Shares of the REX Bitcoin Corporate Treasury Convertible Bond ETF (NASDAQ:BMAX) experienced a notable decline of 2.8% on Thursday, closing at $22.96. The stock hit a low of $22.83 during the trading session, which saw a total volume of 1,893 shares exchanged. This figure represents an alarming drop of 84% from its average session volume of 11,736 shares.
Prior to this downturn, BMAX had closed at $23.63. Over the past 50 days, the ETF has maintained a simple moving average of $25.17, while its 200-day simple moving average stands at $27.77. These metrics suggest a declining trend for the fund.
In a recent development, Jane Street Group LLC, a hedge fund, made a strategic move by acquiring a new stake in the REX Bitcoin Corporate Treasury Convertible Bond ETF. According to their most recent Form 13F filing with the SEC, Jane Street Group purchased 730,808 shares valued at approximately $18,497,000. This acquisition indicates that the hedge fund now controls 243.60% of the ETF, as per its latest filing.
The REX Bitcoin Corporate Treasury Convertible Bond ETF was launched on March 14, 2025, and operates as a C-Corporation. The fund primarily invests in over-the-counter (OTC) convertible bonds issued by publicly traded companies that have significant bitcoin holdings on their balance sheets. Its investment strategy aims for total returns without restrictions on credit quality or duration.
As market dynamics continue to evolve, investors and analysts will be closely monitoring how BMAX performs in the coming days, particularly given the recent volatility and changes in trading volume.
