REX Shares and Tuttle Capital Management have launched a new leveraged exchange-traded fund designed to deliver twice the daily performance of Strive, a publicly traded Bitcoin treasury firm and asset manager.
The T-REX 2X Long ASST Daily Target ETF began trading on Friday under the ticker symbol ASSX on Cboe. The fund aims to provide 200% of the daily share-price performance of Strive before accounting for fees and expenses.
Because the fund resets its leverage on a daily basis, returns over holding periods extending beyond a single trading day may deviate significantly from twice the performance of Strive shares. The fund does not hold Bitcoin directly or seek to track the cryptocurrency's price, instead focusing strictly on leveraged exposure to Strive shares, distinguishing it from spot Bitcoin ETFs.
In addition to ASSX, REX and Tuttle offer similar 2x leveraged ETFs linked to several other entities, including Strategy, BitMine, Cipher Mining, Circle, and SharpLink.
Strive currently holds 25,000 Bitcoin, positioning it as the fifth-largest publicly traded corporate Bitcoin holder according to data from BitcoinTreasuries.NET. The firm funded its most recent acquisition of 469 Bitcoin through sales of SATA, its perpetual preferred stock.
Shares of Strive increased by 6.4% on Friday, closing at $30.09. This finish placed the stock slightly above the $29.40 average 12-month price target tracked by analysts at S&P Global.
