Key Highlights
- REX Shares and Tuttle Capital Management launched the T-REX 2X Long ASST Daily Target ETF (ticker: ASSX) on Cboe, offering 200% daily leveraged exposure to Strive shares.
- Strive, a Bitcoin treasury company, holds 25,000 BTC—ranking as the fifth-largest publicly traded corporate Bitcoin holder—and recently acquired 469 BTC via its SATA perpetual preferred stock.
- The fund resets leverage daily and does not hold Bitcoin directly; Strive shares closed Friday at $30.09, up 6.4%, above the $29.40 average analyst price target.
REX and Tuttle Debut Double-Leveraged Strive ETF on Cboe
REX Shares and Tuttle Capital Management have expanded their lineup of single-stock leveraged exchange-traded funds with the launch of the T-REX 2X Long ASST Daily Target ETF, which began trading Friday on Cboe Global Markets under the ticker ASSX. The fund is engineered to deliver twice the daily percentage change of Strive (ticker: ASST) shares before fees and expenses, providing traders with a magnified bet on the Bitcoin treasury company’s equity performance rather than on the cryptocurrency itself.
Mechanics and Distinction From Spot Bitcoin ETFs
Unlike the spot Bitcoin ETFs that have dominated inflows this year, ASSX holds no Bitcoin and does not seek to track the price of BTC. Instead, it uses swap agreements and other derivatives to achieve 200% daily exposure to Strive’s share price. Because the fund resets its leverage at the end of each trading session, returns over periods longer than a single day can diverge materially from two times the cumulative performance of Strive stock—a characteristic common to all daily-reset leveraged ETFs and a critical risk factor for investors holding beyond intraday horizons.
Strive’s Bitcoin Treasury Profile
Strive, founded by Vivek Ramaswamy and Anson Frericks, operates as both an asset manager and a corporate Bitcoin accumulator. According to data from BitcoinTreasuries.NET, the company holds approximately 25,000 BTC, placing it fifth among publicly traded corporate holders behind MicroStrategy (now Strategy), Marathon Digital, Riot Platforms, and Hut 8. Strive financed its most recent acquisition of 469 BTC through sales of its SATA perpetual preferred stock, a structure designed to avoid shareholder dilution while expanding the treasury.
Why This Matters
The launch of ASSX signals growing sophistication in the crypto-adjacent ETF ecosystem, moving beyond direct spot exposure into derivative instruments tied to Bitcoin-correlated equities. Strive’s unique model—combining asset management with a corporate treasury strategy—creates a distinct risk-return profile: its share price reflects both Bitcoin’s volatility and the market’s valuation of its capital-allocation decisions. For traders, ASSX offers a tool to express high-conviction, short-term views on Strive specifically, while the broader suite of 2x ETFs from REX and Tuttle—covering Strategy (MSTR), BitMine (BITF), Cipher Mining (CIFR), Circle (CRCL), and SharpLink (SBET)—enables sector-wide leveraged plays. With Strive shares trading above the consensus 12-month price target of $29.40 (per S&P Global), the market appears to be pricing in continued treasury expansion, though the daily-reset mechanism makes ASSX unsuitable for passive long-term holders.
Frequently Asked Questions
- Does ASSX hold Bitcoin directly?
- No. ASSX does not hold Bitcoin or track its price. It seeks 200% of the daily performance of Strive (ASST) shares through derivative contracts.
- How does the daily leverage reset affect returns?
- Because ASSX resets its 2x leverage daily, holding the fund for more than one trading day can result in returns that differ significantly from twice Strive’s cumulative performance due to compounding effects, especially in volatile markets.
- What other 2x leveraged ETFs do REX Shares and Tuttle Capital Management offer?
- The firms also provide 2x ETFs linked to Strategy (MSTR), BitMine (BITF), Cipher Mining (CIFR), Circle (CRCL), and SharpLink (SBET).