Emma Nelson 
Rex Shares has introduced a groundbreaking exchange-traded fund (ETF) aimed at providing investors with unique exposure to convertible bonds issued by companies integrating Bitcoin into their corporate treasuries. The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), launched on March 14, 2025, is the first of its kind, offering a structured approach to accessing Bitcoin-backed corporate debt investments.
Rex Shares
A Pioneering Investment Vehicle for Bitcoin Corporate Bonds
According to Rex Shares’ official announcement, BMAX is specifically designed to allow retail investors and financial advisors to invest in convertible bonds issued by companies that utilize debt to finance Bitcoin acquisitions. Historically, these types of bonds have been challenging for individual investors to access directly, often being limited to institutional investors or high-net-worth individuals with specialized brokerage accounts.
Greg King, CEO of Rex Financial, emphasized the fund’s innovative approach, stating:
“BMAX is the first ETF that provides retail investors and investment advisors with access to convertible bonds issued by companies actively incorporating Bitcoin into their financial strategies.”
This ETF presents a more accessible and diversified investment opportunity for those seeking exposure to the emerging trend of Bitcoin-backed corporate debt, a financial model that has been predominantly led by companies such as Strategy (formerly MicroStrategy), under the leadership of Michael Saylor.
How BMAX Enhances Bitcoin-Related Corporate Debt Investment
The core focus of the BMAX ETF is on companies that have issued convertible bonds to fund Bitcoin acquisitions. One of the earliest and most well-known adopters of this strategy is Strategy, which pioneered the practice of leveraging convertible bonds to purchase substantial amounts of Bitcoin. Strategy’s Bitcoin holdings have now surpassed 500,000 BTC, making it one of the largest corporate holders of the cryptocurrency.
By consolidating these corporate bonds into a single, actively managed ETF, BMAX simplifies access to these debt instruments for investors who may not have been able to participate in such investment opportunities before.
Why Convertible Bonds?
Convertible bonds offer a unique investment structure that makes them particularly attractive for companies financing Bitcoin purchases. These bonds provide an alternative method of raising capital that allows companies to secure funding without immediately diluting existing shareholders. Over time, if the company’s stock price appreciates, bondholders may have the opportunity to convert their debt holdings into equity, offering additional upside potential.
For investors, BMAX presents a compelling option to gain indirect exposure to Bitcoin through corporate debt instruments, while simultaneously benefiting from the potential appreciation of equity conversion.
BMAX’s Portfolio: Key Issuers and Market Influence
The BMAX ETF’s portfolio is heavily weighted toward Strategy’s convertible bonds, which account for over 80% of the fund’s total holdings. Other significant allocations include bonds issued by leading Bitcoin mining companies, such as:
- Marathon Digital Holdings (MARA)
- Riot Platforms
Together, these Bitcoin mining firms represent approximately 18.6% of BMAX’s total investment portfolio, further diversifying the ETF’s exposure to Bitcoin-related corporate debt. The remaining assets in the fund are allocated to cash reserves and other investments.
This strategic concentration within Bitcoin-focused companies reflects the increasing trend of Bitcoin-backed corporate debt issuances, as more firms explore innovative ways to leverage Bitcoin within their financial frameworks.
A recent example of this trend is Strategy’s completion of a $2 billion zero-coupon convertible note offering in February 2025, which was used to acquire an additional 20,356 BTC, reinforcing its Bitcoin treasury holdings, now valued at over $41 billion. Such aggressive accumulation strategies underscore Bitcoin’s growing influence in corporate finance.
How BMAX Fits into the Broader Crypto ETF Landscape
The launch of BMAX comes amid a surge in demand for Bitcoin-related financial products, as institutional and retail investors seek diverse ways to gain exposure to Bitcoin without directly owning the digital asset.
Unlike traditional Bitcoin spot ETFs, which provide direct exposure to Bitcoin’s price movements, BMAX offers an alternative by focusing on corporate bonds issued by companies engaged in Bitcoin-related financial strategies.
Other notable Bitcoin ETFs launched in 2025 include:
- Bitwise’s Bitcoin Standard Corporations ETF (OWNB) – Focused on companies that hold significant Bitcoin reserves.
- Various institutional Bitcoin ETFs – Designed to facilitate Bitcoin exposure for corporate investors.
The introduction of BMAX marks a significant expansion of the crypto ETF market, providing investors with yet another pathway to participate in the growth of Bitcoin adoption within corporate finance.
Bitcoin’s Growing Integration into Traditional Finance
The increasing number of Bitcoin-focused ETFs highlights the rapid mainstream adoption of Bitcoin as a corporate treasury asset. Institutional and corporate investors are now at the forefront of Bitcoin integration, shaping its role within global financial markets.
While Peter Schiff and other critics continue to warn against Bitcoin’s volatility, many financial experts believe Bitcoin-backed corporate debt could become a major asset class within traditional investment portfolios.
As Rex Shares enters this evolving market, its BMAX ETF offers a unique investment alternative, reinforcing Bitcoin’s expanding role in modern finance while bridging the gap between digital assets and traditional debt markets.
