While traditional investors have long shied away from cryptocurrency, the financial world is now embracing Bitcoin through more familiar vehicles. Case in point: REX Shares’ new BMAX ETF. Launched on March 14, 2025, this radical investment option gives regular folks access to convertible bonds from companies with Bitcoin in their treasury. It’s the first of its kind. Period.
The idea isn’t exactly new. Strategy (the company formerly known as MicroStrategy) has been doing this for years. Michael Saylor, the company’s Bitcoin-obsessed chairman, pioneered the approach of using debt to buy crypto. Now REX Financial’s CEO Greg King is packaging that strategy for the masses. Smart move? We’ll see.
Here’s how it works: BMAX invests at least 80% in Bitcoin-related convertible bonds, focusing on companies like Strategy, MARA Holdings, and Riot Platforms. These firms fundamentally borrow money to gamble on Bitcoin. The 1.14% expense ratio isn’t cheap, but you’re paying for active management and a complex structure involving derivatives.
BMAX bets on companies leveraging debt to go all-in on Bitcoin. You pay a premium for complexity, but that’s the crypto game.
The ETF offers a weird middle ground. You get some stability from the debt component while still riding Bitcoin’s wild price swings. No need to deal with crypto wallets or exchanges. Just buy shares through your regular brokerage account. Easy. This approach provides the risk management benefits that many traditional investors seek when entering the volatile cryptocurrency market.
But let’s not kid ourselves. This thing is risky as hell. Bitcoin prices swing wildly. The ETF holds a concentrated portfolio of just a few issuers. If one defaults, good luck. And who knows what regulators might do next in the crypto space.
Still, BMAX represents something bigger. Wall Street is finding ways to mainstream crypto. Corporate treasurers are watching. Traditional markets are adapting. More crypto-focused products will follow. This trend follows the launch of numerous Bitcoin spot ETFs that have gained significant investor attention.
Is this the future of finance or just another speculative vehicle that’ll blow up in investors’ faces? Nobody knows. But one thing’s clear—the line between traditional finance and crypto gets blurrier every day. Unlike direct cryptocurrency investments, BMAX offers simplified taxation similar to traditional ETFs.
