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REX Shares, an exchange-traded fund (ETF) provider with over $6 billion in assets under management (AUM), launched its Bitcoin (BTC) Corporate Treasury Convertible Bond (BMAX) ETF that invests in the convertible bonds of companies with a BTC corporate reserve strategy.

According to the March 14 announcement, the ETF will purchase the convertible notes of companies such as Strategy. Convertible notes are commercial paper that can be converted into equity at a predetermined rate if an investor chooses.

Typically, these convertible bonds are purchased by institutional investors, including pension funds, some of which specialize in convertible note investing. Greg King, CEO of REX Financial, said:

“Until now, these bonds have been difficult for individual investors to reach. BMAX removes those barriers, making it easier to invest in the strategy pioneered by Michael Saylor — leveraging corporate debt to acquire Bitcoin as a treasury asset.”

Investing in convertible bonds, ETFs and the equity of companies such as Strategy, MARA and Metaplanet provides investors with indirect exposure to Bitcoin that removes the technical barrier to entry and self-custodial risks of holding BTC directly.

Strategy co-founder Michael Saylor, who popularized corporate Bitcoin treasuries, speaks about the merits of BTC. Source: Cointelegraph

Related: Michael Saylor’s Strategy to raise up to $21B to purchase more Bitcoin

Strategy a proxy Bitcoin bet for institutional investors

Institutional investors may lack the technical sophistication to hold BTC directly or have legal or fiduciary constraints preventing them from investing in digital assets.

At least 12 US states currently hold Strategy stock as part of their state pension funds and treasuries. Collectively, these states hold over $271 million in Strategy stock using current market prices.

The list comprises Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah and Wisconsin.

California’s State Teachers’ Retirement Fund and its Public Employees Retirement System hold $67.2 million and $62.8 million in Strategy stock, respectively.

Strategy’s Bitcoin purchases in 2025. Source: SaylorTracker

According to SaylorTracker, Strategy currently holds 499,096 BTC, valued at over $41.4 billion, making the company one of the largest corporate BTC holders in the world — eclipsing the US government’s estimated 198,000 BTC.

Strategy’s most recent Bitcoin purchase occurred on Feb. 24, when the company acquired 20,356 BTC for nearly $2 billion.

Magazine: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express

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