REX Shares and Tuttle Capital Management have launched ASSX, a Cboe-listed exchange-traded fund that began trading September 18 and seeks 200% of Strive Inc.'s daily share performance before fees and expenses. According to reports from crypto.news, the fund targets twice ASST's daily performance, not twice Strive's return over a week, month or other multi-day period. Cboe listed the fund under ticker ASSX after certifying the fund for registration on September 15. The fund's official page lists a 1.5% total expense ratio and identifies Tuttle Capital Management as adviser, with REX Shares as sponsor. As reported by BigGo Finance, the fund does not hold Bitcoin directly but tracks Strive's equity, which itself is influenced by Bitcoin prices, valuation investors assign to the company's treasury holdings, and Strive's ability to raise capital to continue acquiring BTC. ASSX represents more than another Bitcoin-related ETF, showing how the corporate treasury trade is developing its own derivatives-like ecosystem where investors can increasingly choose how many layers of leverage they want between their portfolio and the underlying Bitcoin exposure.
Strive's latest Bitcoin holdings filing showed 26,355 BTC as of September 18, up from 25,000 BTC one week earlier after acquiring 1,355 BTC for approximately $107.7 million at an average price of $79,475 per coin during the reporting period from September 14-18. The company also purchased 469 BTC between September 8 and September 11 at an average price of $77,954 per coin, including fees and expenses. According to BitcoinTreasuries.net, Strive's SATA tracker estimates the company raised $85.88 million through SATA preferred stock sales over three sessions from September 21-23, equivalent to approximately 1,002 BTC at average Bitcoin prices. The same filing put cash and cash equivalents at $229.6 million and the fair value of Strive's 505,000 Strategy STRC preferred shares at $49.7 million. Chairman and CEO Matt Cole stated that 57.7% of total capital raised came from SATA proceeds during the reporting period, with the preferred stock having passed $1 billion in notional value outstanding.
Strive shares closed September 18 at $30.09, up 6.4% for the session after trading between $29.33 and $30.38. According to market data, approximately 16.1 million ASST shares changed hands during the day. The move followed a 3.17% gain on September 17, when ASST closed at $28.28. ASSX finished its first trading session at $28.27 after opening at $27.78 and trading between $27.22 and $28.70. Reported volume reached 123,946 shares, with after-hours data showing ASSX at $28.71. As reported by BigGo Finance, Strive shares rose 6.4% on Friday to close at $30.09, slightly above the $29.40 average 12-month analyst price target. The launch adds another layer to a trade that has expanded well beyond buying Bitcoin directly, with investors now choosing between spot Bitcoin ETFs, Bitcoin treasury companies, preferred securities issued by those companies and leveraged ETFs tied to their common shares.
Strive CEO Matt Cole made bold predictions about Bitcoin's future on Bloomberg Crypto, stating that Bitcoin could effectively go to infinity against the US dollar. According to crypto.news, Cole argues that a mounting Washington debt crisis, not Bitcoin's own scarcity, is what will ultimately break the currency's value. He credits Treasury Secretary Scott Bessent with capping long-end rates for now, but says that intervention only delays a reckoning, since neither party in Washington shows any willingness to cut spending. Cole's forecast of a 50% compound annual growth rate for Bitcoin through 2030 represents what he calls a conservative estimate given the asset's past bull-market cycles. The CEO also noted that Strive's SATA preferred stock, which pays a daily cash dividend, has outperformed Bitcoin itself by more than 100% in 2026 even as BTC has traded roughly flat. Cole pushed back on the idea that the Bitcoin treasury company model is fading, arguing it never broke, only that firms without a clear thesis or sound debt terms struggled once the bear market hit, while disciplined buyers kept accumulating even as Wall Street treasuries resumed buying.
REX and Tuttle have placed ASSX alongside leveraged products tied to other crypto-sensitive securities. According to crypto.news, the T-REX lineup includes 2x long funds linked to Strategy, BitMine, Cipher Mining, Circle and SharpLink, plus BTCL, a separate 2x daily product tied to spot Bitcoin. ASSX differs because its target is Strive's common stock, which carries both corporate and Bitcoin-treasury exposure. The suite ASSX joins is not a uniform Bitcoin bet, and the distinctions are easy to miss. The table reflects the funds' stated objectives as of the September 18 launch: ASSX tracks Strive (ASST) with corporate Bitcoin treasury holding 26,355 BTC, while BTCL tracks spot Bitcoin itself. MSTU tracks Strategy (MSTR), the largest corporate Bitcoin treasury, BMNU tracks BitMine Immersion (BMNR), the largest corporate Ether treasury, SBTU tracks SharpLink (SBET), a corporate Ether treasury, and CCUP tracks Circle (CRCL), the issuer of the USDC stablecoin. CIFU tracks Cipher Mining (CIFR), a Bitcoin miner expanding into AI data centres. Leveraged products linked to crypto-sensitive companies have already attracted active retail participation, including the 2x BitMine ETF that drew hundreds of millions of dollars from investors. The launch adds another layer to a trade that has expanded well beyond buying Bitcoin directly, with investors now choosing between spot Bitcoin ETFs, Bitcoin treasury companies, preferred securities issued by those companies and leveraged ETFs tied to their common shares.
