Rex Stock has launched its first convertible bond exchange-traded fund (ETF), allowing investors to open their doors to the convertible debt issued by the company, which can add Bitcoin to the balance sheet.
The fund, known as the Rex Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), is composed primarily of convertible papers issued by Michael Saylor Strategy (MSTR), the largest issuer of such debt to date. The top ten other shares include convertible notes for Bitcoin Miner Marathon Numbers (MARA) and RIOT Platform (Riot).
“That’s how hard these bonds have been,” said Rex Financial CEO Greg King. statement. “BMAX eliminates these obstacles and makes it easier to invest in the strategies pioneered by Michael Saylor, which uses corporate debt to use Bitcoin as a fiscal asset.”
The fund officially launched today and was traded on Nasdaq stock. Its total expense ratio is 0.85%, and it received $25 million in assets.
Stocks of ETFs are higher in early trading as Bitcoin goes from an overnight stay of about $80,000 to over $84,000.
