Rex Shares has launched the BMAX ETF for Bitcoin Treasury Bonds. BMAX offers debt stability and equity rise through strategy. The fund carries risks such as volatility and regulatory scrutiny.
On March 14, 2025, Miami-based innovator of exchange trade products, Rex Shares unveiled a groundbreaking financial product. The RexBitcoinCorporate Treasury Convertible Bond ETF is traded under Nasdaq:Bmax.
This first-time fund offers investors a unique opportunity to leverage convertible bonds issued by companies that hold Bitcoin (BTC) on their balance sheets.
Timing highlights growing interest in Bitcoin-related corporate strategies, as Bitcoin price rose 2.1% to $83,400 and Strategy (formerly MicroStrategy) earned 5.1% in the morning trading of the launch day.
Convertible Bitcoin Financial Debts for Retail Investors
The concept behind BMAX goes back to a playbook pioneered by strategy chairman Michael Saylor. His company famously began stacking Bitcoin on its balance sheet, providing partial funding to purchases through convertible bonds and new stock offerings.
Other companies followed suit to create niche asset classes that combine liability stability with the growth potential of equity.
But up until now, these bonds have been barely out of reach for individual investors and are trapped behind complex market barriers. BMAX changes to package this strategy into a single, aggressively managed ETF, simplifying access for both retail investors and advisors.
Rex Financial CEO Greg King has launched the Rex Bitcoin Corporate Treasury Convertible Bond ETF as a milestone. “BMAX is the first ETF to give a shot to everyday investors of convertible bonds associated with companies accepting Bitcoin as a financial asset,” he said.
With over $6 billion in managed assets, Rex is used to alternative strategic ETFs, and BMAX fits perfectly with its mission to provide innovative exposure. The fund’s intensive focus will zero out issuers like Bitcoin-backed debt heavyweight strategy, providing a regulatory way to ride the crypto wave without directly owning Bitcoin.
What sets the Bmax apart is its hybrid appeal. Convertible bonds essentially carry both liability and fairness characteristics. They provide a stable income stream like traditional bonds, but can be converted into inventory and if the stock price of the issuer rises sharply, for example, in the Bitcoin Rally.
For investors who are aware of the wild price fluctuations of Bitcoin, BMAX offers a more conservative entry point, relatively calming in debt and balancing it with potential kicks in equity. It’s the middle ground for those intrigued by code, but hesitant to jump into the beginning of their heads.
BMAX risks
Still, BMAX is not without risk. The fund’s prospectus raises laundry lists of risk, from the infamous volatility of Bitcoin to unique challenges faced by companies such as strategy.
These “Bitcoin corporate finance companies” tackle speculative hype, regulatory scrutiny and accounting habits.
The strategy is a significant retention due to its vast market capitalization, adding a unique layer of risk tied to both Bitcoin storage and legacy software business.
Changes in interest rates, liquidity concerns, and even tax effects (BMAX, unlike most ETFs, is taxed to organize C) further complicate the picture.
However, despite the risks, BMAX notifies mature crypto markets where indirect exposures are gaining traction. Distributed by Foreside Fund Services, LLC and backed by Rex expertise, ETF opens the door to strategies once reserved for institutional players.
When Bitcoin solidifies its role in corporate finance, BMAX offers a new lens at the intersection of traditional financial and digital assets. Even ETFs are driving their innovations in keeping pace with the rapidly evolving world.
