REX Shares and Tuttle Capital Management have launched a new exchange-traded fund that seeks to deliver twice the daily performance of Strive, the publicly traded Bitcoin treasury company and asset manager.
The T-REX 2X Long ASST Daily Target ETF began trading on Cboe under the ticker ASSX. The fund targets 200% of Strive’s daily share-price performance before fees and expenses, giving investors a leveraged way to trade the company’s stock without directly holding Bitcoin.
Daily reset can produce different long-term results
ASSX resets its leverage each trading day. As a result, its performance over periods longer than one day may differ significantly from twice the cumulative return of Strive shares, particularly when the stock experiences volatility.
The fund is not a spot Bitcoin ETF and does not hold Bitcoin or seek to track the cryptocurrency’s price. Instead, it uses Strive shares as the underlying exposure.
Strive holds 25,000 Bitcoin
Strive currently holds 25,000 Bitcoin, making it the fifth-largest publicly traded corporate Bitcoin holder, according to BitcoinTreasuries.NET data. The company funded its most recent purchase of 469 BTC through the sale of SATA, its perpetual preferred stock.
REX and Tuttle also offer leveraged ETFs linked to Blueprint, BitMine, Cipher Mining, Circle and SharpLink.
Strive shares rose 6.4% on Friday to close at $30.09. That was slightly above the average 12-month price target of $29.40 among analysts tracked by S&P Global.
