REX and Tuttle list 2x leveraged ETF tracking Bitcoin treasury firm Strive
The ASSX fund on Cboe promises double Strive's daily return — but holds no Bitcoin itself and resets its leverage every day.
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REX Shares and Tuttle Capital Management have launched an exchange-traded fund designed to return twice the daily performance of Strive, the publicly traded asset manager that has built one of the largest corporate Bitcoin stockpiles.
The T-REX 2X Long ASST Daily Target ETF started trading Friday on Cboe under the ticker ASSX. It aims to deliver 200% of Strive's daily share-price move before fees and expenses.
Strive shares climbed 6.4% on the day, closing at $30.09 — just above the $29.40 average 12-month price target among analysts tracked by S&P Global.
How the fund differs from a Bitcoin ETF
ASSX holds no Bitcoin and does not attempt to track the cryptocurrency's price. Its exposure runs entirely through Strive's stock. And because the fund resets its leverage at the end of each trading day, returns measured over weeks or months can diverge sharply from twice Strive's performance over the same period — a standard feature of leveraged ETFs that means the product is built for short-term positioning rather than buy-and-hold exposure.
The launch extends a line of leveraged products the two firms have already built around companies with crypto exposure. According to REX and Tuttle, their lineup includes 2x ETFs tied to Strategy, BitMine, Cipher Mining, Circle and SharpLink.
Strive holds 25,000 Bitcoin, which ranks it as the fifth-largest holder among publicly traded companies, based on BitcoinTreasuries.NET data cited by Cointelegraph. The firm funded its most recent purchase — 469 BTC — by issuing more of SATA, its perpetual preferred stock.
Leveraged single-stock ETFs tied to Bitcoin treasury companies give traders a way to amplify views on how those firms' shares trade, rather than on Bitcoin itself. Because treasury companies trade at premiums or discounts to the value of their coin holdings, the funds track a different, often more volatile, set of price dynamics than the underlying asset.
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