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Rex Shares is preparing to bring a new wave of unconventional exchange-traded funds (ETFs) to US markets.
On Sept. 3, the asset manager filed a prospectus with the Securities and Exchange Commission (SEC) for the REX-Osprey Dogecoin ETF, which will trade under the ticker DOJE.
The filing also references similar products linked to XRP, Solana (SOL), Ethereum (ETH), Bitcoin (BTC), BONK, and TRUMP tokens.
Bloomberg ETF analyst Eric Balchunas noted that Rex’s effective filing signals a potential launch within days for these products.
He wrote:
“Looks like Rex is going to launch a Doge ETF via the 40 Act a la SSK next week.”
Balchunas pointed out that while Dogecoin may be the first to debut, other products tied to Trump, XRP, and Bonk could soon follow.
Why REX ETF products launch early
Unlike traditional ETFs that require lengthy SEC approval through the 19b-4 process, Rex Shares has chosen a different regulatory path.
The proposed products are registered under the Investment Company Act of 1940 and structured as C-corporations. This model allows the firm to sidestep the standard exchange rule approval process while gaining exposure to digital assets through a Cayman Islands subsidiary.
Your first lesson is on the way.Meanwhile, choosing a C-corporation structure carries crucial tax implications for investors.
VanEck explained that most ETFs elect to be treated as regulated investment companies (RICs), which enables them to avoid fund-level taxation by distributing income and capital gains directly to shareholders. However, RICs must meet strict requirements for income sources, asset diversification, and distributions.
In contrast, C-corporations face taxation at the fund level, and any subsequent investor payouts are also taxable.
Investors have often criticized this arrangement as “double taxation.” As a result, ETFs tend to avoid this setup.
However, REX Shares’ decision suggests that speed to market and flexibility outweighed the potential tax drawbacks these products might attract.
Notably, the asset manager had launched the first-ever staked crypto ETF in the US through this structure earlier this year.
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Rex Shares has introduced a new exchange-traded fund (ETF) designed to provide investors with exposure to convertible bonds issued by companies incorporating Bitcoin into their corporate treasuries. The REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), launched on March 14, 2025, is the first fund of its kind.
Rex Shares Introduces First Bitcoin Corporate Treasury Bond ETF
According to a press release, BMAX aims to give retail investors and financial advisors easier access to convertible bonds from companies that use debt to finance Bitcoin acquisitions. These bonds, often linked to Bitcoin treasury strategies, have typically been difficult for individual investors to access directly.
“BMAX is the first ETF giving retail investors and investment advisors access to convertible bonds issued by companies integrating Bitcoin into their financial strategy,” said Greg King, CEO of Rex Financial.
The fund offers a more accessible option for investors looking to gain exposure to the growing trend of Bitcoin-backed corporate debt, which has been primarily used by companies like Strategy (formerly MicroStrategy), headed by Michael Saylor.
A New Investment Option for Bitcoin-Related Corporate Debt
The BMAX ETF focuses on firms that have issued convertible bonds to fund Bitcoin purchases. The strategy of using convertible bonds to acquire Bitcoin was pioneered by Strategy, which has used this method to acquire a significant portion of its total Bitcoin holdings, now reaching nearly 500,000 BTC. BMAX simplifies access to these corporate bonds by consolidating them into a single, actively managed ETF.
Convertible bonds are an attractive option for many companies because they provide a way to raise capital without immediately diluting existing equity. By investing in BMAX, investors can gain exposure to Bitcoin via corporate debt instruments while benefiting from the potential upside of equity conversion in the future.
Rex Shares designed the ETF to offer both debt security and potential equity upside, making it an appealing option for those looking to capitalize on Bitcoin’s growing role in corporate finance without directly owning the cryptocurrency. Additionally, Rumble, the media platform, has recently added around 188 BTC to its corporate treasury. This aligns with its plans to diversify its holdings and integrate Bitcoin into its financial strategy.
Diversified Holdings and Key Issuers in BMAX
The BMAX ETF’s holdings are concentrated in convertible bonds issued by companies like Strategy, which accounts for over 80% of the fund’s weight. Other significant holdings include bonds from Bitcoin mining companies such as Marathon Digital Holdings (MARA) and Riot Platforms, which together make up 18.6% of the ETF’s portfolio. The remaining assets are allocated to cash and other investments.
This concentration reflects the growing trend of Bitcoin-backed corporate debt in the market, as more companies leverage this financial strategy.
For example, Strategy, after completing a $2 billion zero-coupon convertible note offering in February 2025, acquired an additional 20,356 BTC. This further strengthened the company’s Bitcoin treasury, which is now valued at over $41 billion. With such substantial investments, Strategy continues to lead the movement of Bitcoin adoption in corporate treasuries.
Market Reception and Broader Crypto ETF Trends
BMAX’s launch follows a surge in interest in Bitcoin-related financial products. The ETF provides an alternative to traditional Bitcoin spot ETFs, which offer direct exposure to Bitcoin itself. In addition to BMAX, other Bitcoin-focused ETFs have recently debuted, such as Bitwise’s Bitcoin Standard Corporations ETF (OWNB), which focuses on companies holding large amounts of Bitcoin.
Rex Shares’ entry into the Bitcoin ETF market marks an expansion of crypto-related investment products, providing opportunities for investors seeking exposure to Bitcoin’s potential without directly holding the cryptocurrency.
The growing number of Bitcoin-focused ETFs highlights how Bitcoin is becoming an integral part of traditional finance, with institutional and corporate investors leading the way.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- REX Shares has launched BMAX ETF for Bitcoin treasury bonds.
- BMAX offers debt stability and equity upside via Strategy.
- The fund carries risks like volatility and regulatory scrutiny.
On March 14, 2025, REX Shares, a Miami-based innovator in exchange-traded products, unveiled a groundbreaking financial instrument: the REX Bitcoin Corporate Treasury Convertible Bond ETF, trading under the ticker NASDAQ: BMAX.
This first-of-its-kind fund offers investors a unique opportunity to tap into convertible bonds issued by companies that hold Bitcoin (BTC) on their balance sheets.
With Bitcoin’s price climbing 2.1% to $83,400 and Strategy (formerly MicroStrategy) gaining 5.1% in morning trading on launch day, the timing underscores growing interest in Bitcoin-linked corporate strategies.
A convertible Bitcoin treasury bond for retail investors
The concept behind BMAX traces back to a playbook pioneered by Michael Saylor, Chairman of Strategy. His company famously began stacking Bitcoin on its balance sheet, funding the purchases partly through convertible bonds and new stock offerings.
Other firms followed suit, creating a niche asset class that blends the stability of debt with the growth potential of equity.
However, until now, these bonds were largely out of reach for individual investors, locked behind complex market barriers. BMAX changes that, packaging this strategy into a single, actively managed ETF that simplifies access for retail investors and advisors alike.
Greg King, CEO of REX Financial, hailed the launch of the REX Bitcoin Corporate Treasury Convertible Bond ETF as a milestone. “BMAX is the first ETF giving everyday investors a shot at convertible bonds tied to companies embracing Bitcoin as a treasury asset,” he said.
With over $6 billion in assets under management, REX is no stranger to alternative-strategy ETFs, and BMAX fits squarely into its mission of delivering innovative exposure. The fund’s concentrated focus zeroes in on issuers like Strategy, a heavyweight in Bitcoin-backed debt, offering a regulated way to ride the crypto wave without directly owning Bitcoin.
What sets BMAX apart is its hybrid appeal. Convertible bonds, by nature, carry traits of both debt and equity. They provide a steady income stream like traditional bonds but can convert into stock, capturing upside if the issuing company’s share price soars—say, on a Bitcoin rally.
For investors wary of Bitcoin’s wild price swings, BMAX offers a more conservative entry point, balancing debt’s relative calm with equity’s potential kick. It’s a middle ground for those intrigued by crypto but hesitant to dive in headfirst.
BMAX’s risks
Still, BMAX isn’t without its hazards. The fund’s prospectus lays out a laundry list of risks, from Bitcoin’s notorious volatility to the unique challenges faced by companies like Strategy.
These “Bitcoin Corporate Treasury Companies” grapple with speculative hype, regulatory scrutiny, and accounting quirks—like impairment losses when the Bitcoin (BTC) price dips.
Strategy, a key holding due to its outsized market cap, adds its own layer of risk, tied to both its Bitcoin hoard and its legacy software business.
Interest rate shifts, liquidity concerns, and even tax implications (BMAX is taxed as a C-corporation, unlike most ETFs) further complicate the picture.
However, despite the risks, BMAX signals a maturing crypto market where indirect exposure is gaining traction. Distributed by Foreside Fund Services, LLC, and backed by REX’s expertise, the ETF opens a door to a strategy once reserved for institutional players.
As Bitcoin cements its role in corporate treasuries, BMAX offers a fresh lens on the intersection of traditional finance and digital assets—proving that innovation, even in ETFs, keeps pace with a fast-evolving world.
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