By courting retail daredevils and opportunistic hedge funds alike, Michael Saylor has outwitted his Wall Street skeptics to build up a Bitcoin empire, helping create a whole new crypto-investment complex along the way.
Now that complex is set to grow again. On Friday, a convertible-bonds exchange-traded fund launches focused on companies like Saylor’s newly rebranded Strategy that have Bitcoin on their balance sheets.
The REX Bitcoin Corporate Treasury Convertible Bond ETF, which is making its debut under the ticker BMAX, holds converts, as they’re known in the industry, from firms including Strategy, which turbocharged the approach of selling equity-linked notes to fund its cryptocurrency purchases. Its wild success with the endeavor spurred a number of other companies to copycat the method.
Convertible bonds start their life as low-interest notes but can turn into equities if share prices go high enough. Investors who buy and hold them can profit from their inter
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