New ETF on the Bitcoin reserve: REX Shares launches the BMAX

The financial market sees a new investment tool with the launch of the BMAX ETF by REX Shares. This fund, announced on March 14, focuses on convertible bonds of companies that adopt a reserve strategy in Bitcoin (BTC).

The innovation of REX Shares in the Bitcoin ETF sector

REX Shares is a major provider of exchange-traded funds (ETF), with over 6 billion dollars in assets under management. 

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With the launch of the ETF Bitcoin Corporate Treasury Convertible Bond (BMAX), the company offers a new investment opportunity. This instrument allows investors to purchase convertible bonds issued by companies with reserves in BTC, such as Strategy.

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Convertible bonds are financial instruments that can be transformed into shares at a set price. These securities are habitually purchased by institutional investors, such as pension funds, which often specialize in this type of investment.  

Greg King, CEO of REX Financial, explained the objective of the new ETF:  

“Until today, these bonds were difficult to reach for small investors. BMAX removes these barriers, facilitating access to the strategy introduced by Michael Saylor.”

This strategy consists of using corporate debt to purchase Bitcoin as a financial reserve. 

By investing not only in convertible bonds, but also in ETFs and shares of companies like Strategy, MARA, and Metaplanet, the fund allows investors to gain indirect exposure to Bitcoin. 

All this without having to face the technical challenges and custody risks associated with the direct holding of the digital asset.  

Many institutional investors encounter difficulties in purchasing Bitcoin directly, both for technical reasons and due to legal or fiduciary constraints. 

For this reason, instruments like the BMAX ETF represent an accessible and regulated alternative to gain exposure to BTC, without the need to manage digital wallets or face security risks.  

Currently, at least 12 American states hold shares of Strategy within their pension funds and treasuries, with a total value of over 271 million dollars.

Among these states are Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah, and Wisconsin.  

The leadership of Strategy in the Bitcoin market  

Strategy is one of the largest corporate holders of Bitcoin globally. 

According to the data from SaylorTracker, the company owns 499,096 BTC, worth over 41.4 billion dollars. This number far exceeds the estimated Bitcoin reserves for the United States government, amounting to about 198,000 BTC.  

The latest acquisition of Bitcoin by Strategy took place on February 24, 2024, with the purchase of 20,356 BTC for a value close to 2 billion dollars.  

The launch of the BMAX ETF represents an important step for the integration of Bitcoin into the traditional financial system. 

Through regulated instruments like this, investors can obtain an indirect stake in the cryptocurrency market, avoiding the risks associated with the autonomous management of Bitcoin.

This development follows a growing trend of companies and financial institutions recognizing Bitcoin as a strategic asset to diversify reserves and protect against inflation. 

The new ETF could therefore attract an increasing number of investors interested in participating in this evolution without directly dealing with the complexity of the cryptocurrency market.