylor – using corporate debt to acquire Bitcoin as a cash asset.”

The company's information shows that BMAX primarily focuses on the convertible bonds of Strategy, with six of its issuances representing 81.21% of the ETF's weighting. The fund is also exposed to two convertible bonds from MARA Holdings and one from Riot Platforms.

Although BMAX is the only product exclusively focused on debt convertible to Bitcoin, it is far from being the only ETF centered on convertible corporate bonds. Bloomberg data reveals at least seven ETFs concentrated on convertible bonds, of which at least five have exposure to Strategy.

BMAX is just the latest in a series of crypto ETFs from Rex Shares, which had already shown its interest in January 2025 by filing applications for seven crypto ETFs, including one for the memecoin TRUMP.

More crypto ETFs despite market difficulties

BMAX illustrates the trend of new requests and launches of crypto ETFs that have been accumulating since the beginning of the Trump administration. Recently, Bitwise unveiled its Bitcoin Standard Corporations ETF (OWNB), which offers exposure to the stocks of companies holding more than 1,000 BTC in their treasury.

Beyond Bitcoin ETFs, new applications for altcoin ETFs have been filed, such as VanEck's application for an Avalanche ETF. According to Eric Balchunas, senior analyst at Bloomberg, the SEC is currently reviewing at least 60 proposals for crypto spot ETFs.

This strong interest in crypto ETFs sharply contrasts with the market, which has experienced a significant decline in recent weeks. Several cryptocurrencies, led by Bitcoin, have dropped significantly over the past 30 days, reducing the inflows of Bitcoin ETFs from their peak of $40 billion to $35 billion.

On the other hand, the total value of all combined Bitcoin ETFs is now lower than that of gold ETFs, 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.

For now, crypto assets seem to be on the path to recovery, Bitcoin rising by more than 4% in the last 24 hours to surpass $84,000. Solana is also up by 9% and becoming one of the top performers, while the memecoin TRUMP has gained 13%.

I personally find that this race for crypto ETFs is quite revealing of the insatiable appetite of traditional financial institutions to capture the bounty of the crypto market, even during times of volatility. It is almost comical to see these financial giants who despised Bitcoin a few years ago now scrambling to launch their derivative products.