REX Shares has launched a first-of-its-kind convertible-bonds exchange-traded fund (ETF), allowing investors exposure to the convertible debt issued by corporates to add bitcoin to their balance sheet.
Called the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), the fund is necessarily mostly made up of convertible paper issued by Michael Saylor’s Strategy (MSTR), by far the largest issuer of such debt. Other top 10 holdings include the convertible notes of bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT).
“Until now, these bonds have been difficult for individual investors to reach,” said Greg King, CEO of Rex Financial, in a statement. “BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor — leveraging corporate debt to acquire Bitcoin as a treasury asset.”
The fund officially launched today, and trades on the Nasdaq. It has a gross expense ratio of 0.85% and was seeded with $25 million in assets.
Shares of the ETF are higher in early trading as bitcoin has rallied from an overnight low of around $80,000 to above $84,000.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Bitcoin hovered below $90,000 on Sunday as low liquidity, altcoin weakness and imminent U.S. and…
The price action of Bitcoin has been somewhat limited in the past few weeks, as…
The Bitcoin market has continued to consolidate within the $90,000 price zone over the last…
The crypto market has shown a modest price rebound in the last three weeks, returning…
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the…