New 2x leveraged Bitcoin ETF actually tracks Strive stock, not BTC

Wall Street’s fascination with corporate Bitcoin treasuries just got another layer of complexity. REX Shares and Tuttle Capital Management have rolled out a new fund that lets traders bet on double the daily moves of Strive, one of the largest public companies stacking Bitcoin on its balance sheet — and the launch is reviving a familiar question: what exactly counts as a 2x leveraged Bitcoin ETF, and what doesn’t?

Key takeaways

• REX Shares and Tuttle Capital Management launched the T-REX 2X Long ASST Daily Target ETF, ticker ASSX, which began trading September 18 on Cboe.
• ASSX targets 200% of the daily performance of Strive’s Nasdaq-listed stock (ASST), not Bitcoin itself, with leverage resetting every session.
• Strive’s latest SEC filing shows the company holding 25,000 BTC after buying 469 Bitcoin between September 8 and 11 at an average price of $77,954 per coin.
• The fund carries a 1.5% total expense ratio, with Tuttle Capital Management as adviser and REX Shares as sponsor.
• REX warns that a single-day adverse move of more than 50% in ASST could wipe out an investor’s entire principal.

REX Shares launches a 2X leveraged ETF on Strive stock

ASSX gives traders a way to amplify short-term swings in Strive without opening a margin account or trading options directly. The fund started trading on Friday, September 18, on Cboe, three days after the exchange filed a certification with the U.S. Securities and Exchange Commission confirming its approval for listing and registration.