Convertible debt from Michael Saylor's Strategy comprises the majority of the REX Bitcoin Corporate Treasury Convertible Bond ETF holdings.

First, bitcoin enthusiasts could buy bitcoin (BTC-USD), then they could invest in stocks of crypto-linked companies such as Coinbase (COIN) and miners such as Riot Platforms (RIOT). Then came Strategy (MSTR),

REX Shares debuted an ETF providing exposure to Strategy’s convertible bonds, a form of debt that was hard to access for most investors.

Rex has launched BMAX ETF, a fund that provides investors access to corporate bonds issued by companies using Bitcoin as a treasury asset.