Key Takeaways:
OranjeBTC, Brazil's largest bitcoin treasury firm, plans to list the DIGY11 ETF on B3, allocating 95% of its portfolio to Strategy's STRC preferred shares and the rest to Strive's SATA.
"We developed DIGY11 based on the revolution that Strategy and Strive are promoting in the U.S. capital markets," Guilherme Gomes, founder and CEO of OranjeBTC, said.
The fund targets annual distributions equivalent to Brazil's CDI interbank rate of 14.15% plus 3 to 5 percentage points, net of an estimated 1.30% total cost. STRC currently pays a 12% annualized dividend, while SATA carries a 13% rate, according to the issuers' disclosures.
Trading is expected to begin in early September, giving Brazilian investors a local-market product that combines U.S. preferred-stock income, bitcoin treasury exposure and currency hedging in a single real-denominated ETF.
STRC's scale drives the 95% allocation
STRC has surpassed $10 billion in notional value, with average daily trading volume of about $160 million over the past 30 days, OranjeBTC said. The fund will track the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index, whose selection rules weigh liquidity, bitcoin holdings, corporate reserves, leverage and distribution history.
OranjeBTC estimates Strategy and Strive together hold about $2.80 in cash and $28 in bitcoin for every $1 distributed annually by the two companies. The bitcoin remains on their balance sheets and is not pledged to preferred shareholders.
A local wrapper for dollar-denominated income
DIGY11 will trade in Brazilian reais with daily liquidity and monthly distributions, hedged against dollar moves through one-month foreign-exchange forwards rolled monthly and rebalanced quarterly. The fund charges a 0.90% management fee, with 3R Investimentos managing the portfolio and Banco Daycoval handling fiduciary administration.
"Investors will not need to open an account abroad, carry out foreign exchange transactions, or individually select each asset," Guiga Ferreira, CFO of OranjeBTC, said.
Brazil already has a developed market for listed crypto products, with funds and ETFs holding 13.7 billion reais ($2.6 billion) across 576,000 investors in April 2025, B3 data shows. Similar products have drawn limited demand elsewhere: the 21Shares Strategy Yield ETP on European exchanges holds $17.6 million, while VanEck's $2.44 billion PFXF holds about $251 million across four Strategy preferred securities.
OranjeBTC, which holds 3,950 BTC ($250 million), entered public markets last year after a reverse merger. The DIGY11 launch extends the firm beyond its own balance sheet into a structured income product, and could set a template for similar bitcoin-treasury wrappers in other emerging markets as digital-credit securities gain traction beyond the U.S.
This article is for informational purposes only and does not constitute investment advice.
