REX Shares and Tuttle Capital Management launched the T-REX 2X Long ASST Daily Target ETF, ticker ASSX, on Cboe Friday, giving US traders the first leveraged single-stock ETF tied to a bitcoin treasury company. The fund seeks 200 percent of Strive Inc.’s daily share performance before fees, resetting its leverage each session. Strive closed Friday up 6.4 percent at $30.09, just above the $29.40 average 12-month analyst price target tracked by S&P Global.
Strive took its current form in September 2025 through a merger between Nasdaq-listed Asset Entities and the asset manager Strive, and has since built its bitcoin position through a mix of common and preferred equity. The company holds 25,000 BTC, making it the fifth-largest publicly traded corporate bitcoin holder according to BitcoinTreasuries.NET data. Its most recent purchase, 469 BTC, was financed through sales of SATA, its perpetual preferred stock. The company also disclosed $718 million in unexercised warrants at a $27 strike price on September 18, a potential future funding source for further accumulation.
A tool for active traders, not holders
REX and Tuttle were explicit about the product’s intended use. ASSX is designed to be held for a single trading day, with leverage reset daily, and the prospectus warns it is not suitable for investors who do not understand daily-reset leverage risk. Unlike a spot bitcoin ETF, ASSX holds no bitcoin. Its exposure comes entirely through Strive shares, which means returns depend on the company’s equity, its premium or discount to bitcoin net asset value, and any company-specific news, layered on top of bitcoin’s own moves.
“ASSX is the first ETF in the U.S. offering 2x daily long exposure to ASST,” said Scott Acheychek, COO of REX. “Traders were already active in the name. This is the tool that was missing.”
Matt Tuttle, CEO and CIO of Tuttle Capital, added that “ASST moves, and it moves with bitcoin.” The launch expands the T-REX suite to more than 40 leveraged and inverse single-stock ETFs, alongside existing funds on crypto-adjacent names including 2x Strategy (MSTU), 2x BitMine (BMNU), 2x Cipher Mining (CIFU), 2x Circle (CCUP), 2x SharpLink (SBTU) and 2x spot bitcoin (BTCL).
What the launch says about the market
The product arrives at a moment when direct bitcoin demand has cooled. US spot bitcoin ETFs logged their smallest weekly net inflow since launch in the week ended September 18, just $6.1 million, with weekly volume the lowest since October 2024. Friday was the exception, with $433 million of inflows led by Fidelity’s FBTC, but the week as a whole showed a market waiting for a catalyst. Corporate treasury buying has slowed sharply too, with Glassnode data showing listed companies added only about 5,900 BTC over three months, less than 7 percent of a single month’s purchases during 2025. Against that backdrop, issuers are finding demand at the edges of the trade rather than its center: leveraged vehicles, treasury-company proxies and niche altcoin funds.
Treasury-company leverage is a distinct risk profile from spot leverage. A 2x fund on a treasury stock compounds two betas: bitcoin’s daily move and the stock’s own premium dynamics. When treasury stocks trade at a premium to their bitcoin holdings, as Strive has during accumulation phases, leveraged funds amplify the premium. When the premium collapses, the same mechanism works in reverse. Strive shares trading above the analyst price target after a 6.4 percent day suggests sentiment is currently running hot, which is exactly the environment where daily-reset products draw both the most interest and the most losses from traders who hold through drawdowns.
The daily reset deserves a plain explanation. If Strive rises 5 percent one day and falls 5 percent the next, an unleveraged holder is down 0.25 percent. The 2x fund is up 10 percent, then down 10 percent, leaving it 1 percent lower. Over weeks of choppy trading that decay compounds, which is why the prospectus steers investors toward single-day holding periods. The fund works as designed when a trader has a one-day directional view. It stops working as a bitcoin proxy the moment someone treats it as a long-term holding.
For Strive itself, the ETF is a small liquidity and visibility win. A listed leveraged fund tends to deepen options activity and day-trading interest in the underlying, and the company’s accumulation model depends on its ability to raise equity capital at attractive terms. The company has used SATA preferred sales and warrants to fund purchases, and a more liquid common stock makes each subsequent raise easier to place. Executive chairman Matt Cole has framed the company as a way for public-market investors to hold bitcoin with an active management overlay, and the ETF adds a speculative trading layer on top of that base.
The launch also continues a regulatory pattern: leveraged single-stock ETFs have proliferated while novel spot products face slower approval paths. REX and Tuttle have pushed the format across crypto-linked names faster than most issuers have moved on new spot filings. With Coinbase separately petitioning the CFTC for single-stock perpetual futures on 50 to 60 US equities, starting with Apple, the leveraged-exposure toolbox around individual stocks, including bitcoin proxies, is filling in quickly. The CFTC filing and the ASSX launch landed the same week, and both point the same direction: leveraged ways to trade crypto-adjacent equities are becoming a mainstream product category.
Traders will watch whether ASSX attracts sustained volume or becomes a novelty. The T-REX funds on Strategy and BitMine have shown that crypto-treasury leverage products can hold real assets under management through volatile stretches. Strive, with 25,000 BTC and a fresh 6.4 percent up day, enters that group with the largest treasury position of any name in the T-REX single-stock lineup so far. If bitcoin stays rangebound below $80,000, as several asset managers now forecast into year-end, expect more issuance at the edges of the trade, not less.