In a most remarkable turn of events, REX Shares, a provider of exchange-traded funds (ETFs) boasting assets exceeding $6 billion, has unveiled its latest venture: the Bitcoin (BTC) Corporate Treasury Convertible Bond (BMAX) ETF. This novel fund seeks to invest in the convertible bonds of those companies who have adopted a strategy of maintaining a reserve of Bitcoin, as if it were the most fashionable accessory of the season! 💎
As announced on this fine day of March 14, the ETF shall procure the convertible notes of esteemed companies such as Strategy. These notes, akin to commercial paper, possess the delightful ability to be transformed into equity at a predetermined rate, should the investor so desire. How very accommodating! 🎩
It is customary for such convertible bonds to be the province of institutional investors, including pension funds, some of which have taken a particular fancy to convertible note investing. Greg King, the illustrious CEO of REX Financial, proclaimed:
“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 these convertible bonds, ETFs, and the equity of companies such as Strategy, MARA, and Metaplanet provides investors with a rather indirect exposure to Bitcoin, thus alleviating the technical barriers and the self-custodial risks associated with holding BTC directly. How very considerate of them! 😏
Strategy: A Most Ingenious Proxy for Bitcoin Investment
It appears that institutional investors may find themselves lacking the technical prowess required to hold BTC directly, or perhaps they are encumbered by legal or fiduciary constraints that prevent them from dabbling in the realm of digital assets. How quaint! 🧐
At present, no fewer than twelve states within the Union have taken to holding Strategy stock as part of their state pension funds and treasuries. Collectively, these states possess over $271 million in Strategy stock, based on current market prices. Quite the sum, I daresay!
The illustrious states include Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah, and Wisconsin. A veritable gathering of financial prudence! 🏛️
Notably, California’s State Teachers’ Retirement Fund and its Public Employees Retirement System hold $67.2 million and $62.8 million in Strategy stock, respectively. One must wonder if they are also investing in a fine selection of bonnets and cravats! 🎩
According to the esteemed SaylorTracker, Strategy currently possesses a staggering 499,096 BTC, valued at over $41.4 billion, thus establishing itself as one of the largest corporate BTC holders in the world — surpassing even the US government’s estimated 198,000 BTC. How utterly impressive! 💼
In a most recent display of financial acumen, Strategy acquired 20,356 BTC for nearly $2 billion on the 24th of February. One can only imagine the delightful soirées that such wealth could afford! 🥂
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2025-03-14 18:41