As Bitcoin continues its wild ride into corporate America, REX Shares has launched the first-ever ETF focused exclusively on Bitcoin-linked corporate bonds. The fund, dubbed BMAX, hit the market on March 14, 2025, giving investors a fresh way to play the crypto game without getting their hands dirty with actual Bitcoin. Honestly, it’s about time.
Greg King, CEO of REX Financial, isn’t messing around with this one. His $6 billion firm has tapped none other than Michael Saylor as Chairman of Strategy. Yeah, that Michael Saylor—the guy who transformed his company into Bitcoin’s biggest corporate cheerleader. His firm now holds a staggering 499,096 Bitcoin, worth over $41 billion. Insane.
The ETF targets convertible bonds from companies that hoard Bitcoin like doomsday preppers stockpile canned beans. Think Strategy (formerly MicroStrategy), Marathon Digital, and Riot Platforms. Unlike BlackRock’s IBIT which holds physical bitcoin assets directly, BMAX takes a different approach through corporate bonds. These companies have been issuing billions in convertible debt just to buy more Bitcoin. Weird strategy? Maybe. Popular? Increasingly so.
BMAX isn’t just another crypto fund. It’s actively managed and aims to give investors what they really want—debt stability with equity upside potential. The convertible bonds allow investors to capitalize on Bitcoin’s corporate integration without direct ownership. Unlike traditional wire transfers with high fee structures of $35-65, Bitcoin transactions typically cost just $1-2, making the underlying asset increasingly attractive for corporate treasuries. The perfect middle ground for crypto-curious investors who break into a cold sweat thinking about buying actual Bitcoin.
The timing couldn’t be better. Bitcoin-linked convertibles have exploded recently, with about $9 billion issued. But these securities were practically off-limits to regular investors until now. Not anymore.
Of course, this isn’t all sunshine and rainbows. The fund faces serious risks—Bitcoin’s notorious volatility, murky regulations, and heavy concentration in a handful of companies. When Bitcoin tanks, this ETF could get ugly fast.
Still, BMAX represents something significant: Wall Street’s evolving relationship with cryptocurrency. It’s opening doors for retail investors while potentially reshaping corporate treasury strategies. Love it or hate it, Bitcoin’s financial ecosystem just got more interesting. And a lot more accessible.
