While crypto enthusiasts have been arguing about “going to the moon” for years, traditional finance just launched a rocket of its own. The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX) hit NASDAQ last month, creating a first-of-its-kind investment vehicle that nobody asked for but apparently everyone needed. Who knew bonds could be exciting? Not us.
BMAX doesn’t mess around with its holdings. A whopping 81.21% of the fund is parked in MicroStrategy convertible bonds. Yes, the same MicroStrategy that’s hoarding over $40 billion in Bitcoin like a digital dragon. The rest? Mostly split between mining companies MARA and Riot. It’s basically a MicroStrategy fan club with extra steps.
Talk about putting all your eggs in one Bitcoin basket. BMAX is essentially MicroStrategy with a fancy ETF wrapper.
Greg King, REX Financial’s CEO, is betting big on this hybrid approach. The fund aims to deliver that magical unicorn of investing: debt stability with equity upside. Kind of like wanting both a safe minivan and a sports car but getting a souped-up station wagon instead. Might work. Might not. Unlike traditional corporate bond ETFs that offer intraday liquidity, BMAX provides this same trading flexibility but with crypto exposure.
The timing isn’t random. With over $60 billion in Bitcoin now sitting in the treasuries of 70+ public companies and MicroStrategy alone issuing $9 billion in convertible bonds, there’s clearly a market. Companies are using debt to buy Bitcoin, and now retail investors can hitch a ride on that potentially disastrous—or brilliant—strategy. This strategy has gained traction as Bitcoin’s fixed supply limit makes it increasingly attractive as a treasury asset.
Let’s be real though. This ETF comes with more warnings than a prescription drug commercial. Bitcoin price swings? Check. Company bankruptcy risks? Yep. Regulatory question marks? Absolutely. High fees? Of course.
But that’s precisely what makes BMAX interesting. It represents the ongoing marriage between traditional finance and crypto—an awkward relationship that keeps producing strange offspring. The fund was officially launched on March 14, 2025 by Rex Shares, marking a significant milestone in Bitcoin’s integration into mainstream financial products.
For investors looking to dip their toes in crypto-adjacent waters without diving headfirst into a Bitcoin wallet, BMAX offers a new path. Whether that path leads to riches or regrets remains anybody’s guess.
