While the origins of the weapon are not known, It was first seen on the hand of Skurge the Executioner who used it in his eternity of criminal endeavors as Amora the Enchantress's personal enforcer. been long implied that such powers came from the conjurors spell craft placed upon on the axe, although it is just as possible that a greater enchantment existed within it as well.
After the Executioner's death the axe fell to Earth and was used by mortals and the magic would surge through their bodies transforming them into monstrous creature know as Bloodaxe. Thunderstrike fought Bloodaxe several times before finally killing him but unknown to Thunderstrike the axe was cursed and anyone who wielded it eventually fell prey to its savage power, twisting the minds of those who held it. During it possessing Thunderstrike's mind, he sought to battle more powerful villains among them Seth the Serpent God. It was only after he defeated the god that he saw what the axe was doing to him and sought to end his life and take the weapon with him.
Sometime later however, the Bloodaxe of Skurge ended up in the possession of Mistress Hela, and after the death of Odin, she realized that she would have to act quickly and use the great power of the axe to take the life of Thor before the Odin Force became his to command. She used her own power, as well as that of the axe, to create a "clone" of Skurge the Executioner, sending him to Earth to draw out the Odinson. The plan failed, as the awesome power of Odin had already begun to grow inside Thor. Upon confronting Hela in Hel, Thor brought the defeated "Skurge" before her, demonstrating Odin's power by stripping away the appearance of Skurge, revealing it to be one of Hela's many Cyphers. Realizing that Thor was now beyond her reach, and that he was her master, Hela submissively obeyed his final warning to never again interfere with him in any way, and Thor took the Bloodaxe of Skurge so it's power could never be exploited by anyone again.
During the future in which Thor would begin to take control of planet Earth called 'Thor- Lord of Earth' a mysterious god killer by the name of Desak sought out to kill the God of Thunder after learning from the time traveler named Zarrko that Thor had inherited his fathers vast power known as the Odin Force, as well as what the future would await Earth if Desak did not kill the son of Odin. But despite Thor's best efforts, not even Mjolnir nor his father's power could stop Desak's vicious assault upon him. It was only the delivery and power of the Bloodaxe of Skurge the Executioner by Thialfi, that Thor was able to finally strike down the slayer of gods. if not for the Bloodaxe, Thor would have been beheaded by Desak.
For a short time after slaying Desak, Thor carried the Bloodaxe beside him alongside Mjolnir, but when Perrikus of the Dark Gods attempted to invade Asgard alongside Adva, Thor had reached a point where he finally lost all patience with him, viciously using the axe to slice Perrikus' arm clean off. It was at that moment that a stunned Thor stared in shock at the Bloodaxe, realizing that it was trying to control his thoughts. Thor was able to resist the awesome power of the savage weapon, and used the Odin Force to destroy it completely, stating that it's days of victimization had come to an end.
Initially the primary weapon of a great many individuals who came to own said cursed armament. Skurge spent millennia honing his skills while utilizing the foul power residing within it. So deadly is the executioners weapon of choice that it gives the user power enough to shatter worlds with but a swing of its edge, having been used to tear down tall buildings with but a single swing. Similarly to Thor's enchanted hammer; Mjolnir, the powers of it's namesake are transferred while in the hands of other wielders. Granting the current handler many of the powers and skills naturally afforded to an Asgardian deity.
When the axe sits in the hand of a mortal being, they can initiate a mystical metamorphosis by tapping the broad blade's handle on the ground. Users can revert to and from their mortal form at will, usually dressed in whichever clothes they last wore in previous guise. While in Bloodaxe form, the weapons wielder grains vastly augmented physical abilities superior to the finest human athlete. A couple of downsides of which being that if the user were ever to be separated from the axe for more than 60 seconds. Then they'd lose their superpowered form and revert to their original identity, this can be circumvented by reacquiring the axe to change back.
Like many weapons of the Ten Realms, the Bloodaxe enables access to the Allspeak. Meaning whoever holds it enables full on omnilinguism between every known form of dialect across reality.
Because Skurge spent so many eons wielding the bloodaxe, it's edge has become accursed with the Asgardian rogues evil and wickedness. The more one uses the axe or the longer they hold onto it. The more and more driven by the cruel malice behind said weapon they become. Whosoever makes use of Skurges keepsake, runs the risk of incurring the insatiable bloodlust poured into it by the former owner. Inevitably, immediately ramping up the murderous rage of those holding it to homicidal extremes. Driving them to kill and maim on a whim against their will, though it can be channeled; this instilled fury inevitably corrupts its handler.
In the hands of any capable handler, the axe has the power to slay gods or immortal beings. Able to cripple and even permanently kill any long lived entity considered to be all but undefeated. So effective is it's killing ability it maimed the skyfather Perrikus with relative ease, and even killed the all but invincible Desak the Godslayer.
The enchanted edge of Skurge's Bloodaxe has the power to cleave space, albeit not time. Often it was made use of to cut open portals between dimensions and/or interstellar distances at the users whim. Enabling one and whomever they wish to accompany them safe passage to and from anywhere and anyplace the user is familiar with instantly. These portals could also be used to conjure up different materials from alternate points of existence as offensive means. Such as conjuring the solar winds from a distant star as an attack pattern or storing summonable object one keeps in a pocket dimension for easy access.
Arcane Energy Channeling
The magical uru metal comprising of it's substance enables Skurge and other users of the Axe to harness and discharge metaphysical energy force similarly to the way Gungnir could focus the Odin Force. This enables the bloodaxe to project supernatural bursts of raw power capable of affecting both the physical and surreal enabling affecting spirits and/or astral bodies. It can just as easily deflect and cleave through material astral quintessence's, such as deflecting astral energy bolts or cleave magical barriers, like the Juggernaut's crimson cosmos forged armor.
The Executioner could control and guide the flight path of his blade whenever he chose to throw it. Capable of recalling it back to his hand or even using this tactic as a means for ranged assaults. Using they're hands or their minds as a conductor's instrument, an experienced user can make it seek out a target through any obstacle standing in its path. It can also target and seek out their desired mark, flying after them until the axe hits it's mark.
The Bloodaxe can control a great many supernatural forces with the will of the user as it's trigger. Skurge often conjured fire and ice to attack with in any way he saw fit. By swinging or twirling his weapon around himself, he could also summon hurricane force winds to sweep up local urban environments with ease. It can also utilize electromagnetic force as a useful application, often employed to halt and reject metallic projectiles like bullets and the like back at a target at will. Skurge used his mastery of the axe for more than just manipulating natural forces, he could also project more visceral forces from the edge of his weapon. Such as destructive energy blasts capable of wounding even the Mighty Thor, or sapping the gamma energy of the incredible hulk to weaken him to the point of exhaustion. He could also conjure up the dimensional force which binds and divests the various realms from one another as a high powered omnidirectional blast.
In the hands of Jackie Lukus, the broad axe had a length of chain tethered to it. The bind links would magically grow and shrink in conjunction whenever the user swung the item around like a flail. Reaching incredible distances before shrinking back to proper length afterward.