🏦 REX Launches BMAX ETF Offering Unique Access to Bitcoin-Backed Convertible Bonds

REX Shares has launched the REX Bitcoin Corporate Treasury Convertible Bond ETF (BMAX), a first-of-its-kind fund offering investors exposure to convertible bonds issued by companies integrating Bitcoin into their corporate treasury strategies.

This innovative ETF simplifies access to the bonds, which have historically been difficult for retail investors to reach, while providing a unique combination of debt stability and equity upside.

The fund focuses on issuers like Strategy (formerly MicroStrategy), which uses convertible bonds to finance Bitcoin purchases. BMAX offers a regulated way to gain indirect exposure to Bitcoin, making it easier to invest in this strategy pioneered by Michael Saylor.

⛏️ In The News

• CleanSpark to join S&P SmallCap 600 after profit surge. The company’s strong earnings and rising BTC holdings secured its inclusion in the index, reflecting its resilience post-halving.

• Bitdeer achieved a 9.7 J/TH efficiency milestone with its SEAL03 chip, plans mass production of Sealminer A3 in late 2025.

• Russia is reportedly using Bitcoin and USDt for oil trade with China and India, bypassing sanctions through intermediaries who convert payments into crypto before transferring funds to Russia.

• Ark Invest reinforced its commitment to Bitcoin and crypto-related equities by purchasing 997 BTC $80m via Coinbase and acquiring 29,353 Coinbase shares $5.2m for its Innovation ETF.

• Bitcoin miners brace for US-Canada tariff shifts impacting energy and hardware costs. Uncertain trade policies, including potential energy price hikes and tariffs on Chinese mining equipment, are forcing miners to adapt their strategies.

• JPMorgan lowered target prices for major Bitcoin mining companies by 19-29%, citing weaker BTC price forecasts and higher hashrate growth.

📆 February Update

🐝 HIVE

• HIVE mined 89 BTC in February, bringing its holdings to 2,620 BTC valued at $220m, though it sold some BTC to invest in Paraguay-based mining assets.

• Mining capacity averaged 5.6 EH/s with peak BTC-only hashrate of 6.2 EH/s, maintaining an efficiency of 20.9 J/TH.

• HIVE is expanding its Paraguay operations to 300 MW, targeting 25 EH/s by September 2025, with an interim goal of 18 EH/s by June.

• The high-performance computing division hit a $13m annualized revenue run rate, aiming for $20m by Q2 2025 with new GPUs.

• Executives visited the Yguazú site in Paraguay, confirming construction progress as they finalize acquiring Bitfarms' 200 MW mining facility.