An ETF provider with more than $6 billion in assets under management has introduced its Bitcoin Corporate Treasury Convertible Bond ETF, which focuses on investing in convertible bonds issued by companies that have adopted a Bitcoin reserve strategy.
In an announcement made on March 14, it was revealed that the ETF will acquire convertible notes from firms like Strategy. These notes are commercial instruments that can be converted into stock at a designated rate upon an investor’s choice.
Generally, these types of bonds are sought after by institutional investors, including pension funds that have a particular interest in convertible note investments. The CEO of the ETF firm remarked:
“Until recently, these bonds have been tough for individual investors to access. This new ETF removes those barriers, simplifying the investment process in the strategy established by Michael Saylor — utilizing corporate debt to accumulate Bitcoin as a treasury asset.”
Investing in convertible bonds, ETFs, and equities from companies like Strategy, MARA, and Metaplanet grants investors indirect exposure to Bitcoin without the technical challenges and risks associated with directly holding BTC.
The co-founder of Strategy, who popularized corporate Bitcoin treasuries, shares insights on the benefits of BTC.
Related: Michael Saylor’s plan to raise up to $21 billion for further Bitcoin acquisitions
Strategy as a Proxy for Institutional Bitcoin Exposure
Some institutional investors may find it challenging to hold BTC directly due to technical barriers or legal obligations preventing them from investing in digital currencies.
Currently, at least 12 U.S. states incorporate Strategy stock within their state pension funds and treasuries. Collectively, they own over $271 million in Strategy stock at present market valuations.
The states involved include Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah, and Wisconsin.
California’s State Teachers’ Retirement Fund and its Public Employees Retirement System have invested $67.2 million and $62.8 million in Strategy stock, respectively.
Details of Strategy’s Bitcoin acquisitions in 2025.
According to recent data, Strategy currently holds 499,096 BTC, valued at over $41.4 billion, positioning the company among the largest corporate Bitcoin holders globally—surpassing the U.S. government’s estimated 198,000 BTC.
Strategy’s latest Bitcoin purchase took place on February 24, when the firm acquired 20,356 BTC for nearly $2 billion.
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