REX Launches Bitcoin Corporate Treasury Convertible Bond ETF

An exchange-traded fund (ETF) provider, REX Shares, with over $6 billion in assets under management (AUM), launched its Bitcoin BTC$83,900 Corporate Treasury Convertible Bond (BMAX) ETF. This invests in the convertible bonds of companies with a BTC corporate reserve strategy.

As per an announcement on March 14, the ETF is set to 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.

CEO of REX Financial, Greg King, 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.”

The investment in convertible bonds, ETFs and the equity of companies such as Strategy, MARA and Metaplanet provides indirect exposure to Bitcoin for investors with no technical barrier to entry and self-custodial risks of holding BTC directly.

UK authorizes charges against NCA officer for alleged Bitcoin theft

The National Crime Agency (NCA) officer as per the agency accountable for conducting criminal prosecutions in England and Wales, was due to be charged with the alleged theft of Bitcoin worth roughly $75,000 in 2017.

During an investigation into the online organized crime, the Crown Prosecution Service said it had given due permission to the Merseyside Police to charge NCA officer Paul Chowles with 15 offences related to the alleged Bitcoin BTC$83,943 theft.

As per authorities, Chowles could face charges like one count of theft, 11 charges for concealing, disguising, or converting criminal property and three counts for acquiring, using or possessing criminal property.

VanEck files for AVAX ETF

VanEck, the global investment manager has filed for an Avalanche AVAX$18.58 exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), which seeks to offer investors direct exposure to the smart contract platform. 

Bloomberg analyst James Seyffart, who closely monitors developments in the crypto ETF industry shared a snippet of the S-1 filing was shared on social media on March 14.

As per the prospectus, the proposed VanEck Avalanche ETF intends to “reflect the performance of the price of “AVAX,” the native token of the Avalanche network, less the expenses of the Trust’s operations.”

The prospectus said, the proposed fund will also hold AVAX and will “value its Shares daily based on the reported MarketVector Avalanche Benchmark Rate.”