Introduction of the ASSX Fund
A new investment opportunity has emerged with the introduction of the ASSX fund, which is designed to provide traders with double the daily exposure to shares of Strive, a company that manages a portfolio of Bitcoin assets.
Details of the T-REX 2X Long ASST Daily Target ETF
This leveraged ETF, known as the T-REX 2X Long ASST Daily Target ETF, made its debut on the Cboe exchange last Friday under the ticker symbol ASSX. Its objective is to achieve a performance that is 200% of Strive’s daily share price movements, excluding fees and expenses.
It’s important to note that the fund is designed to reset its leverage on a daily basis, which means that over a span longer than one trading day, the returns may not perfectly align with twice that of Strive’s performance. Unlike traditional spot Bitcoin ETFs, this fund does not directly hold Bitcoin nor aims to mirror its price, but instead focuses on offering leveraged access to Strive’s stock.
Market Position and Recent Developments
In addition, REX Shares and Tuttle Capital Management, the firms behind the ETF, offer other 2x linked ETFs associated with companies such as Strategy, BitMine, Cipher Mining, Circle, and SharpLink. Strive stands out in the market as it holds 25,000 Bitcoin, making it the fifth-largest corporate Bitcoin holder globally, as reported by BitcoinTreasuries.NET.
Recently, Strive acquired an additional 469 Bitcoin, financing this move through its perpetual preferred stock, SATA. Following these developments, Strive’s shares saw an increase of 6.4% on Friday, closing at $30.09, slightly exceeding an analysts’ average 12-month price target of $29.40 according to S&P Global.
