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REX Shares just dropped a new leveraged ETF tied to Strive, the Bitcoin treasury firm sitting on 25,000 BTC. The fund, called the T-REX 2X Long ASST Daily Target ETF and trading under the ticker ASSX on the Cboe, targets 200% of Strive’s daily share performance.
Not 200% of Bitcoin. Of Strive’s stock.
That distinction matters a lot. ASSX doesn’t hold any Bitcoin directly. It’s a leveraged bet on the equity of a company that holds Bitcoin — which is a pretty different animal from your standard crypto ETF. Investors who buy ASSX are basically doubling down on Strive’s stock movements, day by day, with all the amplification and decay risk that comes with daily-reset leverage products. The fund resets its leverage every single day, which means returns over a week or a month can drift pretty far from a simple 2x multiple of Strive’s longer-term performance. Short-term traders know this structure well. Buy-and-hold investors probably shouldn’t touch it.
Strive’s Bitcoin Position and Recent Stock Move
Strive is currently the fifth-largest corporate holder of Bitcoin in the world, with 25,000 BTC on its books. The company added to that pile recently — 469 Bitcoin in the latest purchase — and it didn’t use cash on hand to do it. Strive financed the buy through the issuance of SATA, its perpetual preferred stock. That’s an interesting capital structure move: selling equity-like instruments to fund hard asset accumulation. It keeps the Bitcoin growing without diluting common shares in a straightforward way, though perpetual preferred stock has its own cost of capital implications that investors will want to think through.
On Friday, Strive shares closed at $30.09, up 6.4% on the day. That price actually cleared the average analyst price target of $29.40 that had been in place over the past year. So the stock ran past where most analysts thought it would go, at least based on older targets. Whether those targets get revised up from here is unclear, but the move definitely caught attention.
For ASSX holders, a 6.4% single-day gain in Strive translates — in theory, before fees and tracking error — to something close to a 12.8% return. That’s the appeal of these products. And the risk. A bad day for Strive hits twice as hard in the fund.
REX and Tuttle’s Broader Leveraged ETF Suite
ASSX isn’t a one-off. REX Shares and Tuttle Capital Management have been building out a whole lineup of 2x leveraged ETFs tied to Bitcoin-adjacent companies. They’ve already got similar products linked to Strategy, BitMine, and Cipher Mining. The pattern is pretty clear: find companies with heavy Bitcoin exposure, wrap them in a daily-reset leveraged structure, and give traders a way to amplify their bets without touching crypto directly.
It’s a crowded-ish space but probably not crowded enough yet, given how fast corporate Bitcoin treasury strategies have multiplied. More companies are putting BTC on their balance sheets, which means more underlying equities to build leveraged products around. REX and Tuttle seem to be moving fast to cover as many of them as possible.
The launch on Cboe specifically gives the fund a regulated, exchange-listed home. That matters for institutional traders and advisors who can’t or won’t touch unregulated crypto products but still want volatility and leverage tied to the Bitcoin ecosystem.
Strive’s approach to growing its Bitcoin reserves — using creative financing like perpetual preferred stock rather than just buying BTC with operating cash — is probably part of what makes it an attractive underlying for a product like this. The company’s moves generate news, the news moves the stock, and a 2x leveraged ETF on a news-driven stock can see serious daily swings.
The 469 BTC purchase funded by SATA issuance is a good example of that dynamic. It’s a corporate finance story and a Bitcoin accumulation story at the same time. Investors in ASSX are exposed to both.
No further comments were provided by the companies on the launch. Regulatory oversight applies to the fund in the normal course, per standard ETF rules, but no specific regulatory issues were flagged.
Strive closed at $30.09 on Friday — above that $29.40 analyst consensus — and the 6.4% single-session gain was the kind of move that makes a 2x leveraged ETF look very attractive in hindsight. ASSX started trading on the Cboe with that momentum already in the market.
Frequently Asked Questions
What does the T-REX 2X Long ASST Daily Target ETF actually track?
The ASSX ETF targets 200% of Strive’s daily share performance on the Cboe — it does not hold Bitcoin directly, but tracks the stock of Strive, the fifth-largest corporate Bitcoin holder with 25,000 BTC.
How did Strive finance its most recent Bitcoin purchase?
Strive bought 469 Bitcoin using proceeds from the issuance of SATA, its perpetual preferred stock, rather than drawing on operating cash.
Why It Matters
The launch of the T-REX 2X Long ASST Daily Target ETF (ASSX) highlights a growing trend in the crypto market, where traditional equity instruments are increasingly being linked to cryptocurrency holdings. By focusing on Strive’s stock rather than Bitcoin itself, this ETF may appeal to investors looking for leveraged exposure to companies with significant Bitcoin assets, while also reflecting broader market dynamics and investor sentiment surrounding cryptocurrency treasury management. This product could influence how institutional and retail investors approach leveraged investments in the crypto space, particularly in the context of market volatility and regulatory developments.
