T-REX Debuts 2X Leveraged ETF Tracking Bitcoin Treasury Firm Strive

A new exchange-traded fund began trading Friday that lets investors place a doubled bet on one of the largest publicly traded corporate holders of Bitcoin. The T-REX 2X Long ASST Daily Target ETF, listed on Cboe under the ticker ASSX, is sponsored by REX Shares and Tuttle Capital Management and seeks to deliver 200% of the daily performance of Strive's common stock before fees and expenses.

Strive has built its corporate identity around accumulating Bitcoin on its balance sheet, currently holding 25,000 BTC and ranking among the five largest publicly traded corporate holders of the cryptocurrency. The company crossed that threshold after purchasing another 469 BTC for approximately $36.6 million between September 8 and September 11. Strive took its current form in September 2025, when Nasdaq-listed Asset Entities, Inc. merged with the asset manager Strive, Inc.; the combined company still runs an asset-management business alongside the treasury strategy, and its shares trade as ASST, the reference asset the new fund is built on.

Crucially, ASSX does not hold Bitcoin directly and does not attempt to deliver twice Bitcoin's daily return. Instead, it tracks Strive's equity, which itself is influenced by Bitcoin prices, the valuation investors assign to the company's treasury holdings, and Strive's ability to raise capital to continue acquiring BTC. The result is effectively a leveraged bet on an already volatile Bitcoin-linked equity rather than direct leveraged exposure to the cryptocurrency.