REX Shares and Tuttle Capital Management have introduced a new leverage instrument into the Bitcoin institutional toolkit: a 2x leveraged ETF that tracks Strive, one of the largest corporate Bitcoin holders. The T-REX 2X Long ASST Daily Target ETF began trading Friday under ticker ASSX on Cboe, targeting traders seeking amplified exposure to Bitcoin treasury companies rather than Bitcoin itself.
According to reporting by CoinTelegraph, the fund seeks to deliver 200% of Strive’s daily share-price performance before fees and expenses. It’s a critical distinction—this is not a Bitcoin ETF. ASSX holds no actual Bitcoin and does not track the price of the asset. Instead, it provides leveraged access to equity shares of Strive, a publicly traded Bitcoin treasury manager now holding 25,000 BTC.
That 25,000-Bitcoin position makes Strive the fifth-largest corporate Bitcoin holder globally, based on BitcoinTreasuries.NET tracking. The company recently acquired 469 additional Bitcoin through sales of SATA, its perpetual preferred stock—a financing approach that sidesteps direct Bitcoin sales while funding expansion.
Daily Reset Volatility Reshapes Leverage Risk
The mechanics of ASSX carry a structural caveat familiar to leveraged-ETF traders: daily rebalancing. Unlike traditional leverage instruments, the fund resets its exposure daily. This means returns over periods longer than one trading day can deviate substantially from twice Strive’s actual performance. Volatility drag compounds over time, making ASSX suited for short-term tactical positions rather than buy-and-hold strategies.
Investors seeking sustained 2x Bitcoin exposure have historically favored futures-based leverage or perpetual swaps. ASSX instead targets equity traders comfortable with volatility decay in exchange for the regulatory clarity and brokerage accessibility of an ETF structure.
Expanding the Leverage Ecosystem Beyond Bitcoin Spot
REX and Tuttle have broadened this strategy across the corporate Bitcoin space. The firms now offer 2x leveraged ETFs tracking Strategy, BitMine, Cipher Mining, Circle, and SharpLink—building a suite of derivatives tied to major Bitcoin infrastructure and treasury firms.
This expansion mirrors the institutional crypto market’s evolution. Spot Bitcoin ETFs launched in 2024 democratized direct Bitcoin ownership. Leveraged equity products now cater to traders seeking directional exposure to companies deriving value from Bitcoin, rather than the asset itself.
Strive shares closed Friday at $30.09, up 6.4% on the ASSX announcement. Sell-side analysts tracked by S&P Global maintain a $29.40 average 12-month price target, suggesting limited upside at current levels—though implied volatility may rise if leveraged trading volume accelerates.