Brazilian Bitcoin treasury company OranjeBTC plans to list a new income focused ETF on B3 in early September, giving local investors exposure to preferred shares issued by U.S. Bitcoin treasury companies Strategy and Strive.
- OranjeBTC plans DIGY11 for B3, initially holding Strategy’s STRC and Strive’s SATA preferred share securities.
- The fund targets monthly real-denominated distributions and expects listing in early September, subject to launch.
- OranjeBTC estimates distributions at CDI plus three to five points annually, but returns remain unguaranteed.
- Strategy’s STRC currently pays a 12% annualized dividend rate, while Strive’s SATA pays 13% annually.
- DIGY11 will hedge dollar exposure, charge 0.90% management fees, and trade with daily liquidity locally.
The Digital Yield ETF, or DIGY11, will make monthly distributions in Brazilian reais and hedge its U.S. dollar exposure, according to the company’s release.
The initial portfolio is expected to be heavily concentrated in Strategy’s STRC preferred stock. Exame reported that STRC will represent 95% of the portfolio, leaving the remaining allocation for Strive’s SATA. OranjeBTC’s broader public announcement confirms both securities and says STRC will have the largest weight, although it does not publish the exact 95% figure.
OranjeBTC DIGY11 targets monthly income rather than Bitcoin exposure
DIGY11 will not hold Bitcoin directly. Instead, the ETF will track the MarketVector Bitcoin Treasury Preferred Equity BRL Hedged Index, which selects preferred shares issued by listed companies with Bitcoin heavy balance sheets. The methodology considers liquidity, Bitcoin reserves, leverage and distribution history.
OranjeBTC estimates annual distributions equivalent to “CDI plus approximately 3% to 5%” under current market conditions. The estimate excludes changes in DIGY11’s share price and does not guarantee investor returns. The fund will charge a 0.90% annual management fee, with total costs estimated at 1.30%, according to local reporting.
The ETF will be managed by 3R Investimentos, with MarketVector maintaining its benchmark and Banco Daycoval handling fiduciary administration. OranjeBTC will act as product creator, adviser and anchor investor.
STRC’s current dividend rate is 12%, not 12.5%
One detail has changed from some early reports about DIGY11. Strategy’s current page lists STRC’s annualized dividend rate for August at 12%, rather than 12.5%. The rate is variable and can be adjusted monthly. Strategy also states that its preferred securities are not collateralized by its Bitcoin holdings and that future dividends are not guaranteed.
As previously reported, Strategy kept STRC’s August dividend rate at 12% even as the security traded below its $100 stated amount. STRC pays cash distributions twice monthly following a shareholder approved change implemented this year.
Strive’s SATA currently carries a 13% annualized rate. The company’s latest results show it had made 44 consecutive business day dividend payments by Aug. 7. As previously reported, Strive shifted SATA to daily cash dividends at a 13% annualized rate beginning June 16.
Brazil already has a sizable listed crypto investment market
DIGY11 extends OranjeBTC beyond holding Bitcoin on its own balance sheet. The company entered public markets last year after a reverse merger. As previously reported, OranjeBTC made its B3 debut with a 3,650 BTC treasury, positioning its shares as another regulated route to Bitcoin related exposure.
Brazil also already has a developed market for listed crypto investment products. B3 data showed crypto funds and ETFs holding R$13.7 billion in net assets across roughly 576,000 investors in April 2025. DIGY11 differs from conventional Bitcoin ETFs because its returns depend primarily on preferred share prices, issuer distributions, currency hedging and fund costs rather than directly tracking BTC.
What happens next for DIGY11
OranjeBTC expects DIGY11 to begin trading on B3 in early September but has not announced a firm first trading date. The ETF is expected to offer daily liquidity, monthly real denominated distributions and daily disclosure of its portfolio and net asset value.
The benchmark can also add other Bitcoin treasury preferred securities if issuers meet its eligibility criteria. For investors, the main variables after launch will be STRC and SATA prices, their future dividend rates, hedging costs and any changes to the portfolio weights. The projected CDI premium remains an estimate rather than a promised return.
