REX Shares and Tuttle Capital Management have launched ASSX, a leveraged exchange-traded fund tied to Strive Inc. stock, with trading beginning on Cboe on Sept. 18. The product is structured to seek 200% of Strive’s daily share move before fees and expenses, making it a high-volatility vehicle linked to the company’s common stock rather than to Bitcoin directly.
The launch arrived as Strive remained closely watched for its Bitcoin treasury. The company’s latest filing showed holdings of 25,000 BTC as of Sept. 11, while Strive shares rose during ASSX’s first session.
A daily leveraged bet on Strive shares
ASSX is designed to deliver twice the daily performance of Strive’s stock, which trades under the ticker ASST. The leverage target applies only to a single trading day, not to returns measured over a week, month, or any longer period.
That distinction matters because the fund resets its leverage after each session. As a result, compounding can cause performance over multiple days to diverge sharply from twice Strive’s cumulative return over the same stretch. Cboe listed the ETF on Sept. 18, three days after certifying the fund for registration.
Fund structure and key risks
The ETF does not hold Bitcoin. Its reference asset is Strive common stock, and REX says owning shares of the fund is not the same as owning ASST directly. Investors in ASSX do not receive voting rights or distributions tied to Strive shares.
According to the issuer’s disclosures, the fund may use derivatives such as swap agreements to obtain leveraged exposure. REX also warns that derivatives, counterparty conditions, liquidity, financing costs, and daily rebalancing can all affect whether the fund achieves its stated 2x objective.
The risk profile is unusually high. The issuer says a 1% daily decline in ASST would mean an approximately 2% decline in the fund before other costs, and that a one-day drop in Strive of more than 50% could eliminate an investor’s principal. REX describes the product as intended for knowledgeable investors who monitor positions frequently.
Strive’s Bitcoin balance remains a focus
Although ASSX tracks Strive stock rather than Bitcoin, the company’s treasury strategy remains central to the market story around the shares. Strive’s latest Bitcoin holdings filing reported 25,000 BTC as of Sept. 11.
The same filing said Strive bought 469 BTC between Sept. 8 and Sept. 11 at an average price of $77,954 per coin, increasing its holdings from 24,531 BTC a week earlier. It also listed cash and cash equivalents at $204.2 million and put the fair value of Strive’s 505,000 Strategy STRC preferred shares at $49.813 million.
The filing further noted that SATA preferred shares outstanding increased during the period, along with effective common shares.
First-day trading in ASST and ASSX
Strive shares closed at $30.09 on Sept. 18, up 6.4% in the session that marked ASSX’s market debut. During the day, ASST traded between $29.33 and $30.38, with roughly 16.1 million shares changing hands, according to market data.
ASSX opened at $27.78 and finished its first session at $28.27 after trading in a range of $27.22 to $28.70. Reported volume reached 123,946 shares, and after-hours data showed the ETF at $28.71.
What comes next
For now, 25,000 BTC remains the latest disclosed total for Strive’s Bitcoin holdings. Estimates from BitcoinTreasuries.net have pointed to possible additional purchasing capacity funded through SATA, but those estimates do not confirm that further Bitcoin purchases have occurred.
Separately, Strive filed another Form 8-K related to SATA’s dividend policy. The filing said the regular annual dividend rate would remain at 13% for periods beginning on or after Oct. 1, 2026. Future company filings will be the next confirmed source for any update to the Bitcoin treasury figure.
Source: crypto.news